Borr Drilling Limited - Increase in share capital

01 Feb 2023 11:24 CET

Reference is made to Borr Drilling Limited's (the "Company") (NYSE and OSE:
"BORR") stock exchange releases related to the Convertible Bond offering
launched on 24 January 2023. Following the successful placement of the $250
million Convertible Bonds, the Company has entered into a share lending
agreement ("SLA") with the intention to make up to 25 million shares available
for the purposes of facilitating investors' hedging activities, of which 15
million shares are immediately available. Please refer to the stock exchange
notice published by the Company on 24 January 2023 for further details of the
SLA.

The new shares are currently placed under a separate ISIN and are not admitted
to trading on Oslo Stock Exchange or any other stock exchange.

To provide the 15 million initial loan shares under the SLA, the Company's
issued share capital has been increased by $1,500,000 to $24,426,359.80, divided
into 244,263,598 shares, each with a nominal value of $0.10 per share.

The subsequent 10 million loan shares to be made available under the SLA will be
made available subject to approval from a special general meeting of the Company
scheduled 23 February 2023 to increase the authorised capital of the Company.

The loan shares will be held in treasury and cancelled upon redelivery.
Redelivery may occur by repayment of the Convertible Bonds or decrease in the
demand for hedging shares for other reasons, or expiry of the SLA.

This announcement does not constitute an offer of securities for sale in the
United States. The new loan shares have not been registered under the Securities
Act of 1933 (the "Act") and may not be offered or sold in the United States or
to U.S. persons (other than distributors) unless the securities are registered
under the Act, or an exemption from the registration requirements of the Act is
available.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Hamilton, Bermuda, 1 February 2023

Forward looking statements

This press release includes forward looking statements, which do not reflect
historical facts and may be identified by words such as "expect", "will" and
similar expressions and include statements relating to newly issued shares, the
SLA and loan shares and other non-historical statements. These forward-looking
statements reflect the Company's beliefs, intentions and current expectations.
 Such forward-looking statements are subject to risks, uncertainties,
contingencies and other factors could cause actual events to differ materially
from the expectations expressed or implied by the forward-looking statements
included herein, and other risks and uncertainties described in the section
entitled "Risk Factors" in our most recent annual report on Form 20-F and other
filings with the Securities and Exchange Commission, which could cause actual
events to differ materially from the expectations expressed or implied by the
forward -looking statements included herein. These forward-looking statements
are made only as of the date of this release. We do not undertake to update or
revise the forward-looking statements, whether as a result of new information,
future events or otherwise.

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

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