Borr Drilling Limited - Announces Pricing of Offering of Additional 10.375% Senior Secured Notes due 2030 For Gross Proceeds of $175 million

25 Oct 2024 22:10 CEST

Hamilton, Bermuda, October 25, 2024. Borr Drilling Limited (the "Company") (NYSE
and OSE: BORR) announced today that its wholly-owned subsidiary Borr IHC Limited
has priced an offering of additional 10.375% senior secured notes due 2030 (the
"Additional Notes") for gross proceeds of approximately $175 million.

The Additional Notes will have the same terms and conditions as the existing
$515 million aggregate principal amount of senior secured notes due 2030.

The proceeds from the offering are intended to be used for the acquisition and
activation costs for the newbuild rig "Var", which is expected to be delivered
on November 15, 2024, instead of the previously secured yard financing, as the
terms and pricing for the Additional Notes are more advantageous, and for
general corporate purposes including debt service. Settlement of the notes
offering is expected on or about November 8, 2024 and is subject to customary
closing conditions.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and subject to the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.

Important note

This announcement is not being made in or into Canada, Australia, Japan, Hong
Kong or in any other jurisdiction where it would be prohibited by applicable
law. This distribution is for information purposes only and does not constitute
or form part of an offer or solicitation of an offer to purchase or subscribe
for securities in the United States or in any jurisdiction in which, or to any
persons to whom, such offering, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any jurisdiction. The
securities referred to herein have not been and will not be registered under the
U.S. Securities Act of 1933 (the "U.S. Securities Act") or applicable state
securities laws, and may not be offered or sold in the United States or to U.S.
persons unless such securities are registered under the U.S. Securities Act, or
an exemption from the registration requirements of the U.S. Securities Act is
available.

Forward looking statements

The press release include forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, including the expected
closing date of the Additional Notes offering, the intended use of proceeds and
other non-historical statements. These forward-looking statements are subject to
numerous risks, uncertainties and assumptions, including risks relating to the
closing of the Additional Notes and actual use of proceeds and other risks
included in our filings with the Securities and Exchange Commission including
those set forth under "Risk Factors" in our annual report on Form 20-F for the
year ended December 31, 2023 and in prospectuses filed with the Norwegian
Financial Supervisory Authority (FSA). Forward-looking statements reflect
knowledge and information available at, and speak only as of, the date they are
made. Except as required by law, the Company undertakes no obligation to update
or revise publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date hereof or to reflect the
occurrence of unanticipated events. Readers are cautioned not to place undue
reliance on such forward-looking statements.

October 25, 2024

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

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

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