Borr Drilling Limited - Announces Pricing and Upsize of $2.035 billion of Senior Secured Notes due 2032 and 2034

28 May 2026 02:00 CEST

Hamilton, Bermuda, May 27, 2026 - Borr Drilling Limited (NYSE and OSE: BORR)
("Borr Drilling" the "Company") announced today that its wholly owned
subsidiary, Borr IHC Limited, and its direct subsidiary, Borr Finance LLC, have
priced an offering of $2.035 billion in aggregate principal amount of senior
secured notes consisting of (i) $1,100.0 million aggregate principal amount of
8.750% senior secured notes due 2032 and (ii) $935.0 million aggregate principal
amount of 9.000% senior secured notes due 2034 (the "Notes"), which represents
an upsize of $435.0 million over the previously contemplated offering amount.
The Notes will be guaranteed by the Company and certain of its subsidiaries and
will be secured on a senior basis by most of the rigs and certain other assets
of the Company and the subsidiary guarantors.

The proceeds from the Notes are intended to be used by the Company (i) to
repurchase, redeem or otherwise refinance in full its outstanding 10.000% Senior
Secured Notes due 2028, of which $1,128.1 million aggregate principal amount is
currently outstanding, (ii) to repurchase, redeem or otherwise refinance in full
its outstanding 10.375% Senior Secured Notes due 2030, of which $770.7 million
aggregate principal amount is currently outstanding, (iii) for general corporate
purposes and (iv) to pay fees and expenses related to the Notes offering and the
concurrent tender offer. Settlement of the Notes is expected on or about June
10, 2026 and is subject to customary closing conditions.

This press release is for information purposes only and does not constitute or
form part of an offer to sell or the solicitation of an offer to purchase or
subscribe for securities, nor will there be any sale of the securities in any
jurisdiction in which, or to any persons to whom, such offer, solicitation or
sale would be unlawful. The securities referred to herein have not been and will
not be registered under the U.S. Securities Act of 1933 or applicable state
securities laws, and may not be offered or sold in the United States or to U.S.
persons (other than distributors) unless such securities are registered under
the U.S. Securities Act of 1933, or an exemption from the registration
requirements of that act is available.

About Borr Drilling
Borr Drilling Limited is an international drilling contractor incorporated in
Bermuda in 2016 and listed on the New York Stock Exchange since July 31, 2019
and on Euronext Oslo Bors since May 21, 2026 under the ticker "BORR." The
Company owns and operates jack-up rigs of modern and high specification designs
and provides services focused on the shallow-water segment to the offshore oil
and gas industry worldwide. Please visit our website at www.borrdrilling.com.

Forward-Looking Statements
This press release and related discussions include forward-looking statements
made under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements do not reflect
historical facts and may be identified by words such as "anticipate", "believe",
"continue", "estimate", "expect", "intends", "may", "should", "will", "ensure",
"likely", "aim", "plan", "guidance" and similar expressions and include
statements regarding the proposed offering of secured notes, the expected terms
thereof and intended use of proceeds, including statements about the concurrent
tender offer and other non-historical statements. Such forward-looking
statements are subject to risks, uncertainties, contingencies and other factors
that could cause actual events to differ materially from the expectations
expressed or implied by the forward-looking statements included herein,
including risks related to the planned offering of secured notes and the use of
proceeds, including the concurrent note tender offer, and other risks and
uncertainties, including those described in our most recent annual report on
Form 20-F for the year ended December 31, 2025 and our other filings with the
Securities and Exchange Commission. Such 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. 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.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and was published by Benjamin Wiseman, Senior Manager of
Corporate Finance and Investor Relations in the Company, on the date and time
provided herein.

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

The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda

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

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