Notice: Trying to get property 'ID' of non-object in /kunder/montaa_3802/borrdr_6422/public/wp-content/plugins/anywhere-elementor-pro/includes/helper.php on line 303

Notice: Trying to get property 'ID' of non-object in /kunder/montaa_3802/borrdr_6422/public/wp-content/plugins/anywhere-elementor-pro/includes/helper.php on line 303
Borr Drilling

Borr Drilling Limited – Filing of 2023 Annual Report on Form 20-F

Hamilton, Bermuda, March 27, 2024. Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) today files its Annual Report on Form 20-F for the Year Ended December 31, 2023 (the “2023 Annual Report”). The report is attached to this release.

The Company’s 2023 Annual Report can be downloaded from the SEC’s website (www.sec.gov) from March 27, 2024, and is also available on the Company’s website (www.borrdrilling.com). Hard copies of the Company’s 2023 Annual Report can be ordered, free of charge, upon request by writing to us at:

Borr Drilling Limited

S.E. Pearman Building, 2nd Fl,

9 Par-la-Ville Road,

Hamilton HM11,

Bermuda

Or by email to: ir@borrdrilling.com

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

Borr Drilling Limited Form 20-F – 2023

Borr Drilling Limited – Notification of PDMR transaction

Drew Holdings Ltd., a close associate of Mr. Tor Olav Trøim, has on 11 March, 2024, bought 200,000 common shares in Borr Drilling Limited at an average price of NOK 66.60 per share. Mr. Trøim is the chairman of Borr’s board and thus, as per the Market Abuse Directive, a person discharging managerial responsibilities in Borr (a «PDMR»).

Mr. Trøim and his close associates will, following the completion of this transaction, own 16,222,385 shares in Borr Drilling.

A completed PDMR form reflecting the above is attached hereto.

Hamilton, Bermuda

12 March 2024

This information is subject to the disclosure requirements in Article 19 of the Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.

240312 PDMR Form Drew

Borr Drilling Limited – Notification of PDMR transaction

Drew Holdings Ltd., a close associate of Mr. Tor Olav Trøim, has on 5 March, 2024, bought 200,000 common shares in Borr Drilling Limited at an average price of $5.9962 per share. Mr. Trøim is the chairman of Borr’s board and thus, as per the Market Abuse Directive, a person discharging managerial responsibilities in Borr (a «PDMR»).

Mr. Trøim and his close associates will, following the completion of this transaction, own 16,022,385 shares in Borr Drilling.

A completed PDMR form reflecting the above is attached hereto.

Hamilton, Bermuda

6 March 2024

This information is subject to the disclosure requirements in Article 19 of the Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.

PDMR Form Drew

Borr Drilling Limited – Adjustment conversion price convertible bonds

Hamilton, Bermuda, March 1, 2024

Reference is made to Borr Drilling Limited’s (“Borr Drilling” or the “Company”) (NYSE and OSE: ”BORR”) stock exchange releases related to the declaration of dividend of paid-in capital of $0.05 per share as announced on February 22, 2024 (the “Dividend”). 

In accordance with the loan agreement for the Company’s USD 250,000,000 5% Senior Unsecured Convertible Bonds 2023/2028, ISIN NO0012828187, the Dividend has triggered an adjustment to the conversion price from USD 7.3471 to USD 7.2384 per depository receipt listed on Oslo Stock Exchange.

Borr Drilling Limited – Announces Pricing of Additional $200 Million Offering of 10.000% Senior Secured Notes due 2028

Hamilton, Bermuda, February 27, 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 an additional $200 million in aggregate principal amount of 10.000% senior secured notes due 2028 (the “Additional Notes”).

The Additional Notes will have the same terms and conditions as the $1,025,000,000 aggregate principal amount of senior secured notes due 2028, which were issued on November 7, 2023 (the “Original 2028 Notes”). The Additional Notes mature on November 15, 2028. The Additional Notes will be treated as additional notes under the indenture and will be issued bearing the same ISIN and common codes as the Original 2028 Notes, and will be fully fungible and constitute a single series with the Original 2028 Notes.

The proceeds from the offering are intended to be used for general corporate purposes, which may include, among other things, capital expenditures, including delivery costs for newbuild rigs on order, costs in connection with activations of these rigs, optimization of the shipyard newbuild financing currently in place and select asset additions, or funding of our working capital.

Settlement of the notes offering is expected on or about March 12, 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 includes 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 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 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, 2022 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.

February 27, 2024

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

Borr Drilling Limited – Q4 2023 Presentation

Please find enclosed the presentation of Borr Drilling Limited’s fourth quarter 2023 results to be held on the webcast/conference call at 15:00 CET (9:00 AM New York time) on February 22, 2024. 

In order to listen to the presentation, you may do one of the following:

a)    Webcast

To access the webcast, please go to the following link:

https://edge.media-server.com/mmc/p/3eaywjys

b)    Conference Call

Please use this link to register for the conference call,

https://register.vevent.com/register/BIa39b9c1337044c06a101dd1639ceb3ad

Participants will then receive dial-in details on screen and via email and can then choose to dial in with their unique pin or select “Call me” and provide telephone details for the system to link them automatically.

Replay stream:

When the call is complete, participants can stream the replay of the call by clicking this link:

https://edge.media-server.com/mmc/p/3eaywjys

Borr Drilling Limited Q4 2023 Presentation

Borr Drilling Limited – Dividend declaration and key information relating to the cash distribution for the fourth quarter 2023

Hamilton, Bermuda, February 22, 2024. Borr Drilling Limited (NYSE and OSE: BORR) today announces that the Company’s Board of Directors has approved a cash distribution of paid-in capital of US$0.05 per share for the fourth quarter of 2023.

Note to shareholders registered in Euronext VPS, the Norwegian Central Security Depository:

Due to implementation of the Central Securities Depository Regulation (CSDR) in Norway, please note the information regarding the payment date for the shares registered in Euronext VPS below.

Key information:

Distribution amount: $0.05 per share

Declared currency: USD. Dividends payable to shares registered with Euronext VPS will be distributed in NOK with fixing date on 18 March, 2024.

Date of approval: 21 February, 2024

Last day including right: 29 February, 2024

Ex-date: 1 March, 2024

Record date: 4 March, 2024

Payment date: On or about 18 March, 2024.

Due to the implementation of CSDR in Norway, distributions payable on shares registered with Euronext VPS is expected to be distributed to Euronext VPS shareholders on or about 21 March, 2024.

This information is published in accordance with the requirements of the Continuing Obligations.

Borr Drilling Limited Announces Fourth Quarter and Twelve Months 2023 Results

Hamilton, Bermuda, February 22, 2024: Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) announces unaudited  results for the three and twelve months ended December 31, 2023.

Highlights Fourth Quarter of 2023

· Total operating revenues of $220.6 million, an increase of $29.1 million or 15% compared to the third quarter of 2023
· Net income of $28.4 million, an increase of $28.1 million compared to the third quarter of 2023
· Adjusted EBITDA of $105.9 million, an increase of $17.7 million or 20% compared to the third quarter of 2023
· Completed the refinancing of all the Company’s secured debt, established a $180 million RCF and completed a  private placement of new shares for gross proceeds of $50.0 million
· Total contract revenue backlog as at December 31, 2023 of $1.75 billion, including Mexico rigs 

Subsequent events

· 2024 year to date, the Company has been awarded three new contract commitments, representing 495 days and $82.2 million of potential contract revenue
· The Board declared a cash dividend of $0.05 per share for the fourth quarter to shareholders of record on March 4, 2024. Payment date will be on or about March 18, 2024.  

CEO, Patrick Schorn commented:

“Our fourth quarter performance has been strong, enabling us to close the year having achieved several major milestones. 

On the operational front, we finished the year with excellent technical utilization for the quarter at 98.7% and a total recordable injury frequency of 0.65, the latter being well below the industry average. These numbers reflect the professionalism of our operational team, who have activated rigs continuously for the last three years, and who have successfully commenced operations in numerous new countries and regions.

On the contracting front, we closed the year with all of our 22 delivered rigs contracted. Over the course of 2023, we also secured several new contracts adding $728 million, at an implied rate of approximately $161,000 per day, to our revenue backlog, which stood at $1.75 billion at year end. Following the award of three additional contracts in 2024, we have 87% of our available capacity in 2024 already covered by firm contracts and priced options, and we expect this to further increase in the coming months as we progress current negotiations. This strong contract coverage provides both solid near-term revenue and earnings visibility as well as the ability to balance contracts to optimize our market position and earnings. In addition, we have two newbuilds scheduled for delivery later this year. They are already attracting considerable customer interest and come with yard financing in place. 

Our Adjusted EBITDA increased by 20% from the third quarter to $105.9 million, reflecting a close to fully operational fleet. We expect Adjusted EBITDA to continue to increase throughout 2024 as more rigs end their current contracts and commence new ones at higher dayrates and improved contract terms. Based on our positive business outlook and strong fleet coverage, we maintain our estimate of Adjusted EBITDA for the full year 2024 to be between $500 to $550 million.

With the issuance of our $1.54 billion secured bonds in November 2023, the future of the Company is further cemented, and having commenced both our dividend program and share buybacks, our focus is now on how best to return value to shareholders. 

Subsequent to the period covered by this quarter’s report, there has been significant focus in the media on the announcements by Saudi Aramco regarding their production targets for 2027. While we fully respect that only Saudi Aramco can give meaningful information about how this will potentially affect the onshore and offshore activity levels going forward, a few comments specifically in relation to Borr Drilling are appropriate. First, out of our fleet of 24 rigs, we have three working in the Kingdom, all of which are on multi-year contracts. Second, regardless of an adjustment in production levels to be pursued going forward, the activity levels required in the Kingdom to maintain current production capacity remain world leading. As such, our approach is to continue focusing on the things we can manage, which is the relentless pursuit of safety and operational excellence in order to deliver value to our customers in the Middle East and elsewhere around the world.”

Borr Drilling Fleet Status Report 22 February 2024

Borr Drilling Limited Q4 2023 Earnings Release

Borr Drilling Limited – Invitation to webcast and conference call Q4 2023 results

Borr Drilling Limited (NYSE and OSE: BORR) plans to release its financial results for the fourth quarter 2023 on Thursday, February 22, 2024.

A conference call and webcast is scheduled for 15:00 CET (9:00 AM New York Time) and participants are encouraged to dial in 10 minutes before the start of the call.  The earnings report and presentation will be available from the Investor Relations section on www.borrdrilling.com.

In order to listen to the presentation, you may do one of the following:

a)    Webcast

To access the webcast, please go to the following link:
https://edge.media-server.com/mmc/p/3eaywjys
 

b)    Conference Call

Please use the below link to register for the conference call,

https://register.vevent.com/register/BIa39b9c1337044c06a101dd1639ceb3ad.

Participants will then receive dial-in details on screen and via email and can then choose to dial in with their unique pin or select “Call me” and provide telephone details for the system to link them automatically.

Replay Stream:

When the call is complete, participants can stream the replay of the call by clicking this link: 

https://edge.media-server.com/mmc/p/3eaywjys

Borr Drilling Limited – Contracting Update

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) is pleased to announce new contract commitments totaling 495 days and $82.2 million in contract revenue for three of its premium jack-up rigs, excluding mobilization and demobilization compensation.

Firstly, BW Energy has extended the contract for the “Norve” by approximately two months through July 2024.

The “Mist” has secured a contract extension from a subsidiary of Valeura Energy in Thailand. The contract extension covers a firm term of 12 months starting in direct continuation to the current contract and will maintain the rig contracted through August 2025.

The “Thor” has received a binding Letter of Award from an undisclosed customer for work in Southeast Asia. This award will cover a firm scope of two wells, with an anticipated duration of 70 days, and is expected to commence in Q3 2024 in direct continuation of its current commitment.

Following these new contracts, the Company’s fleet contract coverage is 87% for 2024, including firm commitments and priced options.

Hamilton, Bermuda

12 February 2024

Forward looking statements

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as “will”, “anticipate” and similar expressions and include statements relating to LOAs,  contract duration and value and expected start and end dates, and other non-historical statements. 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, including risks related to  contracting, including our ability to convert LOAs into contracts, the final terms and start dates of such contracts, actual performance under drilling contracts, the risk that backlog may not be realized, 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. 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.

Borr Drilling Limited –Dividend declaration and key information relating to the cash distribution for the third quarter 2023

Hamilton, Bermuda, December 22, 2023. Borr Drilling Limited (NYSE and OSE: BORR) today announces that the Company’s Board of Directors has approved a cash distribution of paid-in capital of US$0.05 per share for the third quarter of 2023.

Note to shareholders registered in Euronext VPS, the Norwegian Central Security Depository:

Due to implementation of the Central Securities Depository Regulation (CSDR) in Norway, please note the information regarding the payment date for the shares registered in Euronext VPS below.

Key information:

Distribution amount: $0.05 per share

Declared currency: USD. Distributions payable to shares registered with Euronext VPS will be paid out in NOK with fixing date on 22 January, 2024.

Date of approval: 22 December, 2023

Last day including right: 29 December, 2023

Ex-date: 2 January, 2024

Record date: 3 January, 2024

Payment date: On or about 22 January, 2024.

Due to the implementation of CSDR in Norway, distributions payable on shares registered with Euronext VPS is expected to be distributed to Euronext VPS shareholders on or about 25 January, 2024.

This information is published in accordance with the requirements of the Continuing Obligations.

Borr Drilling Limited – Special General Meeting Results Notification

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) advises that a Special General Meeting of the Company was held on December 22, 2023 at 10:00 local time, at the Registered Office of the Company, 2nd Floor, S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda.

The following resolution was approved by the Company’s shareholders:

“To approve a reduction of the Share Premium account of the Company from US$2,290,578,712 to US$ 290,578,712 by the transfer of US$2,000,000,000 of the Share Premium to the Company’s Contributed Surplus account, with effect from December 22, 2023.”

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

December 22, 2023

Borr Drilling Limited – Approval of Share Repurchase Program

The board of directors in Borr Drilling Limited (the “Company”) has today approved a share repurchase program for the Company’s shares, to be purchased in the open market and limited to a total amount of USD 100,000,000.  

The timing and amount of any shares repurchased will be determined by the company based on its evaluation of market conditions and other factors and as permitted by securities laws and other legal requirements.  The authorization does not have a fixed expiration and the repurchase program may be suspended or discontinued at any time. 

8 December 2023

Hamilton, Bermuda

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

Forward looking statements

This press release includes forward looking statements, which do not reflect historical facts and include statements with respect the share repurchase program announced herein. 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 such forward-looking statements, including risks related to the actual amount of shares ultimately repurchased under the share repurchase program and the prices and timing thereof, risks relating to available liquidity, limits under debt instruments and other limits on our ability to repurchase shares 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.  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.

Borr Drilling Limited – Notice of Special General Meeting of Shareholders

Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) advises that the Company will hold a Special General Meeting on December 22,  2023 to approve a reduction of the Company’s Share Premium account (referred to as additional paid-in capital in the financial statements of the Company) and to credit the same amount resulting from this reduction to the Company’s Contributed Surplus account, which will enable dividend payments to shareholders.

The Board of Directors has fixed the close of business on November 27, 2023 as the record date for determination of the shareholders entitled to attend and vote at the Special General Meeting or any adjournment thereof.

A copy of the Notice of Special General Meeting and Form of Proxy (the “Notice”) and associated information can be found on the Company’s website at http://www.borrdrilling.com and is attached to this press release. The Notice and associated information will also be distributed to shareholders by normal distribution methods.

Hamilton, Bermuda

1 December, 2023

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

20231222 BDL SGM Notice reduction of share premium

Borr Drilling Limited – Grant of Restricted Stock Units and Share Options

Bermuda, November 17, 2023: The Board of Directors of Borr Drilling Limited (the “Company”) (OSE and NYSE “BORR”) has today resolved to grant 112,780 Restricted Stock Units (each, a “RSU”) to its Directors, and 2,100,000 share options (each, an “Option”) under the Company’s approved share option scheme to certain of its employees.

Each RSU represents one share in the Company. The RSUs will vest in full on September 30, 2024, and will be conditional on continuing to serve as a Director of the Company at the date of vesting. The RSUs will be settled through issuance of shares in the Company.

Each Option gives the right to subscribe for one share in the Company. The Options will have a strike price of $6.65 and will vest equally over a three year period commencing on March 1, 2025. The Options will expire five years from the date of grant.

Persons discharging managerial responsibilities (“PDMRs”), as defined by the (EU) Market Abuse Regulation, have been granted and accepted the following RSUs and Options:

· Tor Olav Troim – Chairman of the Board – 22,556 RSUs
· Kate Blankenship – Director – 22,556 RSUs
· Neil Glass – Director – 22,556 RSUs
· Dan Rabun – Director – 22,556 RSUs
· Jeffrey Currie – Director – 22,556 RSUs
· Magnus Vaaler – Chief Financial Officer – 300,000 Options 

Please see the attached form of notification and public disclosure by the PDMRs.

This information is subject to the disclosure requirements in article 19 of the Regulation (EU) 596/2014 (the Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act.

231117 PDMR Form

Borr Drilling Limited – Notice of Special General Meeting of Shareholders

Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) advises that the Company will hold a Special General Meeting on Friday, December 22nd, 2023 to approve a reduction of the Company’s Share Premium account (referred to as additional paid in capital in the financial statements of the Company) and to credit the same amount resulting from this reduction to the Company’s Contributed Surplus account, which will enable dividend payments to shareholders.

The Board of Directors has fixed the close of business on Monday, 27th November, 2023 as the record date for determination of the shareholders entitled to attend and vote at the Special General Meeting or any adjournment thereof.

A copy of the Notice of Special General Meeting and Form of Proxy (the “Notice”) and associated information will be distributed to shareholders by normal distribution methods prior to the meeting and will also be made available on the Company’s website at http://www.borrdrilling.com.

Hamilton, Bermuda

17 November, 2023

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

Borr Drilling Limited – Q3 2023 Presentation

Please find enclosed the presentation of Borr Drilling Limited’s third quarter 2023 results to be held on the webcast/conference call at 15:00 CET (9:00 AM New York time) on November 16, 2023. 

In order to listen to the presentation, you may do one of the following:

a)    Webcast

To access the webcast, please go to the following link:

https://edge.media-server.com/mmc/p/3j6z5pav

b)    Conference Call

Please use this link to register for the conference call, https://register.vevent.com/register/BI71187882761047eda468d1228c16e3a6

Participants will then receive dial-in details on screen and via email and can then choose to dial in with their unique pin or select “Call me” and provide telephone details for the system to link them automatically.

Replay stream:

When the call is complete, participants can stream the replay of the call by clicking this link:

https://edge.media-server.com/mmc/p/3j6z5pav

Borr Drilling Limited Q3 2023 Presentation

Borr Drilling Limited – Interim Financial Report on Form 6-K

Hamilton, Bermuda, November 16, 2023: Borr Drilling Limited (the “Company”) (OSE and NYSE: BORR) has today filed with U.S Securities and Exchange Commission its Unaudited Interim Financial Report for the three months and nine months ended September 30, 2023, on Form 6-K.

The report is attached to this release and can also be found on the Company’s website www.borrdrilling.com and the U.S Securities and Exchange Commission website, www.sec.gov.

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

Borr Drilling Limited 6K Q3 2023

Borr Drilling Limited Announces Third Quarter and Nine Months 2023 Results

Hamilton, Bermuda, November 16, 2023: Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) announces unaudited results for the three and nine months ended September 30, 2023.

Highlights Third Quarter of 2023

· Total operating revenues of $191.5 million, an increase of $4.0 million or 2% compared to the second quarter of 2023.

· Net income of $0.3 million, a decrease of $0.5 million compared to the second quarter of 2023.

· Adjusted EBITDA of $88.2 million, an increase of $4.2 million or 5% compared to the second quarter of 2023.

· Total contract revenue backlog as at September 30, 2023 of $1.86 billion.

Subsequent events

· Issued $1,540 million of aggregate principal amount of senior secured notes, raising total gross proceeds of $1,501.5 million and replacing all of the Company’s existing secured debt

· Entered into the Super Senior Revolving Credit Facility Agreement of aggregate principal amount of $180 million, including $30 million relating to a guarantee facility

· Conducted a private placement of new shares in Norway for gross proceeds of $50.0 million, by issuing 7,522,838 shares at a price of NOK 74 per share

· 2023 year to date, we have been awarded twelve new contracts and ten extensions to existing contracts, representing 4,510 days and $728 million of potential revenue

· The Board intends to implement a regular quarterly dividend with an initial dividend of $0.05 per share subject to required approvals in a Special General Meeting (“SGM”) to be held 22 December 2023 described below.

CEO, Patrick Schorn commented:

“The strong operational performance of the Company continued in the third quarter, with technical utilization for the quarter above 99% and our Adjusted EBITDA increasing by 5% over the second quarter. Our backlog quality continues to improve. Year to date, we have secured twelve new commitments, adding $728 million to our revenue backlog at an implied average dayrate of $161,500. The average forward coverage stands at 1.7 years for our delivered fleet, which provides both strong near-term revenue visibility and valuable long term operating leverage amidst the current rising dayrate environment.

We continue to experience positive developments in utilization in the global jackup market. Particularly for modern rigs, marketed utilization stands at approximately 94% and the number of competitive available rigs is approaching single digits. Dayrates have continued to appreciate, as demonstrated by our latest previously announced leading edge fixtures for “Prospector 5”, “Natt” and “Idun”. We are also pleased to announce a 15-month extension for “Skald” at a daily rate of $165,000. These fixtures confirm our views of a sustained strong rate environment for modern rigs. We see positive signs of incremental demand across most operating regions, supporting our expectation of an under supplied market in 2024.

“Ran” and “Hild” have recently commenced their new contracts bringing the operating fleet to 21 rigs. We expect “Gerd” to commence its new contract in early December 2023, at which point all of our 22 delivered rigs will be operating. The combination of higher activity and day rates creates a pathway to improved earnings and dividend payments.

I am also very pleased with the conclusion of our refinancing with the issuance of $1.54 billion of secured notes with maturities in 2028 and 2030. This completes the refinancing of all our secured debt, and provides the company with a solid long-term foundation, enabling us to focus on our goal of operational outperformance and returns to stakeholders. 

Following our recent contract awards, our fleet’s contract coverage for 2024 stands at 84%, including firm contracts and priced options, with an average equivalent dayrate of approximately $132,000, including mobilization related revenues. Considering this firm contract coverage and projected dayrates for the uncontracted days, we maintain our estimated range of Adjusted EBITDA for full year 2024 to be between $500 to $550 million.”

Borr Drilling Limited Q3-23 Earnings Release

Borr Drilling – Q3 2023 FSR

Borr Drilling Limited – Invitation to webcast and conference call Q3 2023 results

Borr Drilling Limited (NYSE and OSE: BORR) plans to release its financial results for the third quarter 2023 on Thursday, November 16, 2023.

A conference call and webcast is scheduled for 15:00 CET (9:00 AM New York Time) and participants are encouraged to dial in 10 minutes before the start of the call.  The earnings report and presentation will be available from the Investor Relations section on www.borrdrilling.com.

In order to listen to the presentation, you may do one of the following:

a)    Webcast

To access the webcast, please go to the following link:
https://edge.media-server.com/mmc/p/3j6z5pav
 

b)    Conference Call

Please use the below link to register for the conference call, https://register.vevent.com/register/BI71187882761047eda468d1228c16e3a6. Participants will then receive dial-in details on screen and via email and can then choose to dial in with their unique pin or select “Call me” and provide telephone details for the system to link them automatically.

Replay Stream:

When the call is complete, participants can stream the replay of the call by clicking this https://edge.media-server.com/mmc/p/3j6z5pav

Borr Drilling Limited – PDMR notification

Borr Drilling Limited (NYSE and OSE: BORR) (the «Company») refers to the private placement of 7,522,838 new shares (the «New Shares») at a subscription price of NOK 74/USD 6.65 (the «Subscription Price») announced on 24 October 2023 (the «Private Placement»).

Drew Holdings Ltd. («Drew»), a close associate of Mr. Tor Olav Trøim, has subscribed to and received 752,284 of the New Shares at the Subscription Price. Mr. Trøim is the chair of Borr’s board and thus, as per the Market Abuse Directive, a person discharging managerial responsibilities in Borr (a «PDMR»).

Drew has, on receipt of the New Shares, sold these and concluded a Total Return Swap-agreement with DNB Bank ASA for the same number of shares in Borr for a period expiring on 5 January 2024 at NOK 74.911 per share. Drew thus retains the financial exposure to the same number of shares in Borr.

Mr. Trøim and his close associates will, following the completion of these transactions, own 15,822,385 shares in Borr and be financially exposed to a further 752,284 shares as per the above.

A completed PDMR form reflecting the above is attached hereto.

Hamilton, Bermuda

27 October 2023

This information is subject to the disclosure requirements in Article 19 of the Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.

231027 PDMR Form

Borr Drilling Limited – settlement of Private Placement and allocated Offer Shares tradeable

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY, SELL OR SUBSCRIBE FOR ANY SECURITIES DESCRIBED HEREIN.

Hamilton, Bermuda, 27 October 2023

Borr Drilling Limited (NYSE and OSE: BORR) (the “Company”) refers to the stock exchange releases related to the private placement (the “Private Placement”) of 7,522,838 offer shares (the “Offer Shares”), each at a par value of $0.10 at an offer price of NOK 74, raising gross proceeds of $50 million.

The Offer Shares have today been recorded in Euronext Securities Oslo (VPS). Thus, all conditions to closing of the Private Placement are fulfilled, and the Private Placement will today be settled with the investors allocated the Offer Shares. The Offer Shares allocated, being legally and validly issued and fully paid-up, are now tradable on Oslo Børs.

No Offer Shares will be offered or sold to the public in the United States or in transactions on the New York Stock Exchange.

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

Forward looking statements

This announcement includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, including the conditions to the Private Placement, expected timing of settlement of the Private Placement, other statements relating to the Private Placement, and other non-historical statements. These forward-looking statements are subject to numerous risks, uncertainties, and assumptions. 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.

Borr Drilling Limited – capital increase in the Registry of Members

Borr Drilling Limited (NYSE and OSE: BORR) refers to the stock exchange releases on 23[rd] and 24[th] October 2023 related to the private placement with gross proceeds of USD 50 million (the “Private Placement”).

To arrange for a DVP settlement to the investors who were allocated any of the 7,522,838 offer shares in the Private Placement, estimated on 26 October 2023, of immediately tradeable shares, the Company has today, arranged the shares to be legally and validly issued and fully paid-up in the Company’s Registry of Members, pursuant to a prefunding agreement with the managers in the Private Placement.

Following the preparatory issue, the Company’s issued share capital is increased by $752,283.80 to $26,408,039.10, divided into 264,080,391 shares, each with a nominal value of $0.10 per share.

October 26, 2023

Hamilton, Bermuda

The Board of Directors

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

Borr Drilling Limited Announces Pricing of Senior Secured Notes

Hamilton, Bermuda, October 24, 2023. Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) announced today that its wholly-owned subsidiary Borr IHC Limited has priced its previously announced offering of $1,540,000,000 in aggregate principal amount of senior secured notes, consisting of $1,025,000,000 aggregate principal amount of senior secured notes due 2028 at a price equal to 97.750%, bearing a coupon of 10.000% per annum and $515,000,000 aggregate principal amount of senior secured notes due 2030 at a price equal to 97.000%, bearing a coupon of 10.375% per annum.

The proceeds from the offering are intended to be used, together with the proceeds from the Company’s previously announced $50 million private placement of shares in Norway, to repay all of the Company’s outstanding secured borrowings, being the Company’s DNB Facility, Hayfin Facility, shipyard delivery financing arrangements with OPPL and PPL, the Company’s $150 million principal amount of Norwegian law Senior Secured Bonds, and to pay related premiums, fees, accrued interest and expenses, in connection with the foregoing, and the remainder, if any, for general corporate purposes. The notes will be guaranteed by the Company and certain of its subsidiaries and will be secured on a senior basis on substantially all of the assets of the Company and certain subsidiary guarantors.

Settlement of the notes offering is expected on or about November 7, 2023, and is subject to customary closing conditions.

By the pricing of the notes, the conditions for the completion of the private placement of shares are fulfilled subject only to customary settlement procedures, and settlement is expected on October 31, 2023, as previously announced.

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. This stock exchange notice was published by Andreas Lavik Lie, VP Treasury & IR, on the date and time as set out above.

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 (other than distributors) 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 notes offering and the private placement of shares, the 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 notes and the private placement of the shares and 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, 2022 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 24, 2023

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

Borr Drilling Limited – Completion and Pricing of Private Placement

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY, SELL OR SUBSCRIBE FOR ANY SECURITIES DESCRIBED HEREIN.

Hamilton, Bermuda, 24 October 2023

Borr Drilling Limited (NYSE and OSE: BORR) (the “Company”) refers to the stock exchange announcement on 23 October 2023 in relation to the process of refinancing our secured debt (the “Refinancing”), and the contemplated issue of an aggregate principal amount of USD 1.5 billion of new senior secured notes (the “Notes”) and an USD 180 million super senior revolving credit facility, to be secured on a super senior basis by the same collateral that will secure the Notes. As a part of the Refinancing, and to facilitate attractive terms therein, the Company announced a contemplated a private placement (the “Private Placement”) of approximately USD 50 million in new shares (the “Offer Shares”), each with a par value of USD 0.10.

The Company is pleased to announce that it has raised NOK 556,690,000 in gross proceeds in the Private Placement equivalent to USD 50,000,000 of 7,522,838 new shares (the “Offer Shares”), each at a subscription price of NOK 74 (the “Offer Price”), equivalent to USD 6.6464 per Offer Share, subject to the satisfaction of the Conditions (as defined below). The Private Placement was significantly oversubscribed.

The completion of the Private Placement is subject to (i) all necessary corporate resolutions being validly made by the Company, including the approval by the Board, and their resolution to allocate and issue the Offer Shares, (ii) pricing of the Notes, and (iii) the issuance of the Offer Shares in Euronext Securities Oslo (“Euronext VPS”) having taken place (the “Conditions”). Please note that our release announcing the Private Placement on 23 October 2023, by an oversight referred to both pricing and issuance of the Notes as a condition under the Condition no. (ii) (as noted above, only pricing is a condition to completion of the Private Placement).

The conditional issue and allocation of Offer Shares is today expected to be determined by the Board at its sole discretion, in consultation with the Managers. The date for settlement of the Offer Shares allocated in the Private Placement is expected to be settled after pricing of the Notes through a delivery versus payment (“DVP”) with the settlement of the Private Placement expected on or about 31 October 2023. The Offer Shares are expected to be pre-paid by the Managers, pursuant to a pre-payment arrangement, to facilitate prompt issue of the Offer Shares (via DTC) in Euronext VPS. The Offer Shares will upon delivery be recorded in Euronext VPS. No Offer Shares will be offered or sold to the public in the United States or in transactions on the NYSE. The Company may, in its own discretion, change the date for settlement at any time and for any reason.

The Company has considered the Private Placement in light of the equal treatment obligations under the Norwegian Securities Trading Act and the rules on equal treatment under Oslo Rule Book II for companies listed on the Oslo Stock Exchange and the Oslo Stock Exchange’s Guidelines on the rule of equal treatment, and the Board is of the opinion that the transaction is in compliance with these requirements and guidelines. The Private Placement is considered by the Board as an important part of the Refinancing to facilitate attractive terms. Taking into consideration the required coordination of timing of the Private Placement with the Refinancing process, the Board has concluded that offering of new shares in a private placement, on a price equal to the prevailing market price, and with limited dilution, at this time to be in the common interest of the Company and its shareholders.

DNB Markets, a part of DNB Bank ASA and Clarksons Securities AS are acting as Joint Bookrunners in connection with the Private Placement (the “Managers”). Ro Sommernes advokatfirma DA is acting as legal advisor to the Company in connection with the Private Placement.

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. This stock exchange notice was published by Magnus Vaaler, CFO, on the date and time as set out above.

About Borr Drilling Limited

Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the Oslo Stock Exchange on August 30, 2017 and on the New York Stock Exchange on July 31, 2019 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 the Company’s website at: www.borrdrilling.com  

Important note

This announcement is not being made in or into Canada, Australia, Japan, Hong Kong, the United States 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 (“U.S.”) 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 (other than distributors) 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

This announcement includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, including a potential issuance of Notes and Offer Shares, the conditions to the Private Placement, expected timing of settlement of the Private Placement and other statements relating to the Private Placement, and other non-historical statements. These forward-looking statements are subject to numerous risks, uncertainties and assumptions, including risks relating to the contemplated Notes and Private Placement, including conditions to closing, risks related to changes in market conditions 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, 2022 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.

Borr Drilling Limited – Contemplated Private Placement of USD 50 million

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY, SELL OR SUBSCRIBE FOR ANY SECURITIES DESCRIBED HEREIN.

Hamilton, Bermuda, 23 October 2023

Borr Drilling Limited (NYSE and OSE: BORR) (the “Company”) refers to the stock exchange announcement published earlier today in relation to the process of refinancing our secured debt (the “Refinancing”), and the contemplated issue of an aggregate principal amount of USD 1.5 billion of new senior secured notes (the “Notes”).

As a part of the Refinancing, and to facilitate attractive terms therein, the Company is contemplating a private placement (the “Private Placement”) of approximately USD 50 million in new shares (the “Offer Shares”), each with a par value of USD 0.10. The subscription price per Offer Share and the final number of Offer Shares to be issued will be determined by the Company’s board of directors (the “Board”)

The Offer Shares will upon delivery be recorded in Euronext Securities Oslo (“Euronext VPS”). No Offer Shares will be offered or sold to the public in the United States or in transactions on the NYSE.

Drew Holdings Ltd. (“Drew”) has pre-committed to subscribe for USD 5 million of Offer Shares in the Private Placement at a price equal to the closing price of the Company’s shares on the New York Exchange. Drew is closely associated to Mr. Tor Olav Trøim, being Chairman and Director of the Company, defined by the Market Abuse Regulation as a person discharging managerial responsibilities (“PDMR”). Further, the Company has received significant interest from a selective pre-sounding of the largest existing shareholders, such that the Private Placement is fully covered based on indications of interest as of the start of the Bookbuilding Period (as defined below). In case of strong demand during the Bookbuilding Period, these investors may be scaled down to their pro-rata allocation.

The net proceeds from the Private Placement, together with the net proceeds from the offering of the Notes, are intended to be utilized for the refinancing of existing secured debt and the remainder, if any, for general corporate purposes.

The bookbuilding period in the Private Placement (the “Bookbuilding Period”) commences today on 23 October 2023 at 22:30 (CEST) and closes on 24 October 2023 at 08:00 hours (CEST). The Company may, in its own discretion, extend or shorten the Application Period at any time and for any reason. If the Bookbuilding Period is extended or shortened, any other dates referred to herein may be amended accordingly.

The Private Placement will be directed towards Norwegian and international investors subject to and in compliance with applicable exemptions from relevant registration, filing and prospectus requirements, and subject to other applicable selling restrictions. The minimum application and allocation amount in the Private Placement has been set to the NOK amount equivalent to EUR 100,000. The Company may, however, at its sole discretion, allocate an amount below EUR 100,000 to the extent applicable exemptions from the prospectus requirement pursuant to applicable regulations, including Regulation (EU) 2017/1129 (the “EU Prospectus Regulation”) and ancillary regulations, are available.

The conditional allocation of Offer Shares will be determined by the Board at its sole discretion, in consultation with the Managers following the expiry of the Bookbuilding Period. Delivery of the Offer Shares allocated in the Private Placement is expected to be settled through a delivery versus payment (“DVP”) settlement after pricing of the Notes, expected on or about 31 October 2023. The Offer Shares are expected to be pre-paid by the Managers, pursuant to a pre-payment arrangement, to facilitate prompt issue of the Offer Shares in DTC and in Euronext VPS.

The completion of the Private Placement is subject to (i) all necessary corporate resolutions being validly made by the Company, including the approval by the Board, and their resolution to allocate and issue the Offer Shares, (ii) pricing and issuance of the Notes, and (iii) the issuance of the Offer Shares in Euronext VPS having taken place (the “Conditions”). The Company and the Managers reserve the right, at any time and for any reason, to cancel and/or modify the terms of the Private Placement without notice. Neither the Managers nor the Company will be liable for any losses incurred by applicants if the Private Placement is cancelled or modified, irrespective of the reason for such cancellation or modification.

The Company has considered the Private Placement in light of the equal treatment obligations under the Norwegian Securities Trading Act and the rules on equal treatment under Oslo Rule Book II for companies listed on the Oslo Stock Exchange and the Oslo Stock Exchange’s Guidelines on the rule of equal treatment, and the Board is of the opinion that the contemplated transaction is in compliance with these requirements and guidelines. The Private Placement is by the Board considered as an important part of the Refinancing to facilitate attractive terms. Taking into consideration the required coordination of the timing of the Offering with the Refinancing process, the Board has concluded that offering of new shares in a private placement, on a price equal to the prevailing market price, and with limited dilution, at this time to be in the common interest of the Company and its shareholders.

DNB Markets, a part of DNB Bank ASA and Clarksons Securities AS are acting as Joint Bookrunners in connection with the Private Placement (the “Managers”). Ro Sommernes advokatfirma DA is acting as legal advisor to the Company in connection with the Private Placement.

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. This stock exchange notice was published by Andreas Lavik Lie, VP of Treasury and IR, on the date and time as set out above.

About Borr Drilling Limited

Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the Oslo Stock Exchange on August 30, 2017 and on the New York Stock Exchange on July 31, 2019 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 the Company’s website at: www.borrdrilling.com  

This information is 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 (“U.S.”) 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 (other than distributors) 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

This announcement includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, including a potential issuance of Notes and Offer Shares, the conditions to the Private Placement, the use of proceeds therefrom, expected timing of the Private Placement  and other statements relating to the Private Placement and other non-historical statements. These forward-looking statements are subject to numerous risks, uncertainties and assumptions, including risks relating to the contemplated Notes and Private Placement, including conditions to closing, risks related to changes in market conditions 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, 2022 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.

Borr Drilling Limited Announces Launch of Senior Secured Notes Offering

Hamilton, Bermuda, October 23, 2023. Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) announced today that its wholly owned subsidiary Borr IHC Limited, and certain other subsidiaries intend to offer, subject to market conditions, $1,500,000,000 in aggregate principal amount of senior secured notes due 2028 and 2030. The notes will be guaranteed by the Company and certain of its subsidiaries and will be secured on a senior basis on substantially all of the assets of the Company and certain subsidiary guarantors.

In connection with the notes offering, the Company is contemplating: (i) a private placement in Norway of approximately $50 million in shares and (ii) entering into a $180 million super senior revolving credit facility, to be secured on a super senior basis by the same collateral that will secure the notes.

The proceeds from the notes offering are intended to be used, together with the proceeds from the equity offering, to repay all of the Company’s outstanding secured borrowings, being borrowing under the DNB Facility, the Hayfin Facility, the shipyard delivery financing arrangements with OPPL and PPL, the $150 million Norwegian law Senior Secured Bonds, and to pay related premiums, fees, accrued interest and expenses, in connection with the foregoing, and the remainder, if any, for general corporate purposes.

Pricing of the notes offering is expected on or about October 24, 2023.

The settlement of the equity offering is subject to certain conditions, including the pricing and settlement of the notes offering. The Company has conducted a selective pre-sounding of its largest existing shareholders and received indications such that the $50 million private placement will be covered. In case of demand from other existing shareholders during a contemplated bookbuilding for the private placement, these investors may be scaled down to their pro-rata allocation. No shares will be offered or sold in transactions on the NYSE.

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. This stock exchange notice was published by Andreas Lavik Lie, VP Treasury & IR, on the date and time as set out above.

About Borr Drilling Limited

Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the Oslo Stock Exchange on August 30, 2017 and on the New York Stock Exchange on July 31, 2019 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 the Company’s website at: www.borrdrilling.com

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 (other than distributors) 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 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, including a potential offering of the notes and shares, the conditions to the offerings, the use of proceeds therefrom and other non-historical statements. These forward-looking statements are subject to numerous risks, uncertainties and assumptions, including risks relating to the contemplated offering of the notes and shares, changes in market conditions 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, 2022 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 23, 2023

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

ir@borrdrilling.com 

Borr Drilling Limited – Appointment of Directors to the Board

Borr Drilling Limited (the “Company”) (OSE and NYSE: “BORR”) today announced that Mr. Jeffery Currie and Mr. Patrick Schorn have been appointed as Directors of the Company by the Board with effect from 16 October 2023.

Jeffrey Currie recently retired from Goldman Sachs after a decorated 27-year career. For the last 15 years, he was a Partner and the Global Head of Commodities Research where he was responsible for conducting research on commodity market dynamics in the context of corporate risk management programs, short and long-term commodity investment strategies, and asset allocation. He also held roles as the European Co-Head of Economics, Commodities and Strategy Research between 2010 and 2012. Since his retirement, Jeff has joined the board of Abaxx Technologies and The University of Chicago’s Energy Policy Institute where he serves as the Chairman of the Advisory Board.

Prior to joining Goldman Sachs, Mr. Currie taught undergraduate and graduate level courses in microeconomics and econometrics at The University of Chicago and served as the associate editor of Resource and Energy Economics. Jeff also worked as a consulting economist, specializing in energy and other microeconomic issues, and has advised many government agencies. Jeff earned a PhD in Economics from The University of Chicago in 1996.

In relation to his appointment, Mr. Currie commented: “After decades of analysing the trends that shape global commodity markets, I am now focused on the themes that are key to energy transition. One such theme is developing clean fast cycle production in the Middle East.  Borr Drilling, a company I have known for years, can do this at scale with low costs. It owns the most modern fleet in the industry and focuses on quick payback and efficient shallow water wells in the world’s most prolific reservoirs in an environmentally responsible manner.”

In addition, the Board has appointed the Company’s CEO Mr. Patrick Schorn as a new Director. Mr. Schorn became CEO of Borr Drilling in September 2020, after serving as a Director of the Board since January 2018.

Following these appointments, the Board of Directors consists of seven members.

17 October 2023

Hamilton, Bermuda

Borr Drilling Limited – PDMR notification

Borr Drilling Limited (NYSE and OSE: BORR) (the “Company”) refers to the release on November 18, 2022, in relation to the grant of 88,584 Restricted Share Units (“RSUs”) to its directors, discharging managerial responsibilities (“PDMRs”). Each RSU represented one share in the Company. The RSUs vested in full on September 30, 2023, and was delivered from shares held in treasury on October 6, 2023, to the following directors:

– Director and Chairman Tor Olav Trøim: 29,528 shares. After delivery Mr. Trøim, with close associates, will own 15,822,385 shares in the Company.  

– Kate Blankenship, Director: 29,528 shares. After delivery Mrs. Blankenship, with close associates, will own 224,997 shares in the Company. 

– Neil Glass, Director of Borr Drilling: 29,528 shares. After delivery Mr. Glass, with close associates, will own 165,124 shares in the Company. 

PDMR notification form attached hereto.

Hamilton, Bermuda

8 October 2023

This information is subject to the disclosure requirements in Article 19 of the Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.

PDMR Form

Borr Drilling Limited – Contracting Update and Investor Presentation

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) has today published an investor presentation enclosed to this release and on its website www.borrdrilling.com, in addition to  providing the following contracting updates.

In September 2023, the premium jack-up rig “Idun” received a Letter of Intent (LOI) for a 24 months’ program in Southeast Asia starting in January 2024.  We expect this LOI to be converted into a firm contract in October 2023. The contract value for this award is expected to be around $124 million.

In August 2023, the premium jack-up rig “Arabia III” successfully commenced its 5 year firm contract with Aramco. The contract started ahead of schedule, continuing the track record of the “Arabia I” and “Arabia II” which started their respective 3 year contracts with Aramco in Q4 2022.

Also in August 2023, our premium jack-up rig “Hild” completed its transit to Mexico and is undergoing final preparations ahead of its maiden contract with Fieldwood. Currently our premium jack-up rig “Ran” is on contract with the same customer. “Hild” is expected to commence its contract in mid-October. Concurrently, “Ran” will be mobilized to its subsequent contract with Total in Mexico, expected to commence in the second half of October 2023.

In September 2023, our premium jack-up rig “Gerd” completed its transit from Africa to the UAE and is currently undergoing preparations ahead of its upcoming contract with Bunduq. Following discussions with the customer, we now anticipate that “Gerd” will commence its contract in mid-November, ahead of the previously announced schedule.

Hamilton, Bermuda

4 October 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 “will”, “estimate” and similar expressions and include statements relating to LOIs,  contract duration and value and expected start dates, and other non-historical statements. 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, including risks related to  contracting, including our ability to convert LOIs into contracts, the final terms and start dates of such contracts, actual performance under drilling contracts, the risk that backlog may not be realized, 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. 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.

Borr Drilling – Investor Presentation

Borr Drilling Limited to Present at the Barclays CEO Energy-Power Conference

Chief Executive Officer, Patrick Schorn, of Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) will present at the Barclays CEO Energy-Power Conference in New York City today, Wednesday, September 6, 2023, at 1:50 pm EDT.

A copy of the presentation to be held is available on the Company’s website at www.borrdrilling.com and enclosed to this release.

6 September 2023

Hamilton, Bermuda

Borr Drilling – Barclays

Borr Drilling Limited: 2023 AGM Results Notification

Borr Drilling Limited (the “Company”) advises that the 2023 Annual General Meeting of the Company was held on August 31, 2023 at 09:00 ADT at 2[nd] Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda.  The audited consolidated financial statements for the Company for the year ended December 31, 2022 were presented to the Meeting.

The following resolutions were passed:

1. To set the maximum number of Directors of the Company to be not more than seven.
2. That the vacancies in the number of Directors be designated as casual vacancies and that the Board of Directors be authorized to fill such vacancies as and when it deems fit.
3. To re-elect Tor Olav Trøim as a Director of the Company.
4. To re-elect Alexandra Kate Blankenship as a Director of the Company.
5. To re-elect Neil J. Glass as a Director of the Company.
6. To re-elect Mi Hong Yoon as a Director of the Company.
7. To re-elect Daniel Rabun as a Director of the Company.
8. To re-appoint PricewaterhouseCoopers LLP as auditors and to authorize the Directors to determine their remuneration.
9. To approve remuneration of the Company’s Board of Directors of a total amount of fees not to exceed US$1,200,000 for the year ended December 31, 2023.

Hamilton, Bermuda

August 31, 2023

Borr Drilling Limited – Announcement of Letter of Award

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) is pleased to announce that its premium jack-up rigs “Prospector 5” and “Natt” have received a Letter of Award (“LOA”) for work in West Africa in direct continuation of their current contracts. The contracts will have a combined duration of 1,307 days and a total estimated contract value is $211 million.

Under this LOA, the “Prospector 5” and “Natt” will remain contracted until May 2026 and December 2025, respectively.

Hamilton, Bermuda

29 August 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 “will”, “estimate” and similar expressions and include statements relating to letters of award for rig contracting including the duration and value of such contracts and backlog, and other non-historical statements. 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, including risks related to  contracting, including our ability to convert LOIs and LOAs into contracts, actual performance under drilling contracts, the risk that backlog may not be realized, 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. 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.

Borr Drilling Limited – Q2 2023 Presentation

Please find enclosed the presentation of Borr Drilling Limited’s second quarter 2023 results to be held on the webcast/conference call at 15:00 CET (9:00 AM New York time) on August 17, 2023. 

In order to listen to the presentation, you may do one of the following:

a)    Webcast

To access the webcast, please go to the following link:

https://edge.media-server.com/mmc/p/gpxrea2b

b)    Conference Call

Please use this link to register for the conference call, https://register.vevent.com/register/BIe0c497c4859747c3afe69955afc018ae

Participants will then receive dial-in details on screen and via email and can then choose to dial in with their unique pin or select “Call me” and provide telephone details for the system to link them automatically.

Replay stream:

When the call is complete, participants can stream the replay of the call by clicking this link:

https://edge.media-server.com/mmc/p/gpxrea2b

2023 Q2 Presentation

Borr Drilling Limited – Interim Financial Report on Form 6-K

Hamilton, Bermuda, August 17, 2023: Borr Drilling Limited (the “Company”) (OSE and NYSE: BORR) has today filed with U.S Securities and Exchange Commission its Unaudited Interim Financial Report for the three months and six months ended June 30, 2023, on Form 6-K.

The report is attached to this release and can also be found on the Company’s website www.borrdrilling.com and the U.S Securities and Exchange Commission website, www.sec.gov.

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

Q2 2023 6-K

Borr Drilling Limited – Increase in share capital

Borr Drilling Limited (the “Company”) (OSE, NYSE: BORR) has issued 1,000,000 new common shares to be held in treasury, and used solely for issuance in connection with the exercise of share options vesting under the Company’s existing share option program for certain employees. For further information on the share option program please refer to Note 24 of the Company’s Annual Report on Form 20-F for the year ended December 31, 2022, which was filed with the Securities and Exchange Commission on March 30, 2023.

The new shares are validly and legally issued and fully paid. Following such issuance, the Company has an issued share capital of $25,655,755.30 divided into 256,557,553 common shares with a par value of $0.10 per share.

August 16, 2023

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

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

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The securities referenced herein will not be and have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of that act.

Borr Drilling Limited – Invitation to webcast and conference call Q2 2023 results

Borr Drilling Limited (NYSE and OSE: BORR) plans to release its financial results for the second quarter 2023 on Thursday, August 17, 2023.

A conference call and webcast is scheduled for 15:00 CET (9:00 AM New York Time) and participants are encouraged to dial in 10 minutes before the start of the call.  The earnings report and presentation will be available from the Investor Relations section on www.borrdrilling.com.

In order to listen to the presentation, you may do one of the following:

a)    Webcast

To access the webcast, please go to the following link:
https://edge.media-server.com/mmc/p/gpxrea2b
 

b)    Conference Call

Please use the below link to register for the conference call, https://register.vevent.com/register/BIe0c497c4859747c3afe69955afc018ae. Participants will then receive dial-in details on screen and via email and can then choose to dial in with their unique pin or select “Call me” and provide telephone details for the system to link them automatically.

Replay Stream:

When the call is complete, participants can stream the replay of the call by clicking this link:  https://edge.media-server.com/mmc/p/gpxrea2b

Borr Drilling Limited – Increase in share capital

Borr Drilling Limited (the “Company”) (OSE, NYSE: BORR) has during the month of July 2023, issued and settled 1,293,955 new common shares at an average price of $7.528 per share  under the “at-the-market (“ATM”) program announced on July 6, 2021, under which the Company may offer and sell from time to time up to $40 million of its common shares to be listed on the New York Stock Exchange. The new shares are validly and legally issued and fully paid-up. Following such issuance, the Company has an issued share capital of $25,555,755.30 divided into 255,557,553 common shares with a par value of $0.10 per share.

Since the establishment of the ATM program through to July 31, 2023, the Company has sold shares raising $18.6 million in gross proceeds.

August 1, 2023

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

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

The common shares were offered under the Company’s registration statement on Form F-3 (333-254525) previously filed with the Securities and Exchange Commission (the “SEC”) on March 19, 2021, subsequently declared effective by the SEC on March 31, 2021. The offering of the common shares is made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. Copies of the prospectus and prospectus supplement relating to the ATM offering  may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov or from the offices of the Company at S. E. Pearman Building, 2nd Floor, 9 Par-la-Ville Road, Hamilton HM11 Bermuda, Attention: Investor Relations.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

Borr Drilling Limited – Announcement of Letters of Award

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) is pleased to announce it has secured two letters of awards (“LOA”) for its premium jack-up drilling rigs “Gerd” and “Thor”. These awards increase the Company’s firm backlog by approximately 421 days, excluding optional periods.

The premium jack-up drilling rig “Gerd” has secured a binding LOA from an undisclosed customer for work in the Middle East. This contract will cover a firm scope of 270 days, and one unpriced optional scope of 60 days. The firm scope has an estimated contract value of $47.7 million, including mobilisation and demobilisation. The “Gerd” concludes its current contract with Addax in Q3 2023, following the client’s decision not to proceed with certain optional wells previously exercised. The rig will then undergo mobilisation, statutory surveys and recertification ahead of its new commitment which is expected to start in December 2023.

The premium jack-up drilling rig “Thor” has secured a binding LOA from an undisclosed customer for work in Southeast Asia. This contract will cover a firm scope of two wells with an estimated duration of 151 days and a contract value of $25.1 million, including mobilisation and demobilisation. This contract is expected to commence in December 2023, in direct continuation of the rig’s ongoing contact.

Hamilton, Bermuda

31 July 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 “will”, “estimate” and similar expressions and include statements relating to letters of award for rig contracting including the duration and value of such contracts and backlog, and other non-historical statements. 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, including risks related to actual performance under drilling contracts, the risk that backlog may not be realized, the number of rigs that will be in operation and rates that are achieved, 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. 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.

Borr Drilling Limited – Notice of Annual General Meeting 2023

The Annual General Meeting of Shareholders of Borr Drilling Limited (the “Company”) will be held on August 31, 2023, in Bermuda.

A copy of the Notice of Annual General Meeting and Form of Proxy will be distributed to shareholders by normal distribution methods and is attached to this release. Associated information including the Company’s Annual Report can be found on the Company’s website www.borrdrilling.com.

Hamilton, Bermuda July 6, 2023

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

Borr Drilling AGM Notice 2023

Borr Drilling Limited – 2023 Annual General Meeting date

Borr Drilling Limited (NYSE and OSE: BORR) advises that the 2023 Annual General Meeting will be held on August 31, 2023. The record date for voting at the Annual General Meeting is set to June 30, 2023. The notice, agenda and associated material will be distributed prior to the meeting.

Hamilton, Bermuda

June 29, 2023

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

Borr Drilling Limited – Announcement of contract extension

Borr Drilling Limited (NYSE and OSE: “BORR”) is pleased to announce it has secured a contract extension for its premium jack-up drilling rig “Mist” from Valeura Energy in Thailand. The contract extension covers a firm term of 9 months starting in direct continuation to the current contract and will maintain the rig contracted through August 2024.  The estimated total contract value of this extension is $41 million, excluding unpriced options.

Hamilton, Bermuda

23 June 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 “will”, “estimate” and similar expressions and include statements relating to rig contracting including the duration and value of such contracts and backlog, and other non-historical statements. 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, including risks related to actual performance under drilling contracts, the risk that backlog may not be realized, the number of rigs that will be in operation and rates that are achieved, 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. 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.

Borr Drilling Limited – Q1 2023 Presentation

Please find enclosed the presentation of Borr Drilling Limited’s first quarter 2023 results to be held on the webcast/conference call at 16:00 CET (10:00 AM New York time) on May 23, 2023. 

In order to listen to the presentation, you may do one of the following:

a)    Webcast

To access the webcast, please go to the following link:

https://edge.media-server.com/mmc/p/9cxmfutk

b)    Conference Call

Please use this link to register for the conference call, https://register.vevent.com/register/BI08b5cf831ec646218470d216e0b6f350

Participants will then receive dial-in details on screen and via email and can then choose to dial in with their unique pin or select “Call me” and provide telephone details for the system to link them automatically.

Replay stream:

When the call is complete, participants can stream the replay of the call by clicking this link:

https://edge.media-server.com/mmc/p/9cxmfutk

2023 Q1 Presentation

Borr Drilling Limited – Interim Financial Report on Form 6-K

Hamilton, Bermuda, May 23 , 2023: Borr Drilling Limited (the “Company”) (OSE and NYSE: BORR) has today filed with U.S Securities and Exchange Commission its Unaudited Interim Financial Report for the three months ended March 31, 2023, on Form 6-K.

The report is attached to this release and can also be found on the Company’s website www.borrdrilling.com and the U.S Securities and Exchange Commission website, www.sec.gov.

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

Q1 2023 6-K

Borr Drilling Limited Announces First Quarter

Hamilton, Bermuda, May 23, 2023: Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) announces preliminary unaudited results for the three months ended March 31, 2023.

Highlights First Quarter of 2023

· Total operating revenues of $172.0 million, an increase of $23.4 million or 16% compared to the fourth quarter of 2022.

· Income before taxes of $7.9 million, an increase of $26.4 million compared to $18.5 million in the fourth quarter of 2022.

· Net loss of $7.4 million, a decrease in loss of $13.9 million compared to the fourth quarter of 2022.

· Cash and cash equivalents of $90.3 million at the end of the first quarter of 2023.

· Adjusted EBITDA of $72.4 million, an increase of $17.3 million or 31% compared to the fourth quarter of 2022.

· Total contract revenue backlog as at March 31, 2023 was $1.64 billion, a more than three time increase compared to March 31, 2022 (including rigs in the Mexican JV on a 100% basis).

· Raised $400 million of gross proceeds through the issuance of $250 million unsecured convertible bonds due in 2028 and $150 million senior secured bonds due in 2026, primarily used to refinance the existing $350 million convertible bonds due in May 2023.

Subsequent events

· In April, the Company increased the $150 million DNB loan facility by $25 million, and entered into a facility with DNB to provide guarantees and letters of credit of up to $25 million.

· In 2023 YTD, we have been awarded eight new contracts, extensions, exercised options and letters of awards representing 1,797 days and $253 million of potential revenue, of which 1,075 days and $177 million relate to four new contracts and LOAs awarded this year. This includes a binding LOA, not previously announced, for “Ran”.

CEO, Patrick Schorn commented:

“The first quarter of 2023 continued the positive trend experienced over the last several quarters, with an increase of revenue of 16% quarter on quarter, and a further increase in Adjusted EBITDA of 31% to $72.4 million. Q1 2023 is also the first quarter where we generated positive income before income taxes. We reaffirm our previously communicated guidance of Adjusted EBITDA of $360-$400 million for 2023, and while we expect a similar performance in the second quarter of 2023 to the first quarter of 2023, we expect further increases in the third and fourth quarters of 2023, as our two remaining stacked rigs are being activated and will commence their respective contracts in the Middle East and Mexico.

The first quarter has evidenced our continued ability to add backlog at market leading rates, confirming the tight supply of jack-up drilling rigs in the market. At the same time, we see positive prospects for continuing work for our rigs that are finishing their contracts at the end of this year, both with current customers, as well as in new geographies with new clients.

In February 2023, we completed the issuance of our $250 million unsecured convertible bonds maturing in 2028 and our $150 million senior secured bonds maturing in 2026, enabling us to fully repay our $350 million convertible bonds due in May 2023. This marks the final step of refinancing our debt that was due to mature in 2023, and we now have no significant debt maturities prior to 2025. We expect the improving market, coupled with the positive prospect of access to the debt market at attractive rates, will enable a global refinancing of the Company, and ultimately accommodate dividend distributions to shareholders.”

Borr Drilling Limited Q1-23

Borr Drilling FSR May-23

Borr Drilling Limited – Invitation to webcast and conference call Q1 2023 results

Borr Drilling Limited (NYSE and OSE: BORR) plans to release its financial results for the first quarter 2023 on Tuesday, May 23rd, 2023.

A conference call and webcast is scheduled for 16:00 CET (10:00 AM New York Time) and participants are encouraged to dial in 10 minutes before the start of the call.  The earnings report and presentation will be available from the Investor Relations section on www.borrdrilling.com.

In order to listen to the presentation, you may do one of the following:

a)    Webcast

To access the webcast, please go to the following link:
https://edge.media-server.com/mmc/p/9cxmfutk
 

b)    Conference Call

Please use the below link to register for the conference call, https://register.vevent.com/register/BI08b5cf831ec646218470d216e0b6f350. Participants will then receive dial-in details on screen and via email and can then choose to dial in with their unique pin or select “Call me” and provide telephone details for the system to link them automatically.

Replay Stream:

When the call is complete, participants can stream the replay of the call by clicking this link:  https://edge.media-server.com/mmc/p/9cxmfutk

Borr Drilling Limited – Appointment of Director

Borr Drilling Limited (the “Company”) (OSE and NYSE: “BORR”) today announced that Mr Daniel Rabun has been appointed as a Director of the Company by the Board to fill an existing vacancy with effect from 25th April 2023.

Mr. Rabun brings extensive industry experience in the energy services sector to the Company, including service as Chairman of the Board, President and Chief Executive Officer of Ensco plc, an offshore drilling services company from 2007 until his retirement in May 2015. Prior to joining Ensco, Mr. Rabun was a partner with the international law firm of Baker & McKenzie LLP, where he provided legal advice to oil and gas companies.

Mr. Rabun has served on the Board of Directors and as a member of the Audit Committee and Governance and Nomination Committee of Golar LNG Ltd since February 2015 and served as the non-executive Chairman from September 2015 to September 2017.  He has also served on the Board of Directors of APA Corporation (formerly known as Apache Corporation) since May 2015, where he is currently a member of the Corporate Responsibility, Governance and Nominating Committee and the Audit Committee.  In May 2018, Mr. Rabun became Chairman of the Board and a member of the Compensation Committee and Governance and Nominations Committee of ChampionX Corporation. Mr. Rabun holds a Bachelor of Business Administration Degree in Accounting from the University of Houston and a Juris Doctorate Degree from Southern Methodist University and has been a certified public accountant since 1976.  Mr. Rabun is a United States Citizen and a resident of Texas, U.S.A.

Hamilton, Bermuda

25[th] April 2023

Borr Drilling Limited – Mandatory notification of trade and significant holding

Bermuda, 19 April 2023

On 25 January 2023, Drew Holdings Ltd. (“Drew”) entered into a share lending agreement (“SLA”) with Borr Drilling Limited (the “Company”) (NYSE and OSE: ”BORR”) and DNB Markets, a part of DNB Bank ASA (“DNB”), for the purpose of facilitating investors’ hedging activities in connection with the Company’s convertible bond issue announced on 24 January 2023. Please refer to the stock exchange notice published by the Company on 24 January 2023 and from Drew on 30 January 2023 for further details of the SLA.

Pursuant to the SLA, Borr shall make 25 million loan shares available to DNB. The Company refers to the announcements on 1 February and 24 February 2023 in which the Company announced the increase of its share capital by issuing 25 million shares in total for this purpose (the “Treasury Shares”).

The Treasury Shares were placed under a separate ISIN and have not been admitted to trading on Oslo Stock Exchange or any other stock exchange.

In accordance with the SLA, Drew made, on behalf of the Company, 15 million of its own shares available for lending by DNB, whereby DNB has currently borrowed 14,232,778 shares (the “DNB Share Loan”) until the Treasury Shares are tradeable.

As compensation for Drew’s share loan to DNB on behalf of the Company, Borr lent 15 million of the Treasury Shares to Drew, as announced by the Company on 24 February 2023 (the “Drew Share Loan”).

The Company announced on 18 April 2023 the publication of a listing prospectus (the “Prospectus”) i.a. for the listing of the Treasury Shares on the Oslo Stock Exchange. Upon the publication of the Prospectus, the Treasury Shares are no longer restricted and were admitted to trading on Oslo Stock Exchange with the first trading date being 19 April 2023.

Drew has today settled the Drew Share Loan by transferring 15,000,000 ordinary shares to the Company.

Following the settlement of the Drew Share Loan, the Company provided 14,232,778 loan shares to DNB pursuant to the SLA to provide the loan shares as the sole lender under the SLA.

Following the Company’s transfer of 14,232,778 shares to DNB, DNB has settled the DNB Share Loan by transferring to Drew an equal number of shares. 

Drew’s shareholding was decreased to less than 5% of the shares in the Company during the settlement process. Upon completion of the settlement process, Drew again holds 15,792,857 shares in the Company, representing approximately 6.2 % and consequently more than 5 % of the shares and votes of the Company. As such, Drew is no longer a share lender or share borrower under the SLA. Drew’s total shareholding remains unchanged by this settlement and unchanged since the Company’s announcement on 24 February 2023.

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act and article 19 of the Regulation EU 596/2014 (Market Abuse Regulation).

Drew is represented on the Board of Directors of the Company by Mr. Tor Olav Trøim, being Chairman and Director, defined by the Market Abuse Regulation as a person discharging managerial responsibilities (“PDMR”).

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

PDMR Notice – Redelivery of share loan by Drew Holdings Ltd

PDMR Notice – Redelivery of share loan by DNB to Drew Holdings Ltd

Borr Drilling Limited – Approval of listing prospectus

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG, UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER FOR ANY SECURITIES DESCRIBED HEREIN.

Hamilton, Bermuda, 18 April 2023:

Reference is made to Borr Drilling Limited’s (the “Company”) (NYSE and OSE: BORR) announcements on 1 February and 24 February 2023, in which the issuance of 25 million new shares to be used in a share lending program established to support the Company’s USD 250 million convertible bonds (the “Convertible Bonds”) was announced.

The Company has now prepared a listing prospectus (the “Prospectus”) for the listing of the new shares on the Oslo Stock Exchange. This has been approved by the Norwegian Financial Supervisory Authority (Nw. Finanstilsynet) today, 18 April 2023, and has, consequentially, been published on the Company’s website at https://borrdrilling.com/investor-relations/.  

As a result of the Prospectus having been approved and published, the new shares have been given the same ISIN as the rest of the Company’s shares (BMG1466R1732). The new shares are expected to be tradable on Oslo Stock Exchange on 19 April 2023.

The new shares are held in treasury and will be made available to DNB Markets for onwards lending in accordance with the share lending program.

Upon re-delivery of the shares to the Company by the borrower, the shares will be cancelled.

For further information please refer to the Company’s announcements of 24 and 26 January and 1 and 24 February 2023.

This information is 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 the United States of America, Canada, Australia, Japan, Hong Kong or in any other jurisdiction where it would be prohibited by applicable law. This distribution does not constitute or form part of an offer or solicitation of an offer to purchase or subscribe for securities in the United States. The shares referred to herein have not been and will not be registered under the United States Securities Act of 1933, 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.

Borr Drilling Limited – Announcement of new contract

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) is pleased to announce that its premium jack-up rig “Hild” has been awarded a contract from an undisclosed customer for work in Latin America.  The contract duration covers a firm term of 725 days and is expected to commence in Q3 2023, following the conclusion of the rig’s ongoing activation. The estimated contract value is US$123 million, including mobilization and demobilization fees.

Following this award, all of the Company’s 22 delivered units are now contracted or committed, with no open availability until late Q3 2023. Amidst an improving market, the Company remains optimistic about recontracting opportunities for its premium fleet.

Hamilton, Bermuda

10 April 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”, “estimate” and similar expressions and include statements relating to rig contracting including the duration and value of such contracts and backlog, and other non-historical statements. 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, including risks related to actual performance under drilling contracts, the risk that backlog may not be realized, the number of rigs that will be in operation and rates that are achieved, 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. 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.

Borr Drilling Limited – Increase in share capital

Reference is made to Borr Drilling Limited’s (the “Company”) (NYSE and OSE: “BORR”) stock exchange releases related to the completion of the Special General Meeting on 23 February 2023 and the Convertible Bond offering launched on 24 January 2023. Following the successful placement of the $250 million Convertible Bonds, the Company 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 have already been made available. Please refer to the stock exchange notice published by the Company on 1 February 2023 and 24 January 2023 for further details of the 15 million shares initially issued and the SLA.

To provide the remaining 10 million initial loan shares under the SLA, following the completion of the Special General Meeting 23 February 2023, the Company’s issued share capital has today been increased by $1,000,000 to $25,426,359.80, divided into 254,263,598 shares, each with a nominal value of $0.10 per share.

The new shares are currently treasury shares placed under a separate ISIN and are not admitted to trading on Oslo Stock Exchange or any other stock exchange. Once tradeable, the newly issued shares will be loaned out under the SLA for the purposes of facilitating the hedging activities of the investors in the Convertible Bonds.

Upon re-delivery, the loan shares will be held in treasury and cancelled. 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,

24 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.

Borr Drilling Limited – Mandatory notification of trade and significant holding

Drew Holdings Ltd. (“Drew”) had on 25 January 2023 entered into a share lending agreement (“SLA”) with Borr Drilling Limited (the “Company”) (NYSE and OSE:”BORR”) and DNB Markets, a part of DNB Bank ASA (“DNB”), for the purpose of facilitating investors’ hedging activities in connection with the Company’s Convertible Bond issue announced on 24 January 2023. Please refer to the stock exchange notice published by the Company on 24 January 2023 and from Drew on 30 January 2023 for further details of the SLA.

In accordance with the SLA, the Company has now delivered shares to Drew to compensate Drew for its lending, in the Company’s interest, of an equal number of shares to DNB. Following the Company’s delivery of shares to Drew, Drew again holds 15,792,857 shares, representing approximately 6.2 % and consequently more than 5 % of the shares and votes of the Company. 

Drew is represented on the Board of Directors of the Company by Mr. Tor Olav Trøim, being Chairman and Director, defined by the Market Abuse Regulation as a person discharging managerial responsibilities (“PDMR”).

PDMR Notice Drew Holdings – redelivery under the SLA

Borr Drilling Limited – SGM Results Notification

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) advises that a Special General Meeting of the Company was held on February 23, 2023 at 09:00 ADT at 2nd Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda.

The following resolution was passed:

To approve the increase of the Company’s authorized share capital from US$25,500,000.00 divided into 255,000,000 common shares of US$0.10 par value each to US$31,500,000.00 divided into 315,000,000 common shares of US$0.10 par value each by the authorization of an additional 60,000,000 common shares of US$0.10 par value each.

The increase in authorized share capital is a condition for the Company to complete the settlement of the previously announced convertible bond offering.

Hamilton, Bermuda

February 23, 2023

Borr Drilling Limited – Q4 2022 Presentation

Please find enclosed the presentation of Borr Drilling Limited’s fourth quarter 2022 results to be held on the webcast/conference call at 15:00 CET (9:00 AM New York time) on February 16, 2023. 

In order to listen to the presentation, you may do one of the following:

a)    Webcast

To access the webcast, please go to the following link:

https://edge.media-server.com/mmc/p/6ara2rvj (https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fedge.media-server.com%2Fmmc%2Fp%2F6ara2rvj&data=05%7C01%7C%7Ce74383bf24d941d5666e08daf7c98e82%7C31ebe7bb76d14291a07240618335a20b%7C0%7C0%7C638094742306084560%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=JlgbekwrC68Zpfn9hzTJDPt%2F8bVYOSoo7mg0LrH6pXk%3D&reserved=0)

b)    Conference Call

Please use this link to register for the conference call,

https://register.vevent.com/register/BIc9a12cb427f94df1aa3c2612cc93d740

Participants will then receive dial-in details on screen and via email and can then choose to dial in with their unique pin or select “Call me” and provide telephone details for the system to link them automatically.

Replay stream:

When the call is complete, participants can stream the replay of the call by clicking this link:

https://edge.media-server.com/mmc/p/6ara2rvj (https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fedge.media-server.com%2Fmmc%2Fp%2F6ara2rvj&data=05%7C01%7C%7Ce74383bf24d941d5666e08daf7c98e82%7C31ebe7bb76d14291a07240618335a20b%7C0%7C0%7C638094742306084560%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=JlgbekwrC68Zpfn9hzTJDPt%2F8bVYOSoo7mg0LrH6pXk%3D&reserved=0)

2022 Q4 Presentation

Borr Drilling Limited Announces Fourth Quarter and Full Year 2022 Preliminary Results

Hamilton, Bermuda, February 16, 2023: Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) announces preliminary unaudited results for the three and twelve months ended December 31, 2022.

Highlights Fourth Quarter of 2022

· Total operating revenues of $148.6 million, an increase of $40.7 million or 38% compared to the third quarter of 2022.

· Net loss of $21.3 million, a decrease in loss of $33.6 million compared to the third quarter of 2022.

· Cash and cash equivalents of $108.0 million at the end of the fourth quarter of 2022.

· Adjusted EBITDA of $55.1 million, an increase of $11.2 million or 26% compared to the third quarter of 2022.

· Total contract revenue backlog on December 31, 2022 stood at $1.7 billion, an increase of nearly 200% year-on-year (including rigs in the Mexican JV on a 100% basis).

Subsequent events

· In January 2023, we successfully raised $400 million of gross proceeds through the issuance of a $250 million unsecured convertible bond due in 2028 and a $150 million senior secured bond due in 2026, which will be used to refinance our existing $350 million convertible bond due in May 2023 at or before maturity.

· In 2023 YTD, we have been awarded five new contracts, extensions, exercised options and letters of awards (“LOAs”) representing 825 days and $100.6 million of potential revenue.

CEO, Patrick Schorn commented:

“Our fourth quarter showed strong performance, both from an operational and financial perspective. Both the technical and economic utilization of our fleet were above 98.5% for the quarter and at the same time our top line grew by 38%. This elevated level of technical utilization in a rapidly expanding operation is a clear testament to the strong service quality focus of our teams in the field. Safety, service quality and delivering the value our customers deserve, are the key priorities in our organization.  

The rig “Frigg” is currently being prepared for work in the Middle East, where she will start operation as “Arabia III” in Q3 of this year. We are also activating our last rig “Hild” to be ready to commence operations in a similar timeframe. This would result in all 22 delivered rigs in our fleet to be contracted and active. 

During the fourth quarter we completed the refinancing of our secured debt and extended maturities from 2023 to 2025. Subsequent to year-end, we have raised $400 million of additional debt through the issuance of a $250 million  convertible bond and a $150 million secured bond, which will be used to refinance the outstanding $350 million convertible bond maturing in May 2023. With all near-term maturities addressed, our financial focus now turns to delivering on our guidance of Adjusted EBITDA between $360 million to $400 million for the full year 2023. The strong increase in Adjusted EBITDA and the subsequent deleveraging of the balance sheet could enable a global refinancing of the Company in 2024, which should ultimately accommodate dividend payments to shareholders.”

Borr Drilling Limited Q4-22 Earnings Release

Borr Drilling Fleet Status Report 16 February 2023

Borr Drilling Limited – Invitation to webcast and conference call Q4 2022 results

Borr Drilling Limited (NYSE and OSE: BORR) plans to release its financial results for the fourth quarter 2022 on Thursday, February 16, 2023.

A conference call and webcast is scheduled for 15:00 CET (9:00 AM New York Time) and participants are encouraged to dial in 10 minutes before the start of the call.  The earnings report and presentation will be available from the Investor Relations section on www.borrdrilling.com.

In order to listen to the presentation, you may do one of the following:

a)    Webcast

To access the webcast, please go to the following link:
https://edge.media-server.com/mmc/p/6ara2rvj (https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fedge.media-server.com%2Fmmc%2Fp%2F6ara2rvj&data=05%7C01%7C%7Ca461e145437344be576708daff96a67d%7C31ebe7bb76d14291a07240618335a20b%7C0%7C0%7C638103319775747950%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=JWhRBP9nkc04glogsrbg%2F6F%2FJqUPh9ZiXJgNN0AZq0E%3D&reserved=0)
 

b)    Conference Call

Please use the below link to register for the conference call, https://register.vevent.com/register/BIc9a12cb427f94df1aa3c2612cc93d740 (https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fregister.vevent.com%2Fregister%2FBIc9a12cb427f94df1aa3c2612cc93d740&data=05%7C01%7C%7Ca461e145437344be576708daff96a67d%7C31ebe7bb76d14291a07240618335a20b%7C0%7C0%7C638103319775747950%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=HBjBjA9m4pS7jDtWcN0%2B5OoZ6ekH5dvoa51ocQ1MT4E%3D&reserved=0). Participants will then receive dial-in details on screen and via email and can then choose to dial in with their unique pin or select “Call me” and provide telephone details for the system to link them automatically.

Replay Stream:

When the call is complete, participants can stream the replay of the call by clicking this link: https://edge.media-server.com/mmc/p/6ara2rvj (https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fedge.media-server.com%2Fmmc%2Fp%2F6ara2rvj&data=05%7C01%7C%7Ca461e145437344be576708daff96a67d%7C31ebe7bb76d14291a07240618335a20b%7C0%7C0%7C638103319775747950%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=JWhRBP9nkc04glogsrbg%2F6F%2FJqUPh9ZiXJgNN0AZq0E%3D&reserved=0)

Borr Drilling Limited – Announcement of new contract and extensions

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) is pleased to announce it has been awarded a new contract and two extensions for its premium jack-up drilling rigs “Ran”, “Gerd” and “Natt”. These awards increase the company’s firm backlog by approximately 625 days, excluding unexercised optional periods.

The premium jack-up drilling rig “Ran” has secured a contract with Fieldwood Energy for work in Mexico. This contract will cover a firm scope of two wells with an estimated duration of 50 days, and one optional well with an estimated duration of 75 days. The firm work has an estimated contract value of $7.5 million, excluding mobilisation and demobilisation. The contract is expected to commence in June 2023, in direct continuation of the rig’s ongoing contact, and is expected to keep the rig contracted until Q4 2023 when it will start its subsequent contract, as previously disclosed by the Company.

The premium jack-up drilling rig “Gerd” had certain priced and unpriced options exercised by Addax, extending the contract by a total period of ten months. This extension is expected to maintain the rig contracted until the end of January 2024 and has an estimated contract value of $40 million. No further options are available under this contract.

Lastly, the premium jack-up drilling rig “Natt” had three well options exercised by ENI, extending he contract by an estimated period of 270 days. This extension is expected to maintain the rig contracted until Q1 2024 and has an estimated contract value of $22.7 million.

Hamilton, Bermuda

13 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”, “estimated”, “expected” and similar expressions and include statements relating to rig contracting and extensions and exercises of options including the duration and value of such contracts and backlog, and other non-historical statements. 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, including risks related to actual performance under drilling contracts, the risk that backlog may not be realized, the number of rigs that will be in operation and rates that are achieved, 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. 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.

Borr Drilling Limited – Notice of Special General Meeting of Shareholders

Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) advises that the Company will hold a Special General Meeting on February 23, 2023 to approve an increase in the Company’s authorized share capital required in connection with the successful placement of USD 250 million senior unsecured convertible bonds announced 25 January 2023. The Board of Directors has fixed the close of business on February 6, 2023 as the record date for determination of the shareholders entitled to attend and vote at the Special General Meeting or any adjournment thereof.

A copy of the Notice of Special General Meeting and Form of Proxy (the “Notice”) and associated information can be found on the Company’s website at http://www.borrdrilling.com and attached to this press release. The Notice and associated information will also be distributed to shareholders by normal distribution methods.

Hamilton, Bermuda

2 February, 2023

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

Borr Drilling SGM Notice

Borr Drilling Limited – Increase in share capital

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.

Borr Drilling Limited – Mandatory notification of trade and significant holding

Drew Holdings Ltd. («Drew») has on 25 January 2023 entered into a share lending agreement (“SLA”) with Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) and DNB for the purposes of facilitating investors’ hedging activities in connection with the Convertible Bond Issue announced on 24 January 2023. Drew has made up to 15 million shares available under the SLA. Please refer to the stock exchange notice published by the Company on 24 January 2023 for further details of the SLA. Drew expects the borrowed shares to be returned under the SLA on or about 3 February 2023.

Drew has delivered 8 751 079 shares to DNB under the SLA, which in turn has loaned such shares to investors in the Convertible Bond. Drew has, accordingly, reduced its holding below 5% of the total number of shares in issue. Following the shares loaned out so far, Drew has 6 248 921 shares and votes in the Company, representing approximate 2.7 % of the votes. When shares loaned out are returned, Drew will own and control the same number of shares and votes as prior to providing the loan.  Drew is represented on the Board of Directors of the Company by Mr. Tor Olav Trøim, being Chairman and Director, defined by the Market Abuse Regulation as a person discharging managerial responsibilities (“PDMR”).

PDMR notification

Borr Drilling Limited – Announces successful placement of USD 250 million senior unsecured convertible bonds due 8 February 2028

NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH, OR TO PERSONS IN ANY JURISDICTION TO WHOM, SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW.

Hamilton, Bermuda, 25 January 2023

Borr Drilling Limited (the “Company”) announces today the successful placement of senior unsecured convertible bonds due 2028 (the “Convertible Bonds”) with a total size of USD 250 million (the “Offering”).  

The Convertible Bonds will have a fixed coupon of 5.00% payable semi-annually in arrear and a conversion premium of 32.50% over where the reference price which is determined by the average VWAP on Oslo Børs on each of 25 and 26 January 2023. The initial conversion price of the Convertible Bonds will be announced by the Company after close of the Oslo Stock Exchange tomorrow 26 January 2023.   

The proceeds from the Convertible Bonds will be used to refinance the outstanding USD 350 million of convertible bonds due 23 May 2023 and for general corporate purposes. The Convertible Bonds are subject customary third-party approvals, including but not limited to shareholder approval to increase the authorised capital of the Company and creditor consents.

Settlement of the Offering is expected to take place on 8 February 2023 (the “Issue Date”). The Convertible Bonds will be redeemed at 100% of their denomination of USD 200,000 and will, unless previously redeemed, converted or purchased and cancelled, mature on 8 February 2028.

The Company will be subject to a lock-up from today and ending 90 days after the Issue Date, with respect to the Shares and equity-linked securities and subject to a waiver from the Joint Bookrunners and certain customary exceptions, including new shares to be issued to facilitate the share lending arrangement.

Clarksons Securities AS, DNB Markets, a part of DNB Bank ASA and Pareto Securities AS are acting as joint bookrunners (the “Joint Bookrunners”) for the Offering.

Ro Sommernes advokatfirma DA is acting as Norwegian counsel to the Company and Advokatfirma Thommessen AS is acting as Norwegian counsel to the Joint Bookrunners and Nordic Trustee.

For further information, please contact:
Magnus Vaaler, CFO
Office: +44 1224 289208
Email: ir@borrdrilling.com (ir@borrdrilling.com)

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

This stock exchange release was published by Andreas Lavik Lie, VP Treasury & Investor Relations, on 25 January 2023 at 18:00 CET.

This announcement does not constitute an offer of securities for sale in the United States. The securities referenced herein has 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.

Important Note

NO ACTION HAS BEEN TAKEN BY THE COMPANY, THE JOINT BOOKRUNNERS OR ANY OF THEIR RESPECTIVE AFFILIATES THAT WOULD PERMIT AN OFFERING OF THE BONDS OR POSSESSION OR DISTRIBUTION OF THIS PRESS RELEASE OR ANY OFFERING OR PUBLICITY MATERIAL RELATING TO THE BONDS IN ANY JURISDICTION WHERE ACTION FOR THAT PURPOSE IS REQUIRED. PERSONS INTO WHOSE POSSESSION THIS PRESS RELEASE COMES ARE REQUIRED BY THE COMPANY AND THE JOINT BOOKRUNNERS TO INFORM THEMSELVES ABOUT, AND TO OBSERVE, ANY SUCH RESTRICTIONS.

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES. THIS PRESS RELEASE IS NOT AN OFFER TO SELL SECURITIES OR THE SOLICITATION OF ANY OFFER TO BUY SECURITIES, NOR SHALL THERE BE ANY OFFER OF SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER OR SALE WOULD BE UNLAWFUL. THIS PRESS RELEASE AND THE OFFERING WHEN MADE ARE ONLY ADDRESSED TO, AND DIRECTED IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA (THE “EEA”) AT PERSONS WHO ARE “QUALIFIED INVESTORS” WITHIN THE MEANING OF ARTICLE 2(1)(E) OF THE PROSPECTUS DIRECTIVE (“QUALIFIED INVESTORS”). FOR THESE PURPOSES, THE EXPRESSION “PROSPECTUS DIRECTIVE” MEANS DIRECTIVE 2003/71/EC, AS AMENDED.

SOLELY FOR THE PURPOSES OF THE PRODUCT GOVERNANCE REQUIREMENTS CONTAINED WITHIN: (A) EU DIRECTIVE 2014/65/EU ON MARKETS IN FINANCIAL INSTRUMENTS, AS AMENDED (“MIFID II”); (B) ARTICLES 9 AND 10 OF COMMISSION DELEGATED DIRECTIVE (EU) 2017/593 SUPPLEMENTING MIFID II; AND (C) LOCAL IMPLEMENTING MEASURES (TOGETHER, THE “MIFID II PRODUCT GOVERNANCE REQUIREMENTS”), AND DISCLAIMING ALL AND ANY LIABILITY, WHETHER ARISING IN TORT, CONTRACT OR OTHERWISE, WHICH ANY “MANUFACTURER” (FOR THE PURPOSES OF THE MIFID II PRODUCT GOVERNANCE REQUIREMENTS) MAY OTHERWISE HAVE WITH RESPECT THERETO, THE BONDS HAVE BEEN SUBJECT TO A PRODUCT APPROVAL PROCESS, WHICH HAS DETERMINED THAT: (I) THE TARGET MARKET FOR THE BONDS IS ELIGIBLE COUNTERPARTIES AND PROFESSIONAL CLIENTS ONLY, EACH AS DEFINED IN MIFID II; AND (II) ALL CHANNELS FOR DISTRIBUTION OF THE BONDS TO ELIGIBLE COUNTERPARTIES AND PROFESSIONAL CLIENTS ARE APPROPRIATE. ANY PERSON SUBSEQUENTLY OFFERING, SELLING OR RECOMMENDING THE BONDS (A “DISTRIBUTOR”) SHOULD TAKE INTO CONSIDERATION THE MANUFACTURERS’ TARGET MARKET ASSESSMENT; HOWEVER, A DISTRIBUTOR SUBJECT TO MIFID II IS RESPONSIBLE FOR UNDERTAKING ITS OWN TARGET MARKET ASSESSMENT IN RESPECT OF THE BONDS (BY EITHER ADOPTING OR REFINING THE MANUFACTURERS’ TARGET MARKET ASSESSMENT) AND DETERMINING APPROPRIATE DISTRIBUTION CHANNELS.

THE TARGET MARKET ASSESSMENT IS WITHOUT PREJUDICE TO THE REQUIREMENTS OF ANY CONTRACTUAL OR LEGAL SELLING RESTRICTIONS IN RELATION TO ANY OFFERING OF THE BONDS.

FOR THE AVOIDANCE OF DOUBT, THE TARGET MARKET ASSESSMENT DOES NOT CONSTITUTE: (A) AN ASSESSMENT OF SUITABILITY OR APPROPRIATENESS FOR THE PURPOSES OF MIFID II; OR (B) A RECOMMENDATION TO ANY INVESTOR OR GROUP OF INVESTORS TO INVEST IN, OR PURCHASE, OR TAKE ANY OTHER ACTION WHATSOEVER WITH RESPECT TO THE BONDS.

THE BONDS ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO ANY RETAIL INVESTOR IN THE EEA. FOR THESE PURPOSES, A RETAIL INVESTOR MEANS A PERSON WHO IS ONE (OR MORE) OF: (I) A RETAIL CLIENT AS DEFINED IN POINT (11) OF ARTICLE 4(1) OF MIFID II; OR (II) A CUSTOMER WITHIN THE MEANING OF DIRECTIVE 2002/92/EC, WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT AS DEFINED IN POINT (10) OF ARTICLE 4(1) OF MIFID II. CONSEQUENTLY, NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO 1286/2014, AS AMENDED (THE “PRIIPS REGULATION”) FOR OFFERING OR SELLING THE BONDS OR OTHERWISE MAKING THEM AVAILABLE TO RETAIL INVESTORS IN THE EEA HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE BONDS OR OTHERWISE MAKING THEM AVAILABLE TO ANY RETAIL INVESTOR IN THE EEA MAY BE UNLAWFUL UNDER THE PRIIPS REGULATION.

IN ADDITION, IN THE UNITED KINGDOM THIS PRESS RELEASE IS BEING DISTRIBUTED ONLYTO, AND IS DIRECTED ONLY AT, QUALIFIED INVESTORS (I) WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED (THE “ORDER”) AND QUALIFIED INVESTORS FALLING WITHIN ARTICLE 49(2)(A) TO (D) OF THE ORDER, AND (II) TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS “RELEVANT PERSONS”). THIS PRESS RELEASE MUST NOT BE ACTED ON OR RELIED ON (I) IN THE UNITED KINGDOM, BY PERSONS WHO ARE NOT RELEVANT PERSONS, AND (II) IN ANY MEMBER STATE OF THE EEA OTHER THAN THE UNITED KINGDOM, BY PERSONS WHO ARE NOT QUALIFIED INVESTORS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS PRESS RELEASE RELATES IS AVAILABLE ONLY TO (A) RELEVANT PERSONS IN THE UNITED KINGDOM AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS IN THE UNITED KINGDOM AND (B) QUALIFIED INVESTORS IN MEMBER STATES OF THE EEA (OTHER THAN THE UNITED KINGDOM).

THE BONDS MAY BE OFFERED OR SOLD IN BERMUDA ONLY IN COMPLIANCE WITH THE PROVISIONS OF THE INVESTMENT BUSINESS ACT 2003 OF BERMUDA, AS AMENDED FROM TIME TO TIME. ADDITIONALLY, NON-BERMUDIAN PERSONS MAY NOT CARRY ON OR ENGAGE IN ANY TRADE OR BUSINESS IN BERMUDA UNLESS SUCH PERSONS ARE AUTHORISED TO DO SO UNDER APPLICABLE BERMUDA LEGISLATION. ENGAGING IN THE ACTIVITY OF OFFERING OR MARKETING THE BONDS IN BERMUDA TO PERSONS IN BERMUDA MAY BE DEEMED TO BE CARRYING ON BUSINESS IN BERMUDA.

A PROSPECTUS WILL NOT BE FILED IN CONNECTION WITH THE ISSUE AND OFFERING OF THE SECURITIES WITH THE REGISTRAR OF COMPANIES IN BERMUDA PURSUANT TO THE PROVISIONS OF PART III OF THE COMPANIES ACT 1981 OF BERMUDA, AS AMENDED. NEITHER THE REGISTRAR OF COMPANIES NOR THE BERMUDA MONETARY AUTHORITY ACCEPTS ANY RESPONSIBILITY FOR THE COMPANY’S FINANCIAL SOUNDNESS OR THE CORRECTNESS OF ANY OF THE STATEMENTS MADE OR OPINIONS EXPRESSED HEREIN.

ANY DECISION TO PURCHASE ANY OF THE BONDS SHOULD ONLY BE MADE ON THE BASIS OF AN INDEPENDENT REVIEW BY A PROSPECTIVE INVESTOR OF THE COMPANY’S PUBLICLY AVAILABLE INFORMATION. NEITHER THE JOINT BOOKRUNNERS NOR ANY OF THEIR RESPECTIVE AFFILIATES ACCEPT ANY LIABILITY ARISING FROM THE USE OF, OR MAKE ANY REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF, THIS PRESS RELEASE OR THE COMPANY’S PUBLICLY AVAILABLE INFORMATION. THE INFORMATION CONTAINED IN THIS PRESS RELEASE IS SUBJECT TO CHANGE IN ITS ENTIRETY WITHOUT NOTICE UP TO THE CLOSING DATE.

EACH PROSPECTIVE INVESTOR SHOULD PROCEED ON THE ASSUMPTION THAT IT MUST BEAR THE ECONOMIC RISK OF AN INVESTMENT IN THE BONDS OR THE ORDINARY SHARES TO BE ISSUED OR TRANSFERRED AND DELIVERED UPON CONVERSION OF THE BONDS AND NOTIONALLY UNDERLYING THE BONDS (TOGETHER WITH THE BONDS, THE “SECURITIES”). NONE OF THE COMPANY OR THE JOINT BOOKRUNNERS MAKE ANY REPRESENTATION AS TO (I) THE SUITABILITY OF THE SECURITIES FOR ANY PARTICULAR INVESTOR, (II) THE APPROPRIATE ACCOUNTING TREATMENT AND POTENTIAL TAX CONSEQUENCES OF INVESTING IN THE SECURITIES OR (III) THE FUTURE PERFORMANCE OF THE SECURITIES EITHER IN ABSOLUTE TERMS OR RELATIVE TO COMPETING INVESTMENTS.

THE JOINT BOOKRUNNERS ARE ACTING ON BEHALF OF THE COMPANY AND NO ONE ELSE IN CONNECTION WITH THE BONDS AND WILL NOT BE RESPONSIBLE TO ANY OTHER PERSON FOR PROVIDING THE PROTECTIONS AFFORDED TO CLIENTS OF THE JOINT BOOKRUNNERS OR FOR PROVIDING ADVICE IN RELATION TO THE SECURITIES.

EACH OF THE COMPANY, THE JOINT BOOKRUNNERS AND THEIR RESPECTIVE AFFILIATES EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO UPDATE, REVIEW OR REVISE ANY STATEMENT CONTAINED IN THIS PRESS RELEASE WHETHER AS A RESULT OF NEW INFORMATION, FUTURE DEVELOPMENTS OR OTHERWISE.

Borr Drilling Limited – Updated 2022 and 2023 guidance

Hamilton, Bermuda, 24 January 2023

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) is pleased to announce updates to its preliminary Revenue and EBITDA guidance for 2022 and 2023. 

For 2022, Borr Drilling expects to record revenues of $435-$450 million and adjusted EBITDA of $152-$162 million* (previous guidance was revenue between $375-$400 million and Adjusted EBITDA of $115-140 million). This implies estimated Q4 2022 Revenues between $140 – $155 million, and Q4 2022 Adjusted EBITDA of between $50-$60 million.

For 2023, based on current contracts and projections for new contracts, the Company expects to generate revenues of $740 – $780 million and Adjusted EBITDA of $360-$400 million (previous guidance was adjusted EBITDA of $290 – 330 million).

The cash and cash equivalents balance at year end 2022 is estimated to be ~$105 million.

“Borr Drilling has been through a transformational journey the last years, activating and putting 21 rigs successfully to work and significantly strengthening the Company’s balance sheet. The outlook for the industry and our Company is continuing to improve, which is likely to lead to further increased utilisation and higher day-rates.” says CEO Patrick Schorn

It is important to note that the financial preliminary guidance for Q4 and 2022 is based on estimates, and the financial results are not finalised. The results are also subject to audit, and as such are subject to change. 

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 letter of awards including the duration of such contracts and backlog, and other non-historical statements. These forward-looking statements reflect the Company’s beliefs, intentions and current expectations concerning, among other things, the Company’s results of operations, financial condition, preliminary and  expected financial results, including revenue and adjusted EBITDA, cash and cash equivalents, industry outlook, further increased utilization and higher day rates and other non-historical statements. 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. 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.

* The Company provides guidance on expected adjusted EBITDA, which is a financial measure calculated on a basis other than in accordance with accounting principles generally accepted in the United States (US GAAP). Adjusted EBITDA represents our periodic net loss adjusted for: depreciation and impairment of non-current assets, other non-operating income; (income)/loss from equity method investments, total financial (income) expense net, income tax expense, amortization of deferred mobilization costs and revenue. The Company provides guidance on Adjusted EBITDA because it believes this measure provides useful information regarding the Company’s expected operational performance. Due to the forward-looking nature of Adjusted EBITDA, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure. Accordingly the Company is unable to present a quantitative reconciliation of such forward looking non-GAAP financial measure to the most directly comparable forward-looking GAAP financial measure without unreasonable effort.

Borr Drilling Limited – Announcement of Letter of Award

Borr Drilling Limited is pleased to announce that its premium jack-up drilling rig “Ran” has received a Letter of Award (“LOA”) from an undisclosed customer for work in Latin America. This award will cover a two wells campaign with an estimated duration of 200 days on a dry-hole case and up to 460 days on a success case. The work will commence in October 2023 and has an estimated contract value, including mobilization and demobilization fees, of USD $30.4 million on a dry-hole case.

The Ran is currently on a contract with Wintershall in Mexico which is expected to keep the rig committed until Q2 2023. The Company remains in constructive discussion with other customers in the region for further work to cover the available time between these two programs.

Hamilton, Bermuda

20 January 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 letter of awards including the duration of such contracts and backlog, and other non-historical statements. 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, including risks related to whether the letter of award will be converted into a drilling contract, actual performance under drilling contracts, the risk that backlog may not be realized and rates that are achieved, 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. 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.

Borr Drilling Limited – Announcement of New Contracts and Fleet Status Report

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) is pleased to announce it has been awarded new contracts for two of its premium jack-up drilling rigs. These awards increase the Company’s backlog by approximately 2,030 days, excluding optional periods.

The premium jack-up drilling rig “Frigg” has secured long-term contract from an undisclosed customer for work in the Middle East. This contract has a firm duration of 5 years plus options and is expected to commence in the third quarter of 2023 following the completion of the rig’s reactivation. The estimated contract value of the firm term, including mobilization fee, is $282 million.

The premium jack-up drilling rig “Gunnlod” has received a binding Letter of Award (“LOA”) from an undisclosed customer for work in Southeast Asia. The program has an estimated duration of 205 days and is expected to commence in June 2023 following the completion of its current firm contracts and a statutory periodic survey. The estimated contract value is $27.5 million.

These awards increase the Company’s contracted fleet to 21 rigs out of a total of 22 delivered rigs.

Please refer to the latest Fleet Status Report, enclosed to this release, for further updates on fleet developments, contracts, and extensions.

Hamilton, Bermuda

30 December 2022

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 rig contracting and extensions and exercises of options including the duration of such contracts and backlog, and other non-historical statements. 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, including risks related to actual performance under drilling contracts, the risk that backlog may not be realized, the number of rigs that will be in operation and rates that are achieved, 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. 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.

Borr Drilling – Fleet Status Report December 2022

Borr Drilling Limited – Grant of Restricted Share Units (RSUs)

Bermuda, November 18, 2022: The Board of Directors (the “Board”) of Borr Drilling Limited (the “Company”) (OSE and NYSE “BORR”) has resolved to grant 88,584 Restricted Share Units (RSUs) to its Directors, who are discharging managerial responsibilities (“PDMRs”) as defined by the Market Abuse Regulation.

Each RSU represents one share in the Company. The RSUs will vest in full on September 30, 2023 and will be conditional on continuing to serve as a Director at the date of vesting. The RSUs will be settled through issuance of shares in the Company (either listed on NYSE or on OSE).

The following PDMRs have been granted RSUs:

· Tor Olav Trøim – Chairman of the Board – 29,528  RSUs
· Kate Blankenship – Director – 29,528  RSUs
· Neil Glass – Director – 29,528 RSUs

Please see the attached form of notification and public disclosure by the PDMRs.

This information is subject to the disclosure requirements in article 19 of the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act.

221117 PDMR Form

Borr Drilling Limited – Interim Financial Report on Form 6-K CORRECTION

Hamilton, Bermuda, November 17, 2022: Reference is made to press release from 17 November 2022 at 14:36 CET. Herewith the Unaudited Interim Financial Report as filed with U.S. Securities and Exchange Commission. The report can also be found on the Company’s website www.borrdrilling.com and the U.S. Securities and Exchange Commission website, www.sec.gov.

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

Q3 2022 6-K

Borr Drilling Limited – Q3 2022 Presentation

Please find enclosed the presentation of Borr Drilling Limited’s third quarter 2022 results to be held on the webcast/conference call at 15:00 CET (9:00 AM New York time) on November 17, 2022. 

In order to listen to the presentation, you may do one of the following:

a)    Webcast

To access the webcast, please go to the following link:

https://edge.media-server.com/mmc/p/s2se2v8c

b)    Conference Call

Please use this link to register for the conference call, https://register.vevent.com/register/BIabf07ef5a1c845039e0776ddc4fae163

Participants will then receive dial-in details on screen and via email and can then choose to dial in with their unique pin or select “Call me” and provide telephone details for the system to link them automatically.

Replay stream:

When the call is complete, participants can stream the replay of the call by clicking this link:

https://edge.media-server.com/mmc/p/s2se2v8c

Borr Drilling Limited Q3 2022 Presentation

Borr Drilling Limited – Interim Financial Report on Form 6-K

Hamilton, Bermuda, November 17, 2022: Borr Drilling Limited (the “Company”) (OSE and NYSE: BORR) has today filed with U.S Securities and Exchange Commission  its Unaudited Interim Financial Report for the three and nine months ended September 30, 2022 on Form 6-K.

The report is attached to this release and can also be found on the Company’s website www.borrdrilling.com and the U.S Securities and Exchange Commission website, www.sec.gov.

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

Borr Drilling Limited Q3-22 6K

Borr Drilling Limited Announces Third Quarter and Nine Months 2022 Preliminary Results

Hamilton, Bermuda, November 17, 2022: Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) announces preliminary unaudited results for the three and nine months ended September 30, 2022.

Highlights Third Quarter of 2022

· Total operating revenues of $107.9 million, an increase of $2.6 million or 2% compared to the second quarter of 2022.
· Net loss of $54.9 million, a decrease in loss of $110.4 million compared to the second quarter of 2022.
· Cash and cash equivalents of $279.0 million at the end of the third quarter of 2022, an increase of $249.3 million from the end of the second quarter of 2022.
· Adjusted EBITDA of $43.9 million, an increase of $6.9 million or 19% compared to the second quarter of 2022.
· Entered into a sales agreement to sell three newbuild rigs under order from Keppel FELS Shipyard. 
· Completed equity offering for gross proceeds of $274.9 million associated with the refinancing of our secured debt to 2025.

Subsequent events

· Year to date in 2022, we have been awarded 22 new contracts, extensions, exercised options and letters of awards (“LOAs”) representing 11,350 days, or 31 years, and $1.36 billion of potential revenue (including JVs in Mexico on a 100% basis).
· Completed agreements with our secured creditors to refinance all our secured debt maturing in 2023 to 2025.
· Secured long term contracts until the end of 2025 for five of the Company’s jack-up rigs operating in Mexico for a combined contract value of $715 million, including upfront cash payments of $33 million in total. 
· Completed the sale of the premium jack-up rig “Gyme” on November 15, 2022.
· The premium jack-up rigs “Arabia I” and “Arabia II” commenced their maiden contracts with Saudi Aramco in late October 2022.

CEO, Patrick Schorn commented:
 

“Third quarter performance showed a robust improvement in earnings while revenue has been relatively flat versus the second quarter due to several rigs changing customer. The focus of the operational team has been to further streamline our operating costs which has been a contributor to a solid increase in Adjusted EBITDA quarter on quarter. During the third quarter we have also completed the activation and contract preparation of the newbuild rigs “Arabia I” and “Arabia II” and I am pleased to announce that these rigs have successfully started operating for Saudi Aramco earlier in the fourth quarter. With these additional rigs coming into operation, we expect fourth quarter revenue to be well over 25% higher in comparison with the third quarter. 

We continue to see high tender activity with average contract length increasing, clearly indicating a sentiment where we expect rates to continue to rise. After the agreement to sell four rigs as part of our refinancing, we have now successfully contracted most of our available fleet, as 20 out of the 22 delivered rigs are committed. The remaining two are on offer to several customers and it is unlikely we can satisfy all current demand.    

The refinancing of the Company’s capital structure has been largely completed in recent months with the $350 million convertible bond refinancing remaining outstanding. We still have three unencumbered rigs and five rigs with only $150 million financing in total, providing optionality for further financing and, on the back of increasing asset values and day rates for our rigs, we are well positioned to address the convertible bonds as they approach maturity. 

We have previously guided our Adjusted EBITDA estimate for full year 2022 to be between $115 million and $140 million. However, based on our 2022 performance thus far, we currently estimate Adjusted EBITDA in excess of the higher end of that range. Whilst we see good progress in the financial performance of the Company and have put a significant effort in getting the Company turned around, our main focus remains providing safe and efficient service to our customers and supporting them in creating value for their respective companies.” 

Borr Drilling FSR Q3-22

Borr Drilling Limited Q3-22

Borr Drilling Limited – Invitation to webcast and conference call Q3 2022 results

Borr Drilling Limited (NYSE and OSE: BORR) plans to release its financial results for the third quarter 2022 on Thursday, November 17, 2022.

A conference call and webcast is scheduled for 15:00 CET (9:00 AM New York Time) and participants are encouraged to dial in 10 minutes before the start of the call. The earnings report and presentation will be available from the Investor Relations section on www.borrdrilling.com.

In order to listen to the presentation, you may do one of the following:

a)    Webcast

To access the webcast, please go to the following link:

https://edge.media-server.com/mmc/p/s2se2v8c

b)   Conference Call

Please use the ths link to register for the conference call, https://register.vevent.com/register/BIabf07ef5a1c845039e0776ddc4fae163 (https://register.vevent.com/register/Blabf07ef5a1c845039e0776ddc4fae163). Participants will then receive dial-in details on screen and via email and can then choose to dial in with their unique pin or selct “Call me” and porvide telephone details for the system to link them automatically. 

Replay stream:

When the call is complete, participants can stream the replay of the call by clicking this link: https://edge.media-server.com/mmc/p/s2se2v8c

Borr Drilling Limited – New 3-year contracts for 5 jack-up drilling rigs in Mexico

Borr Drilling Limited (NYSE and OSE: “BORR”) is pleased to announce that its joint venture company in Mexico (Perfomex) has entered into new contracts for the Company’s five premium jack-up rigs “Galar”, “Gersemi”, “Grid”, “Njord” and “Odin” with OPEX Perforadora S.A. de C.V. and Perforadora Profesional Akal I S.A. de C.V, providers of integrated well services to Pemex. 

The contracts are effective from October 20, 2022 and will maintain all five rigs contracted until December 31, 2025 for a combined contract value of $715 million, including upfront cash payments of $33 million in total. Further, these agreements incorporate enhanced terms that are expected to improve the economic efficiency of the business. 

Borr Drilling Limited provides the five rigs on a bareboat basis to the joint ventures with bareboat earnings equivalent to residual cash from the day-rate earnings less payments of operating expenses and other fees in the joint ventures.

Hamilton, Bermuda

20 October 2022

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to the terms of the new contracts for five jack-up drilling rigs, including statements in relation to the commencement and duration of such contracts, the combined contract value, the upfront cash payment and bareboat rates, and other non-historical statements and may be identified by words such as “expect”, “will” and similar expressions. The forward-looking statements included in this press release are subject to significant risks, uncertainties, contingencies and factors that may cause the Company’s actual results to be materially different from those expressed or implied by the forward-looking statements including risks related to the terms of the contracts, and other risks described in the Company’s most recent Annual Report on Form 20-F and other filings of the Company with the SEC. The forward-looking statements made in this press release speak only as of the date of this press release. Except as required by law, we undertake 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.

Borr Drilling Limited – Notification of PDMR Trades

Borr Drilling Limited (NYSE and OSE: BORR) (the “Company”) has: (i) allocated and will deliver 34,771 of the Company’s shares, held in treasury and listed on Oslo Stock Exchange, to three persons discharging managerial responsibilities (“PDMRs”), as defined by the Market Abuse Regulation in their capacity as directors, constituting part of their remuneration; and (ii) received corresponding trade notifications from the PDMRs:

Director and Chairman Tor Olav Trøim: 12,367 shares, constituting part of his remuneration for Q2 and Q3 2022. After delivery Mr. Trøim, with close associates, will own 15,792,857 shares in the Company.  

Kate Blankenship, Director: 15,460 shares, constituting part of her remuneration for Q2 and Q3 2022. After delivery Mrs. Blankenship, with close associates, will own 195,469 shares in the Company. 

Neil Glass, Director of Borr Drilling: 6,944 shares constituting part of his remuneration for Q3 2022. After delivery Mr. Glass, with close associates, will own 135,596 shares in the Company. 

The transfer value of the transferred shares for Q2 2022 has been set to the closing trading price of the Company’s share on New York Stock Exchange at 30 June 2022 which was $4.61 per share. The transfer value of the transferred shares for Q3 2022 has been set to the subscription price of the Company’s $275 million equity raise completed on August 26, 2022, which was $3.60 per share.

Hamilton, Bermuda

14 October 2022

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

221014 PDMR Form

Borr Drilling Limited Announces Sale of the Jack-up Drilling Rig “Gyme”

13 October 2022, Hamilton, Bermuda: Borr Drilling Limited (NYSE and OSE: BORR) (the “Company”) is pleased to announce that it has entered into an agreement to sell the jack-up drilling rig “Gyme” for a price of $120 million to an unrelated third party. The “Gyme” is a 2018 PPL Pacific Class 400 located in Singapore and has not been activated or contracted since its delivery.

The sale of the rig is an undertaking by the Company under its most recent refinancing with PPL Shipyard which was completed early October 2022. The proceeds from the sale will be applied to all outstanding amounts owed on the rig, and excess amounts will be applied to the capitalised interest for the eight other rigs financed by PPL. The transaction is expected to close in the fourth quarter 2022.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to the terms of the agreement with an unrelated third party for a rig sale, the intended use of proceeds, the expected closing date of the transaction, and other non-historical statements and may be identified by words such as “expect”, “will” and similar expressions. The forward-looking statements included in this press release are subject to significant risks, uncertainties, contingencies and factors that may cause the Company’s actual results to be materially different from those expressed or implied by the forward-looking statements including risks related to the terms of the sale of the rig “Gyme”, risk that the sale of such rigs is not consummated on the intended terms or at all, and other risks described in the Company’s most recent Annual Report on Form 20-F and other filings of the Company with the SEC. The forward-looking statements made in this press release speak only as of the date of this press release. Except as required by law, we undertake 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.

Borr Drilling Limited: 2022 AGM Results Notification

Borr Drilling Limited (the “Company”) advises that the 2022 Annual General Meeting of the Company was held on September 30, 2022 at 09:00 ADT at 2[nd] Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda.  The audited consolidated financial statements for the Company for the year ended December 31, 2021 were presented to the Meeting.

The following resolutions were passed:

1. To set the maximum number of Directors of the Company to be not more than seven.
2. That the vacancies in the number of Directors be designated as casual vacancies and that the Board of Directors be authorized to fill such vacancies as and when it deems fit.
3. To re-elect Tor Olav Trøim as a Director of the Company.

4)      To re-elect Alexandra Kate Blankenship as a Director of the Company.

5)      To re-elect Neil J. Glass as a Director of the Company.

6)      To re-elect Mi Hong Yoon as a Director of the Company.

7)      To re-appoint PricewaterhouseCoopers LLP as auditors and to authorize the Directors to determine their remuneration.

8)      To approve remuneration of the Company’s Board of Directors of a total amount of fees not to exceed US$1,200,000 for the year ended December 31, 2022.

Hamilton, Bermuda

September 30, 2022

Borr Drilling Limited – Notice of Annual General Meeting 2022

The Annual General Meeting of Shareholders of Borr Drilling Limited (the “Company”) will be held on September 30, 2022, in Bermuda.

A copy of the Notice of Annual General Meeting and Form of Proxy will be distributed to shareholders by normal distribution methods and is attached to this release. Associated information including the Company’s Annual Report can be found on the Company’s website www.borrdrilling.com.

Hamilton, Bermuda September 6, 2022

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

Borr Drilling AGM Notice 2022

Borr Drilling Limited to Present at the Barclays CEO Energy-Power Conference

Chief Executive Officer, Patrick Schorn, of Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) will present at the Barclays CEO Energy-Power Conference in New York City today, Tuesday, September 6, 2022, at 1:15 pm EDT.

A copy of the presentation to be held is available on the Company’s website at www.borrdrilling.com and enclosed to this release.

6 September 2022

Hamilton, Bermuda

220906 Barclays – Borr Drilling final

Borr Drilling Limited – Increase in share capital

Reference is made to Borr Drilling Limited’s (the “Company”) (NYSE and OSE: “BORR”) stock exchange releases related to the US public offering of 76,363,071 shares to be listed on the New York Stock Exchange at a subscription price at USD 3.60 per Offer Share.

Following the settlement of this offering, the Company’s issued share capital increased by $7,636,307.10 to $22,926,359.80, divided into 229,263,598 shares, each with a nominal value of $0.10 per share.

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

Hamilton, Bermuda, 26 August 2022

Borr Drilling – Second and Final Settlement of US Offering of Common Shares

Hamilton, Bermuda, August 26, 2022: Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) announced today the second and final settlement of its previously announced US public offering of 69,444,444 US common shares of the Company, at a price per share of $3.60 per common share and an additional 6,918,627 common shares for which the underwriters have exercised their option to purchase at the public offering price of $3.60 per share, minus underwriting discounts.  The total gross proceeds of the offering, including the option shares, is $275 million.

The total number of shares issued in the offering was 76,363,071, divided in 41,666,667 common shares which settled on August 16, 2022, and 34,696,404 shares (including the additional common shares issued pursuant to the underwriters’ option) which settled on August 26, 2022.

No securities in the offering were offered or will be listed on Oslo Stock Exchange.

DNB Markets, Clarksons Securities, Pareto Securities, ABG Sundal Collier ASA, Arctic Securities AS, Fearnley Securities and SpareBank 1 Markets are the book-running managers for the offering.  Cleaves Securities AS is a co-manager for the offering.

Following the settlement of this offering, the Company’s issued share capital increased to $22,926,359.80, divided into 229,263,598 shares, each with a nominal value of $0.10 per share.

The offering referred to herein was made pursuant to an effective automatic shelf registration statement, previously filed by the Company with the Securities and Exchange Commission (“SEC”) on July 26, 2022. The offering of the common shares was made only by means of a prospectus and a related prospectus supplement. A final prospectus supplement relating to the offering was filed with the SEC on August 11, 2022. You may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, the final prospectus supplement and accompanying prospectus related to the offering may be obtained by contacting DNB Markets, Inc., Attn: Compliance Department, by telephone: 212-681-3800, or by email at: compliance.marketsinc@dnb.no

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

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

About Borr Drilling Limited

Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the Oslo Stock Exchange on August 30, 2017 and on the New York Stock Exchange on July 31, 2019 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 the Company’s website at: www.borrdrilling.com

 August 26, 2022

The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda

Contact:
Magnus Vaaler: CFO, +44 1224 289208

Borr Drilling Limited – 2022 Annual General Meeting

Borr Drilling Limited (NYSE and OSE: BORR) advises that its 2022 Annual General Meeting will be held on September 30, 2022. The record date for voting at the Annual General Meeting is set to September 6, 2022. The notice, agenda and associated material will be distributed prior to the meeting.

Hamilton, Bermuda

August 25, 2022

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

Borr Drilling Limited – SGM Results Notification and Conditions for Second Settlement of Equity Offering Met

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) advises that a Special General Meeting of the Company was held on August 25, 2022 at 2nd Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda

The following resolution was passed:

To approve the increase of the Company’s authorized share capital from US$22,000,000.00 divided into 220,000,000 common shares of US$0.10 par value each to US$25,500,000.00 divided into 255,000,000 common shares of US$0.10 par value each by the authorization of an additional 35,000,000 common shares of US$0.10 par value each.

The increase in authorized share capital is a condition for the Company to complete the second settlement of the previously announced public offering which is expected to be completed as announced on August 26, 2022

Hamilton, Bermuda

August 25, 2022

The offering referred to herein was made pursuant to an effective automatic shelf registration statement, previously filed by the Company with the Securities and Exchange Commission (“SEC”) on July 26, 2022. The offering of the common shares was made only by means of a prospectus and a related prospectus supplement. A final prospectus supplement relating to the offering was filed with the SEC on August 11, 2022. You may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, the final prospectus supplement and accompanying prospectus related to the offering may be obtained by contacting DNB Markets, Inc., Attn: Compliance Department, by telephone: 212-681-3800, or by email at: compliance.marketsinc@dnb.no

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to the expected settlement date of the offering and other non-historical statements. The forward-looking statements included in this press release are subject to significant risks, uncertainties, contingencies and factors that may cause the Company’s actual results to be materially different from those expressed or implied by the forward-looking statements including risks related to settlement of the offering and other risks described in the Company’s most recent Annual Report on Form 20-F and other filings of the Company with the SEC. The forward-looking statements made in this press release speak only as of the date of this press release. Except as required by law, we undertake 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. 

Borr Drilling Limited – Exercise of Option to Purchase Additional Shares

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN ANY JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Hamilton, Bermuda, August 19, 2022. Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) announces today that the underwriters of the Company’s previously announced US offering of its US common shares (the “Offering”) have exercised their option to purchase an additional 6,918,627 common shares at the public offering price of $3.60 per share, minus underwriting discounts.

The settlement of the additional shares is expected to occur on August 26, 2022. 

No securities in the NYSE offering will be offered or listed on Oslo Stock Exchange.

DNB Markets, Clarksons Securities, Pareto Securities, ABG Sundal Collier ASA, Arctic Securities AS, Fearnley Securities and SpareBank 1 Markets are the book-running managers for the offering.  Cleaves Securities AS is co-manager for the offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

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. This stock exchange notice was published by Andreas Lavik Lie, Vice President Treasury & Investor Relations of the Company, on 19 August 2022 at 18:00 CEST

About Borr Drilling Limited

Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the Oslo Stock Exchange on August 30, 2017 and on the New York Stock Exchange on July 31, 2019 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 the Company’s website at: www.borrdrilling.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by words or phrases such as “may,” “will,” “anticipate,” “plan,” “expect,” or other similar expressions. These forward-looking statements include statements with respect to the offering, and other non-historical statements. The forward-looking statements included in this press release are subject to significant risks, uncertainties, contingencies and factors that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements including risks related to the conduct of the offering, the use of proceeds, whether the condition to settlement of the offering will be met and other risks described in the Company’s most recent Annual Report on Form 20-F and other filings of the Company with the SEC. The forward-looking statements made in this press release speak only as of the date of this press release. 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. 

August 19, 2022

The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda

Borr Drilling – First Settlement in the US Offering of Common Shares

Hamilton, Bermuda, August 17, 2022. Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) announced today the first settlement of its previously announced US public offering of 69,444,444 US common shares of the Company, at a price per share of $3.60 per common share for total gross proceeds of $250 million. The Company has also granted the underwriters a 30-day option to purchase up to an additional 6,944,444 common shares at the offering price minus underwriting discounts.

The first settlement was completed for 41,666,667 common shares as the conditions to this settlement were met on August 16, 2022.  The second settlement for the remainder of the shares offered (including any additional common shares issued pursuant to the underwriters’ option, if exercised prior to the second settlement date) is expected on August 26, 2022, provided that the Company’s authorized share capital is increased by 35,000,000 common shares pursuant to a second special general meeting to be held on August 25, 2022. Existing shareholders holding an aggregate of approximately 54% of the outstanding common shares of the Company have undertaken to vote in favor of the increase in the authorized share capital at the special general meeting to be held on August 25, 2022.

No securities in the offering were offered or will be listed on Oslo Stock Exchange.

The Company plans to use the proceeds from the offering to consummate a refinancing with its lenders under its Syndicated Facility, New Bridge Facility, Hayfin Facility and shipyards Keppel and PPL, and for general corporate purposes, which may include, among other things, repayments of its debt obligations, payments to its creditors in return for potential concessions or extensions of current facilities, capital expenditures, including costs in connection with activations and re-activations of rigs being brought into operations, or funding of its working capital.

DNB Markets, Clarksons Securities, Pareto Securities, ABG Sundal Collier ASA, Arctic Securities AS, Fearnley Securities and SpareBank 1 Markets are the book-running managers for the offering.  Cleaves Securities AS is a co-manager for the offering.

Following the first settlement of this offering, the Company’s issued share capital increased by $4,166,666.70 to $ 19,456,817.50, divided into 194,568,175 shares, each with a nominal value of $0.10 per share.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

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. This stock exchange notice was published by Andreas Lavik Lie, Vice President Treasury & Investor Relations of the Company, on 17 August 2022 at 17:45 CEST

About Borr Drilling Limited

Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the Oslo Stock Exchange on August 30, 2017 and on the New York Stock Exchange on July 31, 2019 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 the Company’s website at: www.borrdrilling.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by words or phrases such as “may,” “will,” “anticipate,” “plan,” “expect,” or other similar expressions. These forward-looking statements include statements with respect to the offering, the condition to the second settlement, the intended use of proceeds and other non-historical statements. The forward-looking statements included in this press release are subject to significant risks, uncertainties, contingencies and factors that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements including risks related to the use of proceeds, whether the condition to the second settlement of the offering will be met, the risk that the Company will not consummate the proposed refinancing, the number of shares to be sold in the offering and other risks described in the Company’s most recent Annual Report on Form 20-F and other filings of the Company with the SEC. The forward-looking statements made in this press release speak only as of the date of this press release. 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. 

August 17, 2022

The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda

Borr Drilling Limited – SGM Results Notification and Conditions for First Settlement of Equity Offering Met

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) advises that a Special General Meeting of the Company was held on August 16, 2022 at 09:00 ADT at 2nd Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda

The following resolution was passed:

To approve the increase of the Company’s authorized share capital from US$18,000,000.00 divided into 180,000,000 common shares of US$0.10 par value each to US$22,000,000.00 divided into 220,000,000 common shares of US$0.10 par value each by the authorization of an additional 40,000,000 common shares of US$0.10 par value each.

The increase in authorized share capital is one of the two conditions for the Company to complete the first settlement of the previously announced public offering. In addition, the Company has entered into the required binding term sheets/other binding agreements with all applicable lenders, which is the second condition for the first settlement, and as such, the first settlement is expected to be completed as announced on August 17, 2022

Hamilton, Bermuda

August 16, 2022

The offering referred to herein was made pursuant to an effective automatic shelf registration statement, previously filed by the Company with the Securities and Exchange Commission (“SEC”) on July 26, 2022. The offering of the common shares was made only by means of a prospectus and a related prospectus supplement. A final prospectus supplement relating to the offering was filed with the SEC on August 11, 2022. You may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, the final prospectus supplement and accompanying prospectus related to the offering may be obtained by contacting DNB Markets, Inc., Attn: Compliance Department, by telephone: 212-681-3800, or by email at: compliance.marketsinc@dnb.no

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to the expected settlement date of the offering and other non-historical statements. The forward-looking statements included in this press release are subject to significant risks, uncertainties, contingencies and factors that may cause the Company’s actual results to be materially different from those expressed or implied by the forward-looking statements including risks related to settlement of the offering and other risks described in the Company’s most recent Annual Report on Form 20-F and other filings of the Company with the SEC. The forward-looking statements made in this press release speak only as of the date of this press release. Except as required by law, we undertake 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. 

Borr Drilling Limited – Notice of Special General Meeting of Shareholders

Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) advises that the Company will hold a Special General Meeting on August 25, 2022. The Board of Directors has fixed the close of business on August 11, 2022 as the record date for determination of the shareholders entitled to attend and vote at the Special General Meeting or any adjournment thereof. A copy of the Notice of Special General Meeting and Form of Proxy (the “Notice”) and associated information can be found on the Company’s website at http://www.borrdrilling.com and attached to this press release. The Notice and associated information will also be distributed to shareholders by normal distribution methods.

Existing shareholders holding an aggregate of approximately 54% of the outstanding common shares of the Company have undertaken to vote in favor of the increases in authorized share capital at the special general meetings on August 16, 2022 and August 25, 2022.

Hamilton, Bermuda

August 11, 2022

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

Borr Drilling Limited SGM notification 220825

Borr Drilling Limited – Interim Financial Report on Form 6-K

Hamilton, Bermuda, August 11, 2022: Borr Drilling Limited (the “Company”) (OSE and NYSE: BORR) has today filed with U.S Securities and Exchange Commission  its Unaudited Interim Financial Report for the three months ended June 30, 2022 on Form 6-K.

The report is attached to this release and can also be found on the Company’s website www.borrdrilling.com and the U.S Securities and Exchange Commission website, www.sec.gov.

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

Q2 2022 6-K

Borr Drilling Limited – Grant of Share Options and Performance Stock Units – Correction

This is a correction of press release issued August 11, 12:26 CET. Full pay out of the PSU award is subject to reaching $ 10.00 per share on 75% of the days in the third quarter of 2025 prior to the 1 September 2025, not 1 September 2022 as in the original release. Corrected press release below. 

Bermuda, August 11, 2022: The Board of Directors of Borr Drilling Limited (the “Company”) (OSE and NYSE “BORR”) has resolved to grant 4,000,000 options under the Company’s approved share option scheme to certain of its employees, including two persons discharging managerial responsibilities (“PDMRs”) as defined by the Market Abuse Regulation. The grant is to become effective on September 1, 2022, following a planned SGM and increase in the approved share capital.

Each share option gives the right to subscribe for one share in the Company. The options will vest over a three-and-a-half-year period and have strike prices as follows:

· One third will vest 1 March 2024 and will have a strike price of $4.00

· One third will vest 1 March 2025 and will have a strike price of $4.75

· One third will vest 1 March 2026 and will have a strike price of $5.50

The options will expire after 1 September 2027.

The following PDMRs have been granted options:

· Patrick Schorn – Chief Executive Officer –1,000,000 options
· Magnus Vaaler – Chief Financial Officer – 400,000 options

In addition, Patrick Schorn has been awarded 500,000 Performance Stock Units (PSUs) that will all cliff vest on 01 September 2025 depending certain performance criteria linked to the closing share price. Full pay out of the award is subject to reaching $ 10.00 per share on 75% of the days in the third quarter of 2025, prior to the 1 September 2025.

Through this option grant and award of PSUs the board of directors aims to enhance the existing incentive rewards that create the optimum long-term alignment between the Company’s shareholders and management.

Please see the attached form of notification and public disclosure by primary insiders.

This information is subject to the disclosure requirements in article 19 of the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act.

220811 PDMR Form

Borr Drilling Limited – Grant of Share Options and Performance Stock Units

Bermuda, August 11, 2022: The Board of Directors of Borr Drilling Limited (the “Company”) (OSE and NYSE “BORR”) has resolved to grant 4,000,000 options under the Company’s approved share option scheme to certain of its employees, including two persons discharging managerial responsibilities (“PDMRs”) as defined by the Market Abuse Regulation. The grant is to become effective on September 01, 2022, following a planned SGM and increase in the approved share capital.

Each share option gives the right to subscribe for one share in the Company. The options will vest over a three-and-a-half-year period and have strike prices as follows:

· One third will vest 01 March 2024 and will have a strike price of $4.00

· One third will vest 01 March 2025 and will have a strike price of $4.75

· One third will vest 01 March2026 and will have a strike price of $5.50

The options will expire after 01 September 2027.  

The following PDMRs have been granted options:

· Patrick Schorn – Chief Executive Officer –1,000,000 options
· Magnus Vaaler – Chief Financial Officer – 400,000 options

In addition, Patrick Schorn has been awarded 500,000 Performance Stock Units (PSUs) that will all cliff vest on 01 September 2025 depending on certain performance criteria linked to the closing share price. Full pay out of the award is subject to reaching $ 10.00 per share on 75% of the days in the third quarter of 2025, prior to the 1 September 2022. The PRUs will be settled in cash and/or securities in Borr Drilling.

Securities issued under the option scheme and under the PRU (if any) will be delivered as common shares on New York Stock Exchange or depository receipts on Oslo Stock Exchange.

Through this option grant and award of PSUs the board of directors aims to enhance the existing incentive rewards that create the optimum long-term alignment between the Company’s shareholders and management.

Please see the attached form of notification and public disclosure by the PDMRs.

This information is subject to the disclosure requirements in article 19 of the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act.

220811 PDMR Form

Borr Drilling Limited – Invitation to conference call

Borr Drilling Limited (NYSE and OSE: BORR) plans to host a conference call and webcast on Friday August 12, 2022 at 15:00 CET (9:00 AM New York Time) to provide further details on its transformational capital structure realignment enabled by a $250 million equity offering and secured debt maturity deferrals.

Participants are encouraged to dial in 10 minutes before the start of the call.  A presentation will be available from the Investor Relations section on www.borrdrilling.com.

In order to listen to the presentation, you may do one of the following:

a)    Webcast

To pre-register for this call, please go to the following link:

https://www.netroadshow.com/events/login?show=876bcf88&confId=40374

You will receive your access details via email.

b)    Conference Call

Dial in details, Participants:

Conference ID: 724488

United Kingdom           020 3936 2999

United States               1 646 664 1960

All other locations        +44 20 3936 2999

Participants will be asked for their full name & Conference ID.

There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.

Replay Stream:

When the call is complete, participants can stream the replay of the call by clicking this link: https://www.netroadshow.com/events/login?show=876bcf88&confId=40374 (https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.netroadshow.com%2Fevents%2Flogin%3Fshow%3D876bcf88%26confId%3D40374&data=05%7C01%7C%7Ca42fa4a733b943ac628908da7af555d4%7C31ebe7bb76d14291a07240618335a20b%7C0%7C0%7C637957491394152130%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=lGtoZ6vhm9YQ%2B67kcQ89Umv6XKtrwrs7NHPEFc5Th3A%3D&reserved=0). Participants who have already registered for the call will be navigated directly to the streaming replay player. All other participants will be required to register prior to accessing the replay.

Replay Expiration Date: 11 September 2022

Borr Drilling Limited – Mandatory notification of trades

Reference is made to Borr Drilling Limited’s (“Borr Drilling”) (NYSE, OSE: “BORR”) stock exchange announcements of August 10, 2022, relating to the pricing of the equity offering through the subscription and allocation of a total of 69,444,444 new common shares (the “Offer Shares”), each at a subscription price of USD 3.60 per Offer Share (equivalent to NOK 35.00 per Offer Share), raising gross proceeds of USD 250 million. The Offer Shares will be listed on the New York Stock Exchange.

The following persons discharging managerial responsibilities (“PDMRs”) in Borr Drilling have subscribed for and been conditionally allocated the following Offer Shares at the Subscription Price:

Companies affiliated with Director and Vice Chairman Tor Olav Trøim: 5,555,555 Offer Shares. After delivery, Trøim and his affiliated parties will represent an ownership in Borr Drilling of 15,780,490 shares in the Company.

Neil Glass, Director of Borr Drilling: 12,500 Offer Shares. After delivery, Mr. Glass will own 128,652 shares in the Company

Patrick Schorn, Chief Executive Officer of Borr Drilling: 100,000 Offer Shares. After delivery, Mr. Schorn will own 1,100,000 shares in the Company. 

Magnus Vaaler, Chief Financial Officer of Borr Drilling: 10,000 Offer Shares. After delivery, Mr. Vaaler will own 75,000 shares in the Company. 

August 10, 2022

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act and article 19 of the Regulation EU 596/2014 (Market Abuse Regulation).

220810 PDMR Form

Borr Drilling Limited Announces Pricing of Public Offering of Common Shares

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN ANY JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Hamilton, Bermuda, August 10, 2022. Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) announces today that it  has priced its previously announced offering of 69,444,444 shares, at a price of $3.60 per common share for total gross proceeds of $250 million.  The Company has also granted the underwriters a 30-day option to purchase up to an additional 6,944,444 common shares at the offering price minus underwriting discounts.  

No securities in the NYSE offering will be offered or listed on Oslo Stock Exchange.

The Company plans to use the proceeds from the offering to consummate a refinancing with its lenders under its Syndicated Facility, New Bridge Facility, Hayfin Facility and shipyard delivery financing arrangements with Keppel and PPL, and for general corporate purposes, which may include, among other things, repayments of its debt obligations, payments to its creditors in return for potential concessions or extensions of current facilities, capital expenditures, including costs in connection with activations and re-activations of rigs being brought into operations, or funding of its working capital.

Closing of the offering is subject to (i) the Company’s authorized share capital being increased by 40,000,000 common shares, pursuant to a special general meeting to be held on August 16, 2022, (ii)  the Company’s authorized share capital being further increased by 35,000,000 common shares pursuant to a second special general meeting to be held on August 25, 2022, and (iii) the Company having entered into binding term sheets or other binding agreements with all applicable lenders (or obtaining written commitments approved by the Company’s Board of Directors) under its Syndicated Facility, New Bridge Facility, Hayfin Facility and shipyard delivery financing arrangements with Keppel and PPL for a refinancing of those facilities on the terms previously announced by the Company, no later than the time of the special general meeting to be held on August 16, 2022. 

A first settlement of the offering is expected on August 17, 2022, subject to fulfilment of the conditions described in (i) and (iii) above. A second settlement is expected on August 26, 2022, for the remainder of the shares, provided all the conditions described above are satisfied.

DNB Markets, Clarksons Securities, Pareto Securities, ABG Sundal Collier ASA, Arctic Securities AS, Fearnley Securities and  SpareBank 1 Markets are the book-running managers for the offering.  Cleaves Securities AS is co-manager for the offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

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.

This stock exchange notice was published by Andreas Lavik Lie, Vice President Treasury & Investor Relations of the Company, on 10 August 2022 at 08:30 CEST

About Borr Drilling Limited

Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the Oslo Stock Exchange on August 30, 2017 and on the New York Stock Exchange on July 31, 2019 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 the Company’s website at: www.borrdrilling.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by words or phrases such as “may,” “will,” “anticipate,” “plan,” “expect,” or other similar expressions. These forward-looking statements include statements with respect to the offering, the conditions to the offering, including the refinancing with certain of its lenders, the intended use of proceeds, and other non-historical statements. The forward-looking statements included in this press release are subject to significant risks, uncertainties, contingencies and factors that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements including risks related to the conduct of the offering, the use of proceeds, whether the conditions to closing of the offering will be met, the risk that the Company will not consummate the proposed refinancing, the number of shares to be sold in the offering and other risks described in the Company’s most recent Annual Report on Form 20-F and other filings of the Company with the SEC. The forward-looking statements made in this press release speak only as of the date of this press release. 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.  

August 10, 2022

The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda

Borr Drilling – NYSE public offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN ANY JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Hamilton, Bermuda, August 9, 2022. Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) announces today that it plans to make a public offering of $250,000,000 of its common shares in the United States. In connection with the offering, the Company intends to grant the underwriters a 30-day option to purchase up to $25,000,000 of additional common shares.

No securities in the NYSE offering will be offered or listed on Oslo Stock Exchange.

The Company plans to use the proceeds from the offering to consummate a refinancing with its lenders under its Syndicated Facility, New Bridge Facility, Hayfin Facility and shipyard delivery financing arrangements with Keppel and PPL, and for general corporate purposes, which may include, among other things, repayments of the Company’s debt obligations, payments to its creditors in return for potential concessions or extensions of current facilities, capital expenditures, including costs in connection with activations and re-activations of rigs being brought into operations, or funding of our working capital.

DNB Markets, Clarksons Securities, Pareto Securities, ABG Sundal Collier ASA, Arctic Securities AS, Fearnley Securities and  SpareBank 1 Markets are the book-running managers for the offering.  Cleaves Securities AS is a co-manager for the offering.

Closing of the offering will be subject to (i) the Company’s authorized share capital being increased by 40,000,000 common shares, pursuant to a special general meeting to be held on August 16, 2022, (ii)  the Company’s authorized share capital being further increased by 35,000,000 common shares pursuant to a second special general meeting to be held on August 25, 2022, and (iii) the Company having entered into binding term sheets or other binding agreements with all applicable lenders or obtaining written commitments approved by the Company’s Board of Directors, under its Syndicated Facility, New Bridge Facility, Hayfin Facility and shipyard delivery financing arrangements with Keppel and PPL, no later than the time of the special general meeting to be held on August 16, 2022. 

A first settlement of the offering is expected on August 17, 2022, subject to fulfilment of the conditions described in (i) and (iii) above. A second settlement is expected on August 26, 2022, for the remainder of the shares, provided all the conditions described above are satisfied.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

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

This stock exchange notice was published by Andreas Lavik Lie, Vice President Treasury & Investor Relations of the Company, on 9 August 2022 at 22:45 CEST.

About Borr Drilling Limited

Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the Oslo Stock Exchange on August 30, 2017 and on the New York Stock Exchange on July 31, 2019 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 the Company’s website at: www.borrdrilling.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by words or phrases such as “may,” “will,” “anticipate,” “plan,” “expect,” or other similar expressions. These forward-looking statements include statements with respect to the offering, the conditions to the offering, including the refinancing with certain of the Company’s lenders, the intended use of proceeds, and other non-historical statements.

The forward-looking statements included in this press release are subject to significant risks, uncertainties, contingencies and factors that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements including risks related to the conduct of the offering, the use of proceeds, whether the conditions to closing of the offering will be met, the risk that the Company will not consummate the proposed refinancing, the number of shares to be sold in the offering and other risks described in the Company’s most recent Annual Report on Form 20-F and other filings of the Company with the US Securities and Exchange Commission (SEC).

The forward-looking statements made in this press release speak only as of the date of this press release. 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.  

August 9, 2022

The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda

Borr Drilling Limited – Q2 2022 Presentation

Please find enclosed the presentation of Borr Drilling Limited’s second quarter 2022 results to be held on the webcast/conference call at 16:00 CET (10:00 AM New York time) on August 9, 2022. 

In order to listen to the presentation, you may do one of the following:

a)    Webcast

To pre-register for this call, please go to the following link:
https://www.netroadshow.com/events/login?show=3a96fbc8&confId=40112 (https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.netroadshow.com%2Fevents%2Flogin%3Fshow%3D3a96fbc8%26confId%3D40112&data=05%7C01%7C%7C14092782e2c24499c8e508da779f3c1d%7C31ebe7bb76d14291a07240618335a20b%7C0%7C0%7C637953823063205193%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=LEHAqgZmEe5y4EUixVbjcQW8%2Bp6scc9unUirIFtYz8k%3D&reserved=0)
You will receive your access details via email.

b)    Conference Call

Dial in details, Participants:

Conference ID: 065033

United Kingdom           020 3936 2999

United States               1 646 664 1960

All other locations        +44 20 3936 2999

Participants will be asked for their full name & Conference ID.

Replay Stream:

When the call is complete, participants can stream the replay of the call by clicking this link: https://www.netroadshow.com/events/login?show=3a96fbc8&confId=40112 (https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.netroadshow.com%2Fevents%2Flogin%3Fshow%3D3a96fbc8%26confId%3D40112&data=05%7C01%7C%7Cee97fcaec6b446397b0108da78db065f%7C31ebe7bb76d14291a07240618335a20b%7C0%7C0%7C637955179369427627%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=FK4Rglq0rWJm5rDvSli%2Fz6OSLTrG%2Foq6tvvyrIaDN1w%3D&reserved=0). Participants who have already registered for the call will be navigated directly to the streaming replay player. All other participants will be required to register prior to accessing the replay.

Replay Expiration Date: Tuesday, September 06, 2022 11:59 PM BST

2022 Q2 Presentation

Borr Drilling Limited – UPDATED TIMING webcast and conference call Q2 2022 results

Borr Drilling Limited (NYSE and OSE: BORR) plans to host a conference call and webcast on Tuesday, August 9, 2022 at 16:00 CET (10:00 AM New York Time), one hour later than previously announced. Participants are encouraged to dial in 10 minutes before the start of the call.  The earnings report and presentation will be available from the Investor Relations section on www.borrdrilling.com.

In order to listen to the presentation, you may do one of the following:

a)    Webcast

To pre-register for this call, please go to the following link:
https://www.netroadshow.com/events/login?show=3a96fbc8&confId=40112 (https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.netroadshow.com%2Fevents%2Flogin%3Fshow%3D3a96fbc8%26confId%3D40112&data=05%7C01%7C%7C14092782e2c24499c8e508da779f3c1d%7C31ebe7bb76d14291a07240618335a20b%7C0%7C0%7C637953823063205193%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=LEHAqgZmEe5y4EUixVbjcQW8%2Bp6scc9unUirIFtYz8k%3D&reserved=0)
You will receive your access details via email.

b)    Conference Call

Dial in details, Participants:

Conference ID: 065033

United Kingdom           020 3936 2999

United States               1 646 664 1960

All other locations        +44 20 3936 2999

Participants will be asked for their full name & Conference ID.

There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.

Replay Stream:

When the call is complete, participants can stream the replay of the call by clicking this link: https://www.netroadshow.com/events/login?show=3a96fbc8&confId=40112 (https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.netroadshow.com%2Fevents%2Flogin%3Fshow%3D3a96fbc8%26confId%3D40112&data=05%7C01%7C%7Cee97fcaec6b446397b0108da78db065f%7C31ebe7bb76d14291a07240618335a20b%7C0%7C0%7C637955179369427627%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=FK4Rglq0rWJm5rDvSli%2Fz6OSLTrG%2Foq6tvvyrIaDN1w%3D&reserved=0). Participants who have already registered for the call will be navigated directly to the streaming replay player. All other participants will be required to register prior to accessing the replay.

Replay Expiration Date: Tuesday, September 06, 2022 11:59 PM BST

Borr Drilling Limited Announces Second Quarter and Six Months 2022 Preliminary Results

Hamilton, Bermuda, August 9, 2022: Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) announces preliminary unaudited results for the three and six months ended June 30, 2022.

Highlights Second Quarter of 2022

· Total operating revenues of $105.3 million, an increase of $23.3 million or 28% compared to the first quarter of 2022

· Net loss of $165.3 million, an increase in loss of $114.0 million compared to the first quarter of 2022, mainly attributable to an impairment loss in Q2 2022 of $124.4 million due to an LOI entered into in June for the sale of three newbuild rigs, resulting in a decrease in net loss quarter on quarter of $10.4 million when excluding impairment

· Cash and cash equivalents of $29.7 million at the end of the second quarter of 2022, a decrease of $20.5 million from the end of the first quarter of 2022 of which $15.9 million was used on rig activations

· Adjusted EBITDA of $37.0 million, an increase of $15.6 million or 73% compared to the first quarter of 2022

· Raised net proceeds of $3.6 million under the At-The-Market (“ATM”) program during the quarter

· Entered into a letter of intent (“LOI”) to sell three newbuild rigs we have ordered from Keppel FELS Shipyard

Subsequent events

· Year to date in 2022, we have been awarded fourteen new contracts, extensions, exercised options and letters of awards (“LOAs”) representing 5,610 days, or 15.4 years, and $650.2 million of potential revenue (including mobilization revenues but excluding options).

· Reached agreements in principle with all secured creditors to defer all secured debt to 2025 subject to raising equity and the boards’ and credit committees’ approvals and final documentation.

CEO, Patrick Schorn commented:

“Second quarter performance clearly demonstrates the compounding impact of improving day rates combined with incremental activity, resulting in a top-line increase of 28% with an EBITDA fall through of 73%, while still being in the early stages of this upcycle. Our operational team has remained very focused on bringing out additional rigs to meet our customers’ requirements. We are on track to have all 23 rigs contracted by year-end and currently the day rates are increasing faster than previously anticipated. We have been working closely with our customers to ensure we provide them with the necessary assurances regarding equipment availability as many of them are valuing this over a lower day rate with operational uncertainties.

Utilization of the modern jack-up fleet (rigs built after 2000) has now surpassed 92%, representing an increase of 10 percentage points year to date, and day rates are increasing meaningfully as evidenced by our recent awards and extensions in Africa and Asia. We expect modern rig utilization to soon reach 95% as certain ongoing tenders are being awarded. With the tight availability of marketed rigs, a limited number of new builds left at shipyards, and opportunities to deploy additional rigs presenting themselves on a weekly basis, we reiterate our belief that demand for modern jack-ups is expected to outstrip supply in the coming quarters. We are confident that the current commodities’ price levels in combination with the structurally under supplied oil and gas market, is the right foundation for a long-term and strong bull market for modern jack-up rigs.

Refinancing the company’s capital structure has reached the final phase and we expect to be concluding this shortly. This important milestone will provide us with a sustainable financing cost, which when combined with opex, activation capex and amortization, will be in the range of approximately $90-95K per day per rig in total cash cost.  This represents a cost level well below the leading day rates in contracts being awarded presently. Based on the market outlook for our available rigs, already contracted revenue, and operating costs, we anticipate generating $290-330 million Adjusted EBITDA in 2023, with an early estimate to double this number again in 2024. Our industry has shown an incredible ability to rebound from an extended downturn. We are now putting the recent challenging periods behind us and entering into a phase which will provide shareholders with the returns they expect, while we maintain our focus on providing customers with assets that are performing safely and with operational excellence.”

Borr Drilling Q2-2022 Earnings Release

Borr Drilling FSR Q2-2022

Borr Drilling Limited – Invitation to webcast and conference call Q2 2022 results

Borr Drilling Limited (NYSE and OSE: BORR) plans to release its financial results for the second quarter 2022 before market open on Tuesday, August 9, 2022.

A conference call and webcast is scheduled for Tuesday, August 9, 2022 at 15:00 CET (9:00 AM New York Time) and participants are encouraged to dial in 10 minutes before the start of the call.  The earnings report and presentation will be available from the Investor Relations section on www.borrdrilling.com.

In order to listen to the presentation, you may do one of the following:

a)    Webcast

To pre-register for this call, please go to the following link:
https://www.netroadshow.com/events/login?show=3a96fbc8&confId=40112 (https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.netroadshow.com%2Fevents%2Flogin%3Fshow%3D3a96fbc8%26confId%3D40112&data=05%7C01%7C%7C14092782e2c24499c8e508da779f3c1d%7C31ebe7bb76d14291a07240618335a20b%7C0%7C0%7C637953823063205193%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=LEHAqgZmEe5y4EUixVbjcQW8%2Bp6scc9unUirIFtYz8k%3D&reserved=0)
You will receive your access details via email.

b)    Conference Call

Dial in details, Participants:

Conference ID: 065033

United Kingdom           020 3936 2999

United States               1 646 664 1960

All other locations        +44 20 3936 2999

Participants will be asked for their full name & Conference ID.

There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.

Replay Stream:

When the call is complete, participants can stream the replay of the call by clicking this link: https://www.netroadshow.com/events/login?show=3a96fbc8&confId=40112 (https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.netroadshow.com%2Fevents%2Flogin%3Fshow%3D3a96fbc8%26confId%3D40112&data=05%7C01%7C%7Cee97fcaec6b446397b0108da78db065f%7C31ebe7bb76d14291a07240618335a20b%7C0%7C0%7C637955179369427627%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=FK4Rglq0rWJm5rDvSli%2Fz6OSLTrG%2Foq6tvvyrIaDN1w%3D&reserved=0). Participants who have already registered for the call will be navigated directly to the streaming replay player. All other participants will be required to register prior to accessing the replay.

Replay Expiration Date: Tuesday, September 06, 2022 11:59 PM BST

Borr Drilling Limited – Notice of Special General Meeting of Shareholders

Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) advises that the Company will hold a Special General Meeting on August 16, 2022. The Board of Directors has fixed the close of business on July 11, 2022 as the record date for determination of the shareholders entitled to attend and vote at the Special General Meeting or any adjournment thereof. A copy of the Notice of Special General Meeting and Form of Proxy (the “Notice”) and associated information can be found on the Company’s website at http://www.borrdrilling.com and attached to this press release. The Notice and associated information will also be distributed to shareholders by normal distribution methods.

Hamilton, Bermuda August 4, 2022

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

2022 August 16 SGM Notice

Borr Drilling Limited – Announcement of LOI for jack-up drilling rig

Hamilton, Bermuda, 4 August 2022:

Borr Drilling Limited (NYSE and OSE: “BORR”) is pleased to announce it has received a binding Letter of Intent (“LOI”) for the premium jack-up drilling rig “Prospector 5” from an undisclosed operator in West Africa. The 6-well firm program is expected to commence during Q4 2022 and has an estimated duration of fourteen months plus options. This LOI, which is expected to be converted into a contract shortly, has an estimated total contract value of $68.9 million (excluding options).

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”, “estimated” and similar expressions and include statements relating to rig contracting and options including the duration of such contracts and extensions and backlog, and other non-historical statements. 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, including risks related to actual performance under drilling contracts, the risk that backlog may not be realized, the number of rigs that will be in operation and rates that are achieved, 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. 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.

Borr Drilling Limited – Update Refinancing

Hamilton, Bermuda 21 July 2022: Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) refers to its announcements of 14 July 2022 regarding the status of negotiations with its secured creditors and a possible equity offering.

The Company’s board is pleased to announce that it has obtained a financing proposal for the remaining $100 million of the $250 million senior secured facilities that was still subject to final syndication as described in the announcement of 14 July 2022. As such, agreements in principle with all the secured creditors have now been reached to extend all secured debt to 2025, subject to the partial paydowns described in the 14 July announcement. These agreements in principle are subject to the respective boards’ and credit committees’ approvals and binding documentation. The necessary covenant waivers have been extended by the lenders in the existing bank syndicate to enable the company to complete the transactions referenced above.

The Company anticipates that the need for additional liquidity in connection with the closing of the agreements in principle referenced above can be reduced from the $250 million communicated previously to approximately $150 million.

The Company will continue to seek solutions which could optimize the current capital structure and reduce the need for liquidity further. Such solutions could include further asset sales, JV structures as well as additional asset financing. 

The Company is encouraged by the strong positive momentum in day rates shown through recent fixtures and tender activity, and by the fact that the utilization of the modern jack up fleet now exceeds 92%.

This press release does not constitute an offer of any securities for sale.

Forward looking statements

This press release includes forward looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which do not reflect historical facts and may be identified by words such as “expect”, “will” and similar expressions and include statements relating to negotiations with creditors, agreements in principle reached with creditors including the terms and conditions of such agreements in principle and financing proposal and statements about covenant waivers enabling the Company to complete the transactions, statements about the need for additional liquidity, and the Company’s continuing to seek solutions to optimize its capital structure and about momentum in day rates other non-historical statements. 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, including risks relating to negotiations with creditors including the risk that the conditions to the agreements in principle are not met or that the terms of the agreements in principle are not implemented with definitive binding agreements on expected terms or at all, the risk that vessel sales may not be completed on expected terms or at all, risks relating to covenants in debt facilities and covenant waivers including the risk that waivers are not provided as required, risks relating to liquidity and the risk that Borr may not be able to refinance its debt maturities beyond 2023 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. 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.

Borr Drilling Limited – Announcement of LOA for jack-up drilling rig

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) is pleased to announce it has secured a binding Letter of Award (“LOA”) for the premium jack-up drilling rig “Mist” from Mubadala Petroleum in Thailand for an estimated duration of 210 days. The program is expected to commence in January 2023 and has an estimated total contract value of $25.2 million.

Hamilton, Bermuda

15 July 2022

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 rig contracting and extensions and exercises of options including the duration of such contracts and extensions and backlog, and other non-historical statements. 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, including risks related to actual performance under drilling contracts, the risk that backlog may not be realized, the number of rigs that will be in operation and rates that are achieved, 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. 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.

Borr Drilling Limited – Information on Potential Equity Offering

Hamilton, Bermuda 14 July 2022: Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) refers to its communication of 14 July 2022 regarding the agreements in principle reached with secured creditors for a refinancing of a majority of its secured debt.

The Company announces that the refinancing is to be partially enabled by equity, which we plan to raise after 11 August 2022 when the Company will report its Q2 numbers.

The proceeds of the potential equity raise are expected to be used to partially paydown certain secured facilities. The company targets to raise up to $250 million in the offering which could be reduced in case of syndication of facilities, additional asset sales or joint ventures at attractive prices can be realized.

This press release does not constitute an offer of any securities for sale, and securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act of 1933.

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 the proposed offering , including expected timing and size and other non-historical statements. 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, including the risk that the potential offering does not proceed on contemplated terms or timing or at all, risk of dilution to shareholders, risks relating to the use of proceeds and negotiations with creditors including the risk that the conditions to the agreements in principle are not met or that the terms of the agreements in principle are not implemented with definitive binding agreements on expected terms or at all, the risk that vessel sales may not be completed on expected terms or at all, risks relating to covenants in debt facilities and liquidity and the risk that Borr may not be able to obtain necessary waivers or extensions of waivers and consents or refinance its debt maturities beyond 2023 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. 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.

Borr Drilling Limited – Update on Refinance

Hamilton, Bermuda 14 July 2022: Borr Drilling Limited (the “Company”)(NYSE and OSE: BORR) refers to its communication of 30 June 2022 regarding the status of the negotiation with its secured creditors. The Company’s board is pleased to announce that agreements in principle have been reached with most of the secured creditors to extend the majority of secured debt to 2025. These agreements are subject to the respective board’s approvals and binding documentation. The company is seeking the required consents and waiver extensions from lenders to complete the transaction. Once these agreements are in place, the Company will have long term financing on approximately $1.4 billion and has also maintained the long-term financing on the 2 new builds in the amount of $ 260 million. The refinancing is to be largely enabled by the sale of some select assets, and additional equity.

The asset sale includes 3 rigs under construction/contract for which the company has received a binding LOI as previously announced, plus an additional rig that is targeted to be sold in Q4­2022, after which the rig fleet would consist of 22 delivered rigs plus 2 rigs under construction.

The agreements in principle contemplate partial paydown of the senior secured facility collateralized by 8 rigs from $313 million to $250 million out of which $100 million is subject to successful syndication. In case this facility is reduced to $150 million drawn, then 3 rigs will be unencumbered assets that could be sold to reduce capital requirements. In addition, the agreements in principle contemplate a $30 million paydown of the Hayfin facility.

This press release does not constitute an offer of any securities for sale. This press release is not an offer of securities for sale in the United States, and securities may not be offered or sold in the United States absent registration or an exemption from registration, and any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer that will contain detailed information about the company and management, as well as financial statements.

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 negotiations with creditors, agreements in principle reached with creditors, the plan to seek waiver extensions and consents from lenders, including the terms and conditions of such agreements in principle and statements about the targets to raise equity, $100m of secured facility being subject to syndication, statements about plans to sell vessels and rig fleet and other non-historical statements. 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, including risks relating to negotiations with creditors including the risk that the conditions to the agreements in principle are not met or that the terms of the agreements in principle are not implemented with definitive binding agreements on expected terms or at all, the risk that lenders do not provide necessary extensions of waivers and consents, the risk of unsuccessful syndication of the secured facility, the risk that vessel sales may not be completed on expected terms or at all, risks relating to covenants in debt facilities and liquidity and the risk that Borr may not be able to refinance its debt maturities beyond 2023, risks related to the planned equity raise including the risk that the equity raise is not completed up the expected amount or on expected timing and the impact of such risks on the agreement in principle 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

Borr Drilling Limited – Update on Refinance

Hamilton, Bermuda 30 June 2022: Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) refers to its previous communication regarding its ongoing negotiations with creditors to reach mutual agreements to refinance and extend its 2023 maturities and complete such refinancing by 30 June 2022.

Significant progress has been made in the negotiations with the target to put in place the right capital structure for the company going forward. A complete solution will require a further equity injection combined with debt repayments, extensions and concessions by the creditors resulting in a robust capital structure that supports a low cash break even and thereby a higher free cash generation.

In order to have the required time to conclude full lock-up and commitments from all creditors, the necessary covenant waivers have been extended until 15 July 2022 by the lenders in the bank syndicate. Thus far specific proposals have been received from all creditor groups, some of which have already resulted in agreements in principle. In particular, we have agreed terms in principle for the refinancing of the senior secured bank facility in July 2022 to be funded with a mix of a new credit facility and equity/an asset sale.

We will continue to work with all remaining creditors to arrive at an optimized overall financing solution, targeted to be in place by 15 July 2022.

This press release does not constitute an offer of any securities for sale. 

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 negotiations with creditors and targets of such negotiations, capital structure, proposals from creditor groups, agreements in principle, discussions with creditors and target for arriving at a financial solution, and other non-historical statements. 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, including risks relating to discussions with creditors including the risk that a refinancing is not agreed risks relating to the terms of such refinancing if agreed, risks relating to covenants in debt facilities and liquidity and the risk that Borr may not be able to refinance its debt maturities beyond 2023 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. 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.

BORR DRILLING LIMITED ENTERS INTO LETTER OF INTENT FOR THE SALE OF THREE JACK-UPS

Hamilton, Bermuda, June 27, 2022: Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) has signed a binding letter of intent with an undisclosed third party for the sale of 3 high-specification units under construction with Keppel FELS shipyard – namely “Tivar”, “Huldra” and “Heidrun” (the “Transaction Rigs”).

The sale transaction is subject to customary closing conditions and procedures and is expected conclude within 30 days. The Transaction Rigs are expected to be employed by the prospective owner in a captive market and represent limited competition to Borr Drilling’s fleet.

The total consideration for the transaction is USD 320 million, which will be used to pay the delivery instalments of the three rigs and eliminates the associated activation costs that would have applied in the future.

This transaction forms an integral part of the refinancing and optimization of the capital structure of the Company which the Company is working to complete as it significantly reduces the Company’s capital commitments. The company continues to actively engage with its creditors with a view to completing its refinancing and expects to update the market further on the progress in the coming days.

Upon conclusion of the sale  of the Transaction Rigs, the Company’s fleet will be composed of 23 delivered rigs (of which 20 are currently contracted) and two rigs under construction with Keppel FELS. We confirm our ambition of having all 23 delivered rigs contracted by the end of 2022, benefiting from the fast-improving jack-up market.

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

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 the binding letter of intent for the sale of the Transaction Rigs, closing conditions and procedures and expectation to conclude the sale within 30 days, the transfer of responsibility of construction and activation, employment of the rigs by the prospective owner in a captive market and the expectation that this sale to the prospective owner will represent limited competition to Borr Drilling’s fleet, reduction of the Company’s future capital requirements, the Company’s active engagement on its refinancing, composition of the Company’s fleet following conclusion of the sale and ambition to have all 23 active rigs under contract by end of 2022 and other non-historical statements. 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, including the risk that the sale of the Transaction Rigs is not consummated on the intended terms or at all, or that the terms of the sale of the Transaction Rigs differ from those described herein including with respect to expected limited competition, and the risk that the Company’s active engagement with creditors does not result in a refinancing of the Company’s debt as it intends, risks relating to the Company’s debt instruments including risks relating to the Company’s ability to refinance its debt as it falls due, risks relating to covenants, risks relating to newbuild commitments, risks relating to the ability to raise financing as needed  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. 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.

Borr Drilling Limited – Interim Financial Report on Form 6-K

Hamilton, Bermuda, May 31, 2022: Borr Drilling Limited (the “Company”) (OSE and NYSE: BORR) has today filed with U.S Securities and Exchange Commission its Unaudited Interim Financial Report for the three months ended March 31, 2022 on Form 6-K.

The report is attached to this release and can also be found on the Company’s website www.borrdrilling.com and the U.S Securities and Exchange Commission website, www.sec.gov.

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

Borr Drilling Q1 2022 6-K

Borr Drilling Limited – Q1 2022 Presentation

Please find enclosed the presentation of Borr Drilling Limited’s first quarter 2022 results to be held on the webcast/conference call at 15:00 CET (9:00 AM New York time) on May 31, 2022. 

In order to listen to the presentation, you may do one of the following:

a)    Webcast

Please use the following link: www.incommuk.com/customers/online with access code: 690053

b)    Conference Call

Dial in details, Participants:

Conference ID: 690053

United Kingdom           020 3936 2999

United States               1 646 664 1960

All other locations        +44 20 3936 2999

Participants will be asked for their full name & Conference ID.

There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.

Borr Drilling Q1-2022 Presentation

Borr Drilling Limited Announces Preliminary Results for the First Quarter of 2022

Hamilton, Bermuda, May 31, 2022: Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) announces preliminary unaudited results for the three months ended March 31, 2022.

Highlights First Quarter of 2022

· Total operating revenues of $82.0 million, an increase of $12.9 million or 19% compared to the fourth quarter of 2021
· Net loss of $51.3 million, an increase of $5.2 million compared to the loss in the fourth quarter of 2021
· Cash and cash equivalents of $50.1 million and restricted cash of $8.2 million at the end of the first quarter of 2022, an increase of $12.3 million from the end of the fourth quarter of 2021
· Adjusted EBITDA of $21.4 million, a decrease of $3.6 million compared to the fourth quarter of 2021
· Raised net proceeds of $28.9 million in equity offering in January, and $5.1 million under ATM program during the quarter

Subsequent events

· Raised additional $3.7 million under our ATM program in April 2022
· Year to date in 2022, we have been awarded ten new contracts, extensions, exercised options and LOAs representing 4,232 days, or 11.6 years, and $487.4 million of potential revenue (including mobilization revenues but excluding options).

CEO, Patrick Schorn commented:
“The significant amount of contracts awarded recently, in combination with a sustained demand for additional rigs has put the offshore drilling industry on a strong growth trajectory. The previously projected increase in utilization levels, day-rates and contract durations is now coming to fruition and based on current tendering activity we expect this trend to continue. The number of contracted jack-up rigs has now recovered to pre-COVID levels and we expect several new awards to be nearing conclusion. This will bring the total number of contracted jack-ups back to levels last seen in 2015. Particularly in the modern jack-up segment (build after 2000),  marketed utilization has now reached the 90% mark and the visible incremental demand is bound to outstrip available supply in the coming quarters.

In the past few weeks we have been awarded significant new contracts with top tier operators in core markets, and our contract revenue backlog is now at an all time high of $853.3 million (including mobilization revenues and contracts through our Drilling JVs on a 100% basis) and we have 20 rigs contracted, with the majority of our available capacity for 2022 contracted. 

Our refinancing process is ongoing, and we are in discussions with our lenders with a view to complete the refinancing before the end of the second quarter. Given the strong market fundamentals, multiple options are currently on the table in order to address the maturity profile of our debt position and provide a long term financing solution. Some of these options include straight debt solutions, while others involve certain assets sales, of which there is ample interest in our fleet at attractive prices. We are currently working to improve on all refinance conditions given that the market is rapidly and positively evolving, and believe a solution is achievable in the coming weeks.

We are pleased with our financial performance in the first quarter, taking into account the increased number of rigs we are preparing for operations. We expect revenues, Adjusted EBITDA and cash from operations to show solid increases in the next quarters both as a result of these rigs commencing work in addition to the rollover of contracts at higher day rates. We reiterate our guidance for 2022 with revenue between $375-$400 million and Adjusted EBITDA between $115-$140 million. Based on the development of the day rates we have seen thus far in the year, and our orecast of having our remaining three delivered rigs employed by the end of this year, our preliminary outlook for 2023 indicate an approximate doubling of headline revenues year-on-year and Adjusted EBITDA to more than double from the 2022 forecast. “

Borr Drilling -Fleet Status Report May 2022

Borr Drilling Q1 2022 Earnings Release

Borr Drilling Limited – Invitation to webcast and conference call Q1 2022 results

Borr Drilling Limited (NYSE and OSE: BORR) plans to release its financial results for the first quarter 2022 on Tuesday, May 31, 2022.

A conference call and webcast is scheduled for 15:00 CET (9:00 AM New York Time) and participants are encouraged to dial in 10 minutes before the start of the call.  The earnings report and presentation will be available from the Investor Relations section on www.borrdrilling.com.

In order to listen to the presentation, you may do one of the following:

a)    Webcast

Please use the following link: www.incommuk.com/customers/online with access code: 690053

b)    Conference Call

Dial in details, Participants:

Conference ID: 690053

United Kingdom           020 3936 2999

United States               1 646 664 1960

All other locations        +44 20 3936 2999

Participants will be asked for their full name & Conference ID.

There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.

Replay details:

Replay Access Number:  222656

A recording will be available until Tuesday 28 June, 2022, on the company’s website at the “Webcast” link, or by using the following link: https://ige.netroadshow.com/replay/7931/borr-drilling-limited-q1-2022-results-presentation/ (https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fige.netroadshow.com%2Freplay%2F7931%2Fborr-drilling-limited-q1-2022-results-presentation%2F&data=05%7C01%7C%7C3fea68003dcd4fdd7b0308da3ff2d8ac%7C31ebe7bb76d14291a07240618335a20b%7C0%7C0%7C637892610091205189%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C2000%7C%7C%7C&sdata=pwhfElorgJoM%2FjTQixgzv3ABAHJxVOhK4JR3t1P430s%3D&reserved=0)

Borr Drilling Limited – Announcement of LOA for jack-up drilling rig

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) is pleased to announce it has secured a binding Letter of Award (“LOA”) for the premium jack-up drilling rig “Saga” from an undisclosed operator in Southeast Asia. The program is expected to commence in Q4 2022, in direct continuation of the current contract, for a duration of four years plus options.

The company has after this a contracted fleet of 20 rigs out of a total of 23 delivered rigs.

Hamilton, Bermuda

18 May 2022

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 rig contracting and extensions and exercises of options including the duration of such contracts and extensions and backlog, and other non-historical statements. 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, including risks related to actual performance under drilling contracts, the risk that backlog may not be realized, the number of rigs that will be in operation and rates that are achieved, 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. 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.

Borr Drilling Limited – Increase in share capital

Borr Drilling Limited (OSE, NYSE: BORR) has during the month of April 2022 issued 828,056 new common shares at the New York Stock Exchange under the At-The-Market program announced on July 6, 2021, at an average price of $ 4.408 per share. Following such issuance, Borr Drilling has an issued share capital of $ 15,290,150.80 divided into 152,901,508 common shares with a par value of $0.10 per share.

April 30, 2022

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

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

Borr Drilling Limited files its 2021 Annual Report on Form 20-F

Hamilton, Bermuda, April 11, 2022. Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) today files its Annual Report on Form 20-F for the Year Ended December 31, 2021 (the “2021 Annual Report”). The report is attached to this release.

The Company’s 2021 Annual Report can be downloaded from the SEC’s website (www.sec.gov) from April 11, 2021, and is also available on the Company’s website (www.borrdrilling.com). Hard copies of the Company’s 2021 Annual Report can be ordered, free of charge, upon request by writing to us at:

Borr Drilling Limited

S.E. Pearman Building, 2nd Fl,

9 Par-la-Ville Road,

Hamilton HM11,

Bermuda

Or by email to: ir@borrdrilling.com

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

Borr 2021 20-F

Borr Drilling Limited – Announcement of new contracts and extensions for jack-up drilling rigs

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) is pleased to announce it has been awarded new contracts and extensions for 5 of its premium jack-up drilling rigs. These awards increase the company’s backlog by approximately 2,530 days, excluding optional periods.

The premium jack-up drilling rig “Gunnlod” has secured a contract with an undisclosed operator in Southeast Asia. This contract is expected to commence in direct continuation of its current contract. The work will cover 11 wells with an anticipated duration of 186 days plus options.

The premium jack-up drilling rig “Mist” had options exercised by PTTEP for a total duration of approximately 3.5 months and it is now expected to remain contracted with the customer until Q4 2022.

The premium jack-up drilling rig “Saga” has secured a contract with an undisclosed operator in Southeast Asia. This contract will commence in direct continuation of its current contract and the work will cover a 1-well program with an anticipated duration of 45 days.

Additionally, the Company has secured long-term contracts in the Middle East with an undisclosed operator for 2 of its premium jack-up drilling rigs. The contracts have a firm duration of 3 years plus options each and are expected to commence in the second half of 2022.

These awards increase the company’s contracted fleet to 20 rigs out of a total of 23 delivered rigs.

Borr Drilling remains in constructive discussions with its lenders in relation to the deferral or refinancing of its debt maturing in 2023 and expects such discussions to be successfully concluded on or before June 30th, 2022.

Hamilton, Bermuda

4 April 2022

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 rig contracting and extensions and exercises of options including the duration of such contracts and extensions and backlog, statements relating to its discussions with creditors and goal to successfully conclude such discussions by June 30, 2022, and other non-historical statements. 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, including risks related to actual performance under drilling contracts, the risk that backlog may not be realized, the number of rigs that will be in operation and rates that are achieved, and risks relating to discussions with creditors including the risk that a refinancing is not agreed on terms or if a refinancing is agreed, the terms of such refinancing, the risk that the conditions for extensions of maturity and new rig delivery dates agreed with yard creditors are not met, including the condition that by June 30, 2022 Borr refinance the maturities of its other secured debt and convertible bonds until at least 2025, risks relating to covenants in debt facilities and liquidity and the risk that Borr may not be able to refinance its debt maturities beyond 2023 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. 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.

Borr Drilling Limited – Increase in share capital

Borr Drilling Limited (OSE, NYSE: BORR) has during the month of March 2022, issued 1,521,944 new common shares at the New York Stock Exchange under the At-The-Market program announced on July 6, 2021, at an average price of $3.431 per share. Following such issuance, Borr Drilling has an issued share capital of $15,207,345.20 divided into 152,073,452 common shares with a par value of $0.10 per share.

March 31, 2022

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

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

Borr Drilling Limited – Changes to the Board of Directors

Borr Drilling Limited (the “Company”) (OSE and NYSE: “BORR”) today announced the retirement of Ms Georgina Sousa as a Director and Company Secretary.

The Board would like to thank Ms. Sousa for her great contribution to the Company, serving as Director and Company Secretary of the Company since February 2019 and in her career in numerous company secretary and director roles in the Shipping and Offshore industry.

The Board would also like to take the opportunity to welcome Ms. Mi Hong Yoon who has been appointed to the Board of the Company on March 1, 2022, and will succeed Ms. Sousa as Company Secretary. Ms. Yoon was employed by Digicel Bermuda as Chief Legal, Regulatory and Compliance Officer from March 2019 until February 2022 and served as Senior Legal Counsel of Telstra Corporation Limited’s global operations in Hong Kong and London from 2009 to 2019.  Ms. Yoon graduated from the University of New South Wales with a Bachelor of Law (LLB) and the LLM in International Economic Law from the Chinese University of Hong Kong.  Ms. Yoon is an Australian citizen and a resident of Bermuda.

Hamilton, Bermuda

March 2, 2022

Borr Drilling Limited – Q4 2021 Presentation

Please find enclosed the presentation of Borr Drilling Limited’s fourth quarter 2021 results to be held on the webcast/conference call at 15:00 CET (9:00 AM New York time) on February 16, 2022.

Please note corrected timing above from initial invitation. 

In order to listen to the presentation, you may do one of the following:

a)    Webcast

Please use the following link: www.incommuk.com/customers/online with access code: 824109

b)    Conference Call

Dial in details, Participants:

Conference ID: 824109

United Kingdom           020 3936 2999

United States               1 646 664 1960

All other locations        +44 20 3936 2999

Participants will be asked for their full name & Conference ID.

There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.

Q4 2021 Presentation

Borr Drilling Limited Announces Preliminary Results for the Fourth Quarter of 2021

Hamilton, Bermuda, February 16, 2022: Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) announces preliminary unaudited results for the three and twelve months ended December 31, 2021.

Highlights Fourth Quarter of 2021

· Total operating revenues of $69.1 million, a decrease of $3.9 million (5%) compared to the third quarter of 2021

· Net loss of $46.1 million, an increase of $13.5 million compared to the loss in the third quarter of 2021

· Cash and cash equivalents of $34.9 million and restricted cash of $11.1 million at the end of the fourth quarter of 2021, a decrease of $22.9 million from the end of the third quarter of 2021

· Adjusted EBITDA of $25.0 million, an increase of $5.0 million (25%) compared to the third quarter of 2021

· Agreement with shipyards to defer $1.4 billion of debt and instalments from 2023 to 2025 subject to certain conditions

Subsequent events

· Completed $30 million equity raise in January 2022 at a price of $2.25 per share

· Secured a new contract for “Prospector 5” increasing the contracted and committed fleet to 18 rigs

· Converted the previously announced LOA/LOIs for the rigs “Norve” and “Gerd” into contracts

· Tor Olav Trøim appointed Chairman of the Board, replacing Pål Kibsgaard who remains a Director

CEO, Patrick Schorn commented:

“The current oil price in combination with a tighter oil supply/demand balance is further improving the market for shallow water offshore drilling. It is also becoming increasingly evident that the supply of rigs ready to go to work within six months is far less than the market previously anticipated. Therefore, we maintain the view that day rates will increase based on the current tender activity and available jack-up rig supply.

We currently have 18 rigs contracted and committed for future contracts. Revenues in the fourth quarter were impacted by a slight delay in start-up of new contracts from what was previously anticipated, however we remain on track to have all our available 23 rigs committed and under contract by the end of 2022. The operations in Mexico had a very good quarter, with record bareboat revenues recorded, and economic utilisation of 89%.

Regarding the refinancing efforts, we passed the first milestone in the fourth quarter with the shipyards, and we have continued the engagement with the remaining creditors. Based on the constructive nature of these discussion, we expect to report significant progress in the next quarter

The financial performance has been strong with the Adjusted EBITDA extending the positive trend to $25 million in Q4 2021, which we expect to continue improving into 2022 with more rigs being activated and commencing contracts. On Adjusted EBITDA specifically, we would, based on the current employment situation and projections for new contracts,  expect the Adjusted EBITDA run-rate to double by year end 2022. Our current expectation for full year 2022 based on the same employment assessment is to have revenues in the range of $375-$400 million and Adjusted EBITDA in the range of $115-$140 million[2]. Results for the first half of 2022 may be negatively affected by some downtime between contracts and preparing for activated rigs to commence new contacts.

The current commodity supply-demand dynamics are putting us in a unique position to capitalize on our large modern fleet – and generate premium returns on the available rigs.”

Borr Drilling Limited Q4-21 Earnings Release

Borr Drilling Limited Fleet Status Report Feb-22

Borr Drilling Limited – Invitation to webcast and conference call Q4 2021 results

Borr Drilling Limited (NYSE and OSE: BORR) plans to release its financial results for the fourth quarter 2021 on Wednesday, 16 February, 2022.

A conference call and webcast is scheduled for 14:00 CET (9:00 AM New York Time).  The earnings report and presentation will be available from the Investor Relations section on www.borrdrilling.com.

In order to listen to the presentation, you may do one of the following:

a)    Webcast

Please use the following link: www.incommuk.com/customers/online with access code: 824109

b)    Conference Call

Dial in details, Participants:

Conference ID: 842109

United Kingdom           020 3936 2999

United States               1 646 664 1960

All other locations        +44 20 3936 2999

Participants will be asked for their full name & Conference ID.

There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.

Replay details:

Replay Access Number:  011483

A recording will be available until March 9, 2022, on the company’s website at the “Webcast” link, or by using the following link: https://www.incommglobalevents.com/replay/7523/borr-drilling-limited-q4-2021-results-presentation/

Borr Drilling Limited – Changes to the Board of Directors

Hamilton, Bermuda, 7 February 2022

Current Chairman of the Board of Borr Drilling Limited (the “Company”) (OSE and NYSE: “BORR”), Paal Kibsgaard, has today informed the Board that due to other work-related commitments, he will need to step down from his role as Chairman. Mr. Kibsgaard is pleased to continue to serve as a regular Board Member.

The Board has elected Vice Chairman Tor Olav Troim, to be the new Chairman of the Board. Troim was previously Chairman for Borr Drilling from establishment of the Company until 8 October, 2019.

The Board of Directors

Borr Drilling Limited

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

Borr Drilling Limited – Increase in share capital

Reference is made to Borr Drilling Limited’s (the “Company”) (NYSE and OSE: “BORR”) stock exchange releases related to the equity offering of 13,333,333 new depository receipts to be listed on the Oslo Stock Exchange (the “Offer Shares”), representing the beneficial interests in the same number of the Company’s underlying common shares, each at a subscription price at USD 2.25 per Offer Share.

The Offer Shares were settled today, on Monday 31 January 2022, and the Company’s issued share capital has been increased by USD 1,333,333.30 to USD 15,055,150.80, divided into 150,551,508 common shares, each with a nominal value of USD 0.10 per share.

The common shares referred to herein have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration.

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

Hamilton, Bermuda, 31 January 2022

Borr Drilling Limited – Conditions for equity raise completed

Hamilton, Bermuda, 28 January 2022

Reference is made to Borr Drilling Limited’s (the “Company”) (NYSE and OSE: “BORR”) announcement 28 December 2021 relating to the subscription and allocation of a total of 13,333,333 new depository receipts (the “Offer Shares”), at a price of $2.25, raising gross proceeds of $30 million (the “Equity Offering”) related to refinancing and deferring a combined $1.4 billion debt maturities and delivery instalments from 2023 to 2025 with its shipyards.

The Company has today met all the remaining conditions listed in its announcement on 28 December 2021 for the Equity Offering. The settlement of the Offer Shares is expected to be completed on 31 January 2022. The Offer Shares will be listed on the Oslo Stock Exchange (“OSE”) upon delivery. No Offer Shares will be offered or sold in transactions on the NYSE.

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 the consents obtained from creditors including the conditions to such consents, and statements relating to the Equity Offering, conditions relating to completion of the offering and expected timing of closing of the offering. 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, including risks related to meeting the conditions for and completing the Equity Offering, risks relating to the consents obtained and meeting the conditions for such consents, the outcome of the discussions with creditors, and whether agreements will be reached by the dates mentioned herein or at all and the terms of any such agreements and other factors described in the section entitled “Risk Factors” in our 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 announcement does not constitute an offer to buy, sell or subscribe for any securities described herein. The Equity Offering has not been and will not be registered under the Securities Act of 1933 and the Offer Shares may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Borr Drilling Limited – Receives creditor consent for extension of yard debt maturities and deliveries

Hamilton, Bermuda, 26 January 2022

Reference is made to Borr Drilling Limited’s (the “Company”) (NYSE and OSE: “BORR”) announcement 28 December 2021 relating to the subscription and allocation of a total of 13,333,333 new depository receipts (the “Offer Shares”), raising gross proceeds of USD 30 million (the “Equity Offering”).

A condition for completion of the Equity Offering was obtaining such approvals and waivers deemed necessary and appropriate from the Company’s other creditors, including Hayfin and DNB Bank ASA and the other lenders in the Senior Secured Facilities (the “Facilities”) to enter into the amendment agreements with the yards for deferral of debt maturities and delivery instalments from 2023 to 2025. The Company is pleased to announce that it has today received consents from these creditors to enter into the agreements with the shipyards as per the terms agreed in December 2021.

The Company has agreed to enter into negotiations with the lenders of the Facilities and certain holders of the 3.875% Senior Unsecured Convertible Bonds due 2023 (the “Convertible Bonds”) and use its best efforts to reach a binding refinancing of the Facilities and the Convertible Bonds by 31 March 2022 and complete such refinancing by 30 June 2022.

The Company has also agreed with the lenders of the Facilities an amendment to one of its financial covenants such that its book value to equity ratio requirement will remain 25% until 30 June 2022.

“We are pleased to have reached agreements with the creditors in the Facilities for the implementation of the deferral agreements with the yards. This is an important step in order to find a long-term financing solution for Borr Drilling” says CEO Patrick Schorn in a comment.

The date of settlement of the Offer Shares is expected to be on or about 28 January 2022, subject to satisfaction of the other closing conditions referred to in the announcement made 28 December 2021. The Offer Shares will be listed on the Oslo Stock Exchange (“OSE”) upon delivery. No Offer Shares will be offered or sold in transactions on the NYSE.

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 the consents obtained from creditors including the conditions to such consents, and statements relating to the Equity Offering, conditions relating to completion of the offering and expected timing of closing of the offering. 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, including risks related to meeting the conditions for and completing the Equity Offering, risks relating to the consents obtained and meeting the conditions for such consents, the outcome of the discussions with creditors, and whether agreements will be reached by the dates mentioned herein or at all and the terms of any such agreements and other factors described in the section entitled “Risk Factors” in our 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 announcement does not constitute an offer to buy, sell or subscribe for any securities described herein. The Equity Offering has not been and will not be registered under the Securities Act of 1933 and the Offer Shares may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Borr Drilling Limited – Update on equity issuance settlement

Hamilton, Bermuda, 14 January 2022

Reference is made to Borr Drilling Limited’s (the “Company”) (NYSE and OSE: “BORR”) announcement 28 December 2021 about the subscription and allocation of a total of 13,333,333 new depository receipts (the “Offer Shares”), raising gross proceeds of USD 30 million.

As stated in the announcement, a condition for completion of the Equity Offering is board approvals by the Singaporean yards for amendments to and refinancing of the Company’s financing arrangements with the yards. The Company is expecting the board decisions of the Singaporean yards in the week of 24 January 2022 due to their current scheduling of board meetings. Therefore, the date of settlement of the Offer Shares is adjusted to be on or about 28 January 2022, subject to satisfaction of the other closing conditions referred to in the announcement 28 December 2021. The Offer Shares will be listed on the Oslo Stock Exchange (“OSE”) upon delivery. No Offer Shares will be offered or sold in transactions on the NYSE.

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 the contemplated Equity Offering, conditions relating to completion of the Equity Offering and expected timing of closing of the Equity Offering. 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, including risks related to meeting the conditions for and completing the Equity Offering, the outcome of the agreement with lenders, and ultimate outcome of planned discussions with yard and other factors described in the section entitled “Risk Factors” in our 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.

Borr Drilling Limited – Mandatory notification of trades

Reference is made to Borr Drilling Limited’s (“Borr Drilling”) (NYSE, OSE: “BORR”) stock exchange announcements of December 28, 2021, relating to the pricing of the equity offering through the subscription and allocation of a total of 13,333,333 in new depository receipts (the “Offer Shares”), representing the beneficial interests in the same number of the Company’s underlying common shares, each at a subscription price of USD 2.25 per Offer Share (equivalent to NOK 19.97 per Offer Share), raising gross proceeds of USD 30 million. The Offer Shares will be listed on Oslo Stock Exchange.

The following persons discharging managerial responsibilities (“PDMRs”) in Borr Drilling have subscribed for and been conditionally allocated the following Offer Shares at the Subscription Price:

Companies affiliated with Director and Vice Chairman Tor Olav Trøim: 1,333,333 Offer Shares. After delivery, Trøim and his affiliated parties will represent an ownership in Borr Drilling of 10,124,934 shares in the Company.

Patrick Schorn, Chief Executive Officer of Borr Drilling: 200,000 Offer Shares. After delivery, Mr. Schorn will own 1,000,000 shares in the Company. 

Magnus Vaaler, Chief Financial Officer of Borr Drilling: 10,000 Offer Shares. After delivery, Mr. Vaaler will own 65,000 shares in the Company. 

December 28, 2021

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act and article 19 of the Regulation EU 596/2014 (Market Abuse Regulation).

211228 PDMR Form

Borr Drilling Limited announces agreement to defer $1.4 billion of debt maturities and yard instalments to 2025

Hamilton, Bermuda, 27 December 2021: Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) is pleased to announce that it has reached agreements in principle with its largest creditors, the Singaporean yards, to refinance and defer a combined $1.4 billion debt maturities and delivery instalments from 2023 to 2025. This is a major step forward in the Company’s previously announced target to address its debt maturities and commitments currently due in 2023.

In return for these concessions, the Company has agreed to make cash repayments on the accrued costs and capitalised PIK interest owed to the yards during 2022 and 2023, in addition to what was agreed in the January 2021 amendments. These additional payments amount to $22.4 million at the completion of the amendment agreements for the deferral (including $6.5 million of amendment fee), expected to be in January 2022 and an additional $28.6 million payable later in 2022. It is also agreed that the payment of the remaining deferred yard costs and capitalised interest originally due in 2023 will be paid out during 2023 and 2024. In addition, regular payments of cash interest and capital costs for deferring deliveries will commence in 2023. The agreement in principle also contemplates applying a portion of future net equity offerings (approximately 35%) to repay amounts owed to the yards, first to be applied to the accrued and capitalised costs, and secondly to repay principal.

Both agreements are subject to the yards’ board approvals, expected in mid-January 2022, and the consent from the Company’s other creditors.

The Company expects to seek raising approximately $30 million in new equity to cover the incremental $22.4 million cash payments due to the shipyards at the completion of the agreements.

Based on the contracted backlog, expected roll-over of current contracts and additional contract awards through 2022, Borr Drilling expects to have at least 18 rigs operating mid 2022, generating a significantly higher level of Adjusted EBITDA compared to the $20 million reported in the third quarter 2021 with 13 rigs operating. The new debt structure with no scheduled debt amortisation to the yards and reasonable interest cost level until 2025 secures a low cash break even for the Company.

“Borr Drilling is very appreciative of the support received from its main creditors. It is a testament to the trust placed in Borr Drilling, and confidence in the recovery of the market we now see unfolding. With a very large portion of the debt now being deferred, strong operational performance on our 18 rigs contracted and the expected further improvements in Adjusted EBITDA, we are positioned to fully benefit from a recovery in the jack-up drilling market. We believe that the current transaction benefits all stake-holders, creating a long-term solution with upside for both debt and equity holders” says CEO Patrick Schorn

This agreement in principle with the yard, if approved, contemplates that Borr Drilling will refinance maturities of its Senior Secured Credit Facilities and Hayfin facilities and convertible bonds to mature in 2025 or later and if such refinancing is not complete by June 2022, the refinancing of maturities and delivery deferrals will revert to the current schedule.  Borr Drilling will continue to engage with these lenders to find a solution to defer or refinance the remaining debt maturities currently due in 2023, giving the Company a complete long-term financing solution.

Hamilton, Bermuda

27 December 2021

Forward looking statements

This announcement includes forward looking statements, which may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will”, “likely” and similar expressions and include statements with respect to the agreement in principle with the yards, including the expected terms and conditions of such agreement in principle, expected payments to the yards under such agreement in principle, the expected approval of such agreement by the boards of directors of the yards, the plan to seek an equity raise and the intended amount of such raise and expected conditions of such a raise, expected Adjusted EBITDA in 2022, our expectation that we will be able to benefit from an expected recovery in the market, the expectation that this agreement in principle with the yards will create the basis for a long term solution with upside for debt and equity and other expected benefits of the agreement in principle with lenders and our plan to seek an agreement with other creditors and other non-historical statements.  The forward-looking statements in this announcement 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, including risks relating to the agreement in principle with the yards,  including the risk that board approvals for the agreements above are not obtained, the risk that we are unable to obtain necessary consents from other creditors, raise the required equity or reach final agreement and execute definitive documentation with the yards for this agreement in principle and risks relating to the final terms of such agreements, risks relating to meeting conditions to these agreements, including the payment requirements of these agreements, the risk that we may not be able to refinance our Senior Secured Credit and Hayfin facilities and convertible notes  required a condition to this agreement with the yards, risks relating to the contemplated equity raise risks relating to our liquidity including the risk that we may have insufficient liquidity to fund our operations,  risks relating to business and industry including industry conditions, the risks that actual results will be lower than those anticipated, risks relating to cash flows from operations, the risk that we may be unable to raise necessary funds through issuance of additional debt or equity or sale of assets and the risk that future equity raises will dilute existing shareholders, risks relating to our debt instruments including risks relating to our ability to comply with covenants and obtain any necessary waivers including risks relating to the covenant waiver under the Senior Secured Credit facility which extends to the end of March 2022 including risks associated with obtaining an extension of such waiver and the risk of cross defaults, risks relating to our ability to meet our debt obligations and obligations under rig purchase contracts 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, 2020 and prospectuses filed with the Norwegian NSA.

This announcement does not constitute an offer to buy, sell or subscribe for any securities described herein. The equity raise referenced herein has not been and will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Borr Drilling Limited – Announcement of contract and letter of award for jack-up drilling rigs

Borr Drilling Limited (NYSE and OSE: “BORR”) is pleased to announce it has secured a contract for the premium jack-up drilling rig “Norve” with BW Energy for work in Gabon. The contract is expected to commence in the second half of 2022 after the completion of the rigs current contract. The work will cover 4 firm wells with an anticipated duration of 240 days plus options.

Additionally, the Company has secured a binding Letter of Award (“LOA”) for the premium jack-up drilling rig “Thor” from an undisclosed operator in Southeast Asia. The program is expected to commence in June 2022 for a duration of one year plus options.

Hamilton, Bermuda

17 December 2021

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as “expected”, “will”, “anticipated” and similar expressions and include statements relating to the commencement and duration of contracts for rigs and other non-historical matters. Such forward-looking statements are subject to risks, uncertainties 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 factors described in the section entitled “Risk Factors” in our prospectuses and filings with the Securities and Exchange Commission. 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.

Borr Drilling Limited (BDRILL) – Reverse share split information

Reference is made to announcements from Borr Drilling Limited (the “Company”) as of December 7, 2021 and December 10, 2021. The shares in the Company will today be traded ex reverse split with new ISIN BMG1466R1732 and new par value. Ratio: 2 old shares give 1 new share.

Following completion of the reverse share split and adjustment for fractional shares, the new number of issued shares of the Company will be 137,218,175, each with a par value of USD 0.10, and the new share capital will be USD 13,721,817.50.

December 14, 2021

Borr Drilling Limited

Hamilton, Bermuda

This information is published in accordance with the requirements of the Continuing Obligations and applies to shares listed on Oslo Stock Exchange.

Borr Drilling Limited (BORR) – Key information relating to the reverse share split to be carried out by BORR

Date on which the corporate action was made public: December 7, 2021

Reverse split ratio: 2 shares with a par value USD 0.05 give 1 new share with a par value USD 0.10

Last day including: December 13, 2021 (trading inclusive right of reverse split)

Ex-date: December 14, 2021 (trading exclusive right of reverse split)

Record date: December 15, 2021

Date of approval: December 7, 2021

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

This information is published in accordance with the requirements of the Continuing Obligations and applies to shares listed on Oslo Stock Exchange. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited – Reverse share split

December 7, 2021 – Borr Drilling Limited (the “Company”) refers to the announcement issued June 29, 2021 regarding the notice from the New York Stock Exchange (“NYSE”) that the Company was not in compliance with the NYSE continued listing standard as the average closing price of its common shares had fallen below $1.00 per share over a period of 30 consecutive trading days.

Today, the Company announces that its Board of Directors has approved a 2-to-1 reverse share split of the Company’s shares (the “Reverse Split”) in order to cure this non-compliance.

Upon effectiveness of the Reverse Split, every two shares of the Company’s issued and outstanding common shares, par value USD 0.05 per share, will be automatically combined into one issued and outstanding common share, par value USD 0.10 per share. The current issued and outstanding shares of 274,436,351 will be consolidated into approximately 137,218,176 shares (subject to adjustment for fractional shares), and the share capital will remain identical to the pre-Reverse Split amount of $13,721,817.55.

The last trading day before the effective date (last day including rights) will be on December 13, 2021 (T). Trading on a Reverse Split adjusted basis (ex-date) will be on December 14, 2021 (T+1). The record date will be December 15, 2021 (T+2). The new ISIN number for the common shares after the Reverse Split is BMG1466R1732.

Shareholders who would otherwise hold a fractional share of the Company’s common shares in connection with the Reverse Split will receive cash payment equal to the closing price per share for the Company’s shares on OSE and NYSE, respectively, on the last trading day prior to the ex-date for the Reverse Split. The cash payment is expected to be made to eligible shareholders during the week starting January 3, 2022.

The Company’s Senior Unsecured Convertible Notes 2018/2023 conversion price will change from USD 31.7946 per share to USD 63.5892 per share as a result of the Reverse Split.

December 7, 2021

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

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

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. including statements about the reverse share split, including timing of relevant dates for implementation of the reverse share split and other information relating to the share split and the adjustment to the conversion price of the convertible bonds and other non-historical matters. These forward-looking statements are subject to significant risks, uncertainties, contingencies and factors that may cause actual results or achievements to be materially different from those expressed or implied by the forward-looking statements including risks related to the implementation of the reverse share split and other risks described in our most recent Annual Report on Form 20-F and other filings with the US Securities and Exchange Commission. The forward-looking statements made in this press release speak only as of the date of this press release. Except as required by law, we undertake 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.

Borr Drilling Limited – Q3 2021 Presentation

Please find enclosed the presentation of Borr Drilling Limited’s third quarter 2021 results to be held on the webcast/conference call at 14:00 CET (9:00 AM New York time) on November 5, 2021. 

In order to listen to the presentation, you may do one of the following:

a)    Webcast

Please use the following link: www.incommuk.com/customers/online with access code: 286812

b)    Conference Call

Dial in details, Participants:

Conference ID: 286812

Norway, Oslo               81 503 308

United Kingdom           020 3936 2999

United States               1 646 664 1960

All other locations        +44 20 3936 2999

Participants will be asked for their full name & Conference ID.

There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.

Q3 2021 Presentation

Borr Drilling Limited Announces Preliminary Results for the Third Quarter of 2021

Hamilton, Bermuda, November 5, 2021: Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) announces
preliminary unaudited results for the three and nine months ended September 30, 2021.

Highlights third quarter of 2021
• Total operating revenues of $73.0 million, an increase of $18.2 million (33%) compared to the second quarter of
2021
• Net loss of $32.6 million, an improvement of $27.3 million compared to the second quarter of 2021
• Cash and cash equivalents at the end of the third quarter of 2021 was $68.9 million, an increase of $36.5 million
from the end of the second quarter of 2021
• Adjusted EBITDA of $20.0 million, an increase of $16.3 million (441%) compared to the second quarter of 2021
• Awarded 32 new contracts, extensions, exercised options and LOA/LOIs year-to-date, representing 7,929 days
and $668 million of potential backlog including contracts through its Drilling JVs and mobilization compensation

Subsequent events
• Secured new LOAs for the rigs “Idun” and “Groa” and a contract for “Ran” amounting to a total of approximately
3.4 years of backlog and increasing the contracted and committed fleet to 17 rigs
• Converted the previously announced LOA/LOIs for the rigs “Mist”, “Gunnlod” and “Gerd” into contracts

CEO, Patrick Schorn commented:

“We are pleased with the performance in the third quarter of 2021, marking a significant milestone in the operational
turnaround efforts led by our teams around the world. Our 13 operating rigs provided solid EBITDA and positive cash
flows in the quarter. The cash position is further positively impacted by the sale of our integrated well services joint
ventures and streamlining our Mexico operations.

Since our last report in August, we have continued adding backlog with currently 17 rigs being contracted or
committed which will lead to three additional warm stacked rigs being activated. We see stronger customer demand
for our rigs through a higher frequency of commercial discussions and tendering in recent months. Coupled with the
increase in recent tenders for multi-year, multi-rig contracts, this leads us to expect utilization levels to improve rapidly.
Our strong operational performance, customer reach and fleet availability uniquely places Borr Drilling in a position to
benefit from this strengthening market and we remain on track to fully contract our fleet of 23 delivered rigs by 2022.

Management has continued its engagement with various creditors with the aim to address the 2023 debt maturities.
Currently we are in advanced discussions with one of the significant creditors, having arrived at a commonly
understood framework to extend commitments substantially beyond 2023. This is subject to certain conditions,
including board approval of each respective company as well as reaching acceptable concessions from other creditor
groups.

With a continued increase in the number of active rigs and an upward adjustment of the 2022 E&P capex budgets, we
are confident in our ability to further improve our financial performance. This improvement will also provide a
foundation ultimately leading to a solution for the 2023 maturities that will benefit all stakeholders.”

The full report and primary financial statements are available in the files enclosed to
this release.

November 5, 2021
The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda
Questions should be directed to:
Magnus Vaaler: CFO, +44 1224 289208

Borr Drilling Limited Earnings Release Q3 2021

Borr Drilling Limited Fleet Status Report Q3 2021

Borr Drilling Limited – Invitation to webcast and conference call Q3 2021 results

Borr Drilling Limited (NYSE and OSE: BORR) will release its financial results for the third quarter 2021 on Friday, November 5, 2021.

A conference call and webcast will be held at 14:00 CET (9:00 AM New York Time).  The earnings report and presentation will be available from the Investor Relations section on www.borrdrilling.com.

In order to listen to the presentation, you may do one of the following:

a)    Webcast

Please use the following link: www.incommuk.com/customers/online with access code: 286812

b)    Conference Call

Dial in details, Participants:

Conference ID: 286812

Norway, Oslo               81 503 308

United Kingdom           020 3936 2999

United States               1 646 664 1960

All other locations        +44 20 3936 2999

Participants will be asked for their full name & Conference ID.

There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.

Replay details:

Replay Access Number:  897146

A recording will be available until December 3, 2021 on the company’s website at the “Webcast” link, or by using the following link: https://www.incommglobalevents.com/replay/7056/borr-drilling-limited-q3-2021-results-presentation/

Borr Drilling Limited – Announcement of Letter of Award for jack-up drilling rig

Borr Drilling Limited (NYSE and OSE: “BORR”) is pleased to announce it has secured a Letter of Award (“LOA”) for the premium jack-up drilling rig “Mist” from an undisclosed operator in Southeast Asia. The program is expected to commence in November 2021 with a duration of seven months plus options. The net start-up cash cost for the rig is expected to be $1.75 million. This LOA, which is expected to be converted into a contract shortly, will increase the company’s contracted fleet to 15 rigs.

Hamilton, Bermuda

02 September 2021

 

Questions should be directed to:

Magnus Vaaler, Chief Financial Officer, +44 1224 289208

 

Forward looking statements:

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as “expected”, “will” and similar expressions and include statements relating to the commencement and duration of contracts of rigs, start-up cash costs and other non-historical matters. Such forward-looking statements are subject to risks, uncertainties 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 factors described in the section entitled “Risk Factors” in our prospectuses and filings with the Securities and Exchange Commission. 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.

Borr Drilling Limited – Q2 2021 Presentation

Please find enclosed the presentation of Borr Drilling Limited’s second quarter 2021 results to be held on the webcast/conference call at 15:00 CET (9:00 AM New York time) on August 31, 2021. 

In order to listen to the presentation, you may do one of the following:

a)    Webcast

Please use the following link: www.incommuk.com/customers/online with access code: 481367

b)    Conference Call

Dial in details, Participants:

Conference ID: 481367

Norway, Oslo               81 503 308

United Kingdom           020 3936 2999

United States               1 646 664 1960

All other locations        +44 20 3936 2999

Participants will be asked for their full name & Conference ID.

There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.

Q2 2021 Presentation

Borr Drilling Limited Announces Preliminary Results for the Second Quarter of 2021

Hamilton, Bermuda, August 31, 2021: Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) announces preliminary unaudited results for the three and six months ended June 30, 2021.

Highlights second quarter of 2021

· Total operating revenues of $54.8 million, an increase of 13% compared to the first quarter of 2021
· Net loss of $59.9 million, an increase of $5.5 million compared the first quarter of 2021, impacted by a $21.7 million decrease in income from equity method investments, mainly related to the IWS JVs in Mexico
· Adjusted EBITDA of $3.7 million, an increase of $14.4 million compared to the first quarter of 2021
· In June, entered into a MoU to sell the Company’s ownership in the IWS JVs to streamline Mexico operations and improve liquidity. The transaction was completed in August 2021 and released $26.5 million net in cash
· Substantially improved cash collections from Pemex to our Mexico JVs
· In late August 2021, the Company entered into two LOA/LOIs which have previously not been announced for two rigs in West Africa for a total duration of two years plus options
· In 2021 to the date of this report, the Company has been awarded 28 new contracts, extensions, exercised options and LOA/LOIs, representing 6,398 days of potential backlog and $542 million in revenues, excluding unexercised optional periods

CEO, Patrick Schorn commented:

“We have seen a steady improvement in operations during the second quarter of 2021 with 13 rigs working at quarter end. Following our significant contract wins year to date, we have added approximately $542 million in revenues to our backlog. In our fleet we have an additional ten delivered rigs that can be deployed in an improving market, and a further five rigs still to be delivered by the Keppel FELS shipyard.

Based on ongoing negotiations expected to be concluded in the coming weeks, we anticipate having 17 rigs operating and generating revenue by year end. Against a backdrop of elevated oil prices, rig demand reverting to and outpacing pre-pandemic levels and rig supply naturally reducing, we are well positioned to benefit from the current environment, and on the way to having all of our 23 delivered rigs working by the end of 2022. The Company should generate positive cash from operations after paying cash interest cost at the current level of 13 rigs operating at contracted rates for a full quarter. This provides us with a solid foundation going forward.

Following improved collections in our Mexican joint ventures and the sale of our stake in the integrated well services joint ventures (“IWS JVs”), we have received $42.4 million from our Mexico operations year to date. The transaction has allowed us to release working capital while simultaneously securing additional work for our five rigs in the country until the end of 2022. Due to a substantial improvement in collections from Pemex in Mexico during 2021, combined with the new arrangement whereby we participate only in joint ventures providing drilling services, we expect increased regularity of cash payments from our Mexico JVs.

The resulting liquidity improvement from the release of cash in Mexico coupled with cash from operations and encouraging market signals means that both management and the board are focusing on further improving our capital structure post 2023. Specific initiatives have been taken with the target of securing a long-term capital structure solution. We expect these, in combination with additional rig activations and rigs in operation, to further strengthen our operating cash flows and financial position going forward.”

Management Discussion and Analysis 

The discussion below compares the results of the second quarter of 2021 to the results of the first quarter of 2021.

In $ million  Q2 – 2021 Q1 – 2021 Change ($) Change (%)
Total operating 54.8 48.4 6.4 13%
revenues
Rig operating and (47.4) (48.8) 1.4 (3)%
maintenance expenses
General and (7.8) (11.7) 3.9 (33)%
administrative expenses
Total operating (81.6) (88.9) 7.3 (8)%
expenses
Adjusted EBITDA 3.7 (10.7) 14.4 –
Income / (loss) from (5.7) 16.0 (21.7) –
equity method
investments
Net loss (59.9) (54.4) (5.5) 10%

Cash and cash 32.4 49.0 (16.6) (34)%
equivalents
Total equity 973.5 1,027.9 (54.4) (5)%

Three months ended June 30, 2021 compared to the three months ended March 31, 2021

Total operating revenues for the second quarter of 2021 were $54.8 million, an increase of $6.4 million compared to the first quarter of 2021, consisting of $49.4 million in dayrate revenues and $5.4 million in related party revenues. Dayrate revenues increased by $2.0 million quarter on quarter due to more rig operating days for the rigs “Prospector 1”, “Norve” and “Idun” as a result of commencing contracts, offset by less operating days for “Mist” as it ended its contract in the second quarter, as well as a lower dayrate for “Gunnlod” and less operating days for “Natt”. Related party revenues from the Company’s JVs in Mexico increased by $4.4 million quarter on quarter as the amendment of the joint venture agreements in the first quarter of 2021 did not impact the second quarter, with the increase partly offset by an increase in standby time on two rigs during the second quarter.

Rig operating and maintenance expenses were $47.4 million for the second quarter of 2021, a decrease of $1.4 million compared to $48.8 million for the first quarter of 2021.

General and administrative expenses were $7.8 million for the second quarter of 2021, a decrease of $3.9 million compared to the first quarter of 2021. The decrease is mainly due to lower corporate overhead costs as well as lower legal costs, which in the first quarter of 2021 were related to amendments to our credit agreements.

Adjusted EBITDA for the second quarter 2021 was $3.7 million, an increase of $14.4 million compared to the first quarter of 2021.

The full report and financial statements are available in the files enclosed to this release. 

August 31, 2021

Hamilton, Bermuda

Questions should be directed to:

Magnus Vaaler, Chief Financial Officer, +47 22 48 30 00

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

Q2 2021 Earnings Release

Fleet Status Report AUGUST 2021

Q2 2021 6-K

Borr Drilling Limited – Invitation to webcast and conference call Q2 2021 results

Borr Drilling Limited (NYSE and OSE: BORR) will release its financial results for the second quarter 2021 on Tuesday, August 31, 2021.

A conference call and webcast will be held at 15:00 CET (9:00 AM New York Time).  The earnings report and presentation will be available from the Investor Relations section on www.borrdrilling.com.

In order to listen to the presentation, you may do one of the following:

a)    Webcast

Please use the following link: www.incommuk.com/customers/online with access code: 481367

b)    Conference Call

Dial in details, Participants:

Conference ID: 481367

Norway, Oslo               81 503 308

United Kingdom           020 3936 2999

United States               1 646 664 1960

All other locations        +44 20 3936 2999

Participants will be asked for their full name & Conference ID.

There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.

Replay details:

Replay Access Number:  377358

A recording will be available until September 28, 2021 on the company’s website at the “Webcast” link, or by using the following link: https://www.incommglobalevents.com/replay/6684/borr-drilling-limited-q2-2021-results-presentation/

Borr Drilling Limited – Grant of share options

Bermuda, 12 August 2021: The board of directors of Borr Drilling Limited (the “Company”) (OSE and NYSE “BORR”) has resolved to grant 10,300,000 share options under the Company’s approved share option scheme to 23 of its employees, including two persons discharging managerial responsibilities (“PDMRs”) as defined by the Market Abuse Regulation.

Each share option gives the right to subscribe for one share in the Company. The options will have a strike price of $1.00 which compares to a current market price of $0.70. The options will vest equally over a three-year period commencing two years from the date of grant and will expire after five years.

The following PDMRs have been granted options:

· Patrick Schorn – Chief Executive Officer –2,400,000 options
· Magnus Vaaler – Chief Financial Officer – 1,100,000 options

The board of directors, through this multi-year option grant, aims to establish an incentive reward that creates the optimum long-term alignment between the Company’s shareholders and management.

Please see the attached form of notification and public disclosure by primary insiders.

This information is subject to the disclosure requirements in article 19 of the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act.

PDMR Forms

Borr Drilling Limited – Announcement of Letter of Award for jack-up drilling rig

Borr Drilling Limited (NYSE and OSE: “BORR”) is pleased to announce it has secured a Letter of Award (“LOA”) for the premium jack-up drilling rig “Gunnlod” from an undisclosed operator in Malaysia. The program is expected to commence in Q4 2021 in direct continuation of the rig’s current contract with an approximate duration of 105 days. This LOA, which is expected to be converted into a contract shortly, will maintain the rig contracted over the monsoon season in South East Asia and into Q1 2022, when additional employment opportunities should be available for the rig.

Hamilton, Bermuda

11 August 2021

 

Forward looking statements: 

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as “expected”, “will”, “should” and similar expressions and include statements relating to the commencement of contracts of rigs, expected backlog and other non-historical matters. Such forward-looking statements are subject to risks, uncertainties 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 factors described in the section entitled “Risk Factors” in our prospectuses and filings with the Securities and Exchange Commission. 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.

Borr Drilling Limited – Announcement of Letter of Award for jack-up drilling rig

Borr Drilling Limited (“Borr Drilling”) (NYSE and OSE: “BORR”) is pleased to announce that it has received a Letter of Award from an international oil company for additional work in Mexico. The program is expected to commence in the second quarter of 2022 for a duration of approximately 150 days, adding revenues of USD 15.7 million.  

Hamilton, Bermuda 

22 July 2021 

 

Forward looking statements:  

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as “potentially”, “expected” and “will” and similar expressions and include statements relating to the commencement of contracts of rigs, expected backlog and other non-historical matters. Such forward-looking statements are subject to risks, uncertainties 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 factors described in the section entitled “Risk Factors” in our prospectuses and filings with the Securities and Exchange Commission. 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. 

Borr Drilling Limited – Notification of PDMR Trades

Borr Drilling Limited (the “Company”) has: (i) allocated and will deliver 96,785 of the Company’s shares, held in treasury and listed on Oslo Stock Exchange, to four persons discharging managerial responsibilities (“PDMRs”), as defined by the Market Abuse Regulation in their capacity as directors, constituting part of their remuneration; and (ii) received corresponding trade notifications from the PDMRs:

Paal Kibsgaard, Director and Chairman: 12,500 shares, constituting part of his remuneration for Q1 2021. After delivery Mr. Kibsgaard, with close associates, will own 1,125,000 shares in the Company. 

A company affiliated with director and Vice Chairman Tor Olav Trøim: 25,934 shares, constituting part of his remuneration for Q1 2021. After delivery Mr. Trøim, with close associates, will own 17,783,203 shares in the Company.  

Kate Blankenship, Director: 32,417 shares, constituting part of her remuneration for Q1 2021. After delivery Mrs. Blankenship, with close associates, will own 360,018 shares in the Company. 

Neil Glass, Director: 25,934 shares constituting part of his remuneration for Q1 2021. After delivery Mr. Glass, with close associates, will own 232,205 shares in the Company. 

The transfer value of the transferred shares has been set to the closing trading price of the Company’s share on New York Stock Exchange at 31 March 2021, which was USD 0.964.

Bermuda 14 July 2021

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

210714 PDMR Form

Borr Drilling Limited – Notification of PDMR trade

Borr Drilling Limited (the “Company”) has today received trade notification from the following person discharging managerial responsibilities (“PDMRs”):

Kate Blankenship, Director of Borr Drilling, purchased 40,000 shares on NYSE at a price of USD 0.8325 per share. Following the purchase, Mrs. Blankenship, with close associates, owns 327,601 shares in the Company. 

July 12, 2021

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to 5-12 of the Norwegian Securities Trading Act and article 19 of the Regulation EU 596/2014 (Market Abuse Regulation).

210712 PDMR Form

Borr Drilling Limited – Notification of PDMR trades

Borr Drilling Limited (the “Company”) has today received trade notifications from the following persons discharging managerial responsibilities (“PDMRs”):

Paal Kibsgaard, Chairman of the Borr Drilling’s Board of Directors has purchased 300,000 shares on NYSE at a price of 0.8003 per share. Following the purchase, Mr. Kibsgaard, with close associates, owns 1,112,500 shares in the Company. 

Neil Glass, Director of Borr Drilling has purchased 31,290 shares on NYSE at a price of USD 0.77766 per share. Following the purchase, Mr. Glass, with close associates, owns 206,371 shares in the Company. 

July 8, 2021

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to 5-12 of the Norwegian Securities Trading Act and article 19 of the Regulation EU 596/2014 (Market Abuse Regulation).

210709 PDMR Form

Borr Drilling Limited – Notification of PDMR trades

Borr Drilling Limited (the “Company”) has today received trade notifications from the following persons discharging managerial responsibilities (“PDMRs”) as defined by the Market Abuse Regulation in their capacity as directors and officers:

Director and Vice Chairman Tor Olav Trøim has purchased 200,000 shares on NYSE at a price of USD 0.7938 per share. Following the purchase, Mr. Trøim and his affiliated parties represent an ownership of 17,757,269 shares in the Company.

Patrick Schorn, Chief Executive Officer of Borr Drilling has purchased 100,000 shares on NYSE at a price of USD 0.8030 per share. Following the purchase, Mr. Schorn, with close associates, owns 1,600,000 shares in the Company. 

Magnus Vaaler, Chief Financial Officer of Borr Drilling has purchased 25,000 shares at a price of NOK 6.9826 per share on the Oslo Stock Exchange. Following the purchase, Mr. Vaaler, with close associates, owns 110,000 shares in the Company. 

July 8, 2021

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to 5-12 of the Norwegian Securities Trading Act and article 19 of the Regulation EU 596/2014 (Market Abuse Regulation).

210708 PDMR Form

Borr Drilling Limited – Investor Presentation and webcast/conference call

Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) has today released an investor presentation enclosed to this release and on the Company’s website www.borrdrilling.com

The management of the Company will host a conference call and webcast in connection with the release of the presentation at 15:00 CET (9:00 AM New York Time) on Wednesday 7 July 2021.

In order to listen to the presentation, you may do one of the following:

a. Webcast

Please use the following link: www.incommuk.com/customers/online with access code: 678553

b. Conference Call

Dial in details, Participants:

Conference ID: 678553

Norway: 81 503 308

United Kingdom: 020 3936 2999

United States: 1 646 664 1960

All other locations: +44 20 3936 2999

Participants will be asked for their full name & Conference ID.

There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.

Replay details:

Replay Access Number:  577398

A recording will be available until August 4, 2021 on the company’s website at the “Webcast” link, or by using the following link: https://www.incommglobalevents.com/replay/6428/borr-drilling-limited-investor-presentation/

Investor presentation July 2021

Borr Drilling Limited – Announces At-The-Market Offering of up to $40 Million

Hamilton, Bermuda, July 6, 2021. Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) announces today that it has established an “at-the-market program” and entered into an Equity Distribution Agreement with Clarksons Platou Securities, Inc., as our sales agent, dated July 6, 2021 under which we may offer and sell from time to time up to $40 million of our common shares to be listed on the New York Stock Exchange.

In accordance with the terms of the Equity Distribution Agreement, the Company may offer and sell its common shares at any time and from time to time through Clarksons Platou Securities, Inc. as its sales agent. The sales agent may act as an agent on our behalf or purchase shares of our common shares as a principal.  Sales of our common shares, if any, may be made in ordinary brokers’ transactions through the New York Stock Exchange at market prices or in block transactions or as otherwise agreed between the Company and Clarksons Platou Securities, Inc. as sales agent. The securities may be sold at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices. No common shares will be offered or sold on Oslo Stock Exchange.

The Board does not currently anticipate to sell any shares under the ATM program at this point in time, however the facility has been set up to provide the Company with flexibility going forward, including as markets improve.

The Company plans to use the proceeds from these sales, if any, for general corporate purposes, which may include, among other things, payments on our debt obligations, which may include in the future payments to our creditors in return for potential concessions or extensions of current facilities, capital expenditures, including costs in connection with activations and re-activations of rigs being brought into operations, or funding of our working capital. 

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The common shares will be offered and sold pursuant to the Company’s registration statement on Form F-3 (333-254525) and a related prospectus and prospectus supplement dated July 6, 2021. Copies of the prospectus and prospectus supplement relating to the offering may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov or from the offices of the Company at S. E. Pearman Building, 2nd Floor, 9 Par-la-Ville Road, Hamilton HM11 Bermuda, Attention: Investor Relations.

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

About Borr Drilling Limited

Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the Oslo Stock Exchange on August 30, 2017 and on the New York Stock Exchange on July 31, 2019 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 contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by words or phrases such as “may,” “will,” “anticipate,” “plan,” “as markets improve,” or other similar expressions. These forward-looking statements include statements about plans and relating to our “at-the-market program” and the statement that the Board of Directors does not currently anticipate to sell any common shares under the “at-the-market program” at this point in time, statements relating to use of proceeds from the sales and other non-historical statements.

The forward-looking statements included in this press release are subject to significant risks, uncertainties, contingencies and factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements including risks related to the conduct of the “at-the-market program”, including the timing and amount of any purchases under such program, the use of proceeds and other risks described in our most recent Annual Report on Form 20-F and other filings with the US Securities and Exchange Commission (SEC).

The forward-looking statements made in this press release speak only as of the date of this press release. Except as required by law, we undertake 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.

July 6, 2021

The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda

Contact:
Magnus Vaaler: CFO, +47 22483000

Borr Drilling Limited – Notice from NYSE regarding Continued Listing Standard

June 29, 2021, Borr Drilling Limited (the “Company” or “Borr”) (NYSE: BORR, OSE: BDRILL) announces that the Company has received written notice from the New York Stock Exchange (the “NYSE”) that the Company is not in compliance with the NYSE continued listing standard with respect to the minimum average share price required by the NYSE because the average closing price of its common shares had fallen below $1.00 per share over a period of 30 consecutive trading days.

Under the NYSE rules, the Company can regain compliance with this standard and cure this deficiency if, during the six-month period following receipt of the NYSE notice, on the last trading day of any calendar month or on the last trading day of this six-month cure period, the Company’s common shares have a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30-trading day period ending on the last trading day of that month or the last trading day of the cure period, which for the Company means December 4, 2021.

The Company has responded to the NYSE to confirm its intent to cure this non-compliance. During this period, the Company’s common shares will continue to be traded on the NYSE subject to the Company’s compliance with other applicable NYSE listing requirements.

Hamilton, Bermuda,

June 29, 2021

Forward looking statements

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as “plan”, “may”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions and include statements relating to the notice from the NYSE as to non-compliance with the minimum price rule and the Company’s plan to regain compliance, and other non-historical statements. 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, including risks related to the Company’s ability to be able to regain compliance with NYSE rules and maintain its listing on the NYSE and other factors described in the section entitled “Risk Factors” in our 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 subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited – 2021 AGM Results Notification

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR) advises that the 2021 Annual General Meeting of the Company was held on June 24, 2021 at 09:30 ADT at 2[nd] Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda.  The audited consolidated financial statements for the Company for the year ended December 31, 2020 were presented to the Meeting.

The following resolutions were passed:

1. To re-elect Paal Kibsgaard as a Director of the Company.
2. To re-elect Tor Olav Trøim as a Director of the Company.
3. To re-elect Alexandra Kate Blankenship as a Director of the Company.
4. To re-elect Georgina E. Sousa as a Director of the Company.
5. To re-elect Neil J. Glass as a Director of the Company.
6. To approve the increase of the Company’s authorized share capital from US$14,500,000.00 divided into 290,000,000 common shares of US$0.05 par value each to US$18,000,000.00 divided into 360,000,000 common shares of US$0.05 par value each by the authorization of an additional 70,000,000 common shares of US$0.05 par value each.
7. To re-appoint PricewaterhouseCoopers LLP as auditors and to authorize the Directors to determine their remuneration.
8. To approve remuneration of the Company’s Board of Directors of a total amount of fees not to exceed US$1,200,000 for the year ended December 31, 2021.

Hamilton, Bermuda

June 24, 2021
 

Borr Drilling Limited – Entering MoU to streamline Mexico operations and improve liquidity

June 15, 2021: Borr Drilling Limited (the “Company”, “Borr Drilling”) (NYSE and OSE: “BORR) has five rigs working for joint ventures which are jointly owned with our Mexican partner providing integrated well services for Pemex. The services commenced in May 2019 and have provided Pemex with an incremental production of approximately 125,000 barrels of oil per day from 21 wells drilled so far. In our most recent meeting with Pemex management we have received a very favourable review of the performance and the cost efficiency of this operation. The integrated well services joint ventures have received a request for extension of this program, which in turn is expected to employ the five Borr Drilling rigs until the end of 2022.

In connection with this extension, the Company and our Mexican partner have entered into a Memorandum of Understanding (“MoU”) to make certain changes in the structures of the joint ventures, where our Mexican partner will buy Borr Drilling’s 49% stake of the integrated services JVs Opex and Akal (the “IWS JVs”). The transaction is expected to free up a gross amount of $28 million for Borr Drilling, representing historic profits in the IWS JVs and some settlements of other payables, which is incremental to the dayrate earnings resulting from the provision of drilling services.

Simultaneously, Borr Drilling will acquire an incremental 2% stake of the joint ventures performing drilling services (the “Drilling JVs”) from the Mexican partner, and by that hold a 51% majority ownership position. The Drilling JVs will continue to earn day rates from its main customers Opex and Akal through regular drilling contracts.  This will streamline the Company’s Mexican operation, reduce our risk, and over time lead to a more stable cash-flow. The Company expects to close the transaction within the third quarter of 2021.

As of the end of Q1 2021, Borr Drilling reported a receivable balance of $30.3 million from its related parties, mainly representing bareboat revenue and other earnings due from the Drilling JVs. In addition, the Drilling JVs has a positive working capital balance and retained profits attributable to Borr Drilling. The $28 million gross settlement for the transaction is in addition to this amount.

The cash generated by the Company’s 13 operating rigs is expected to cover the finance, stacking and G&A cash cost for the third quarter 2021. Additionally, with improved regularity in payments from Pemex, continued operation of Borr Drilling’s rigs in Mexico until 2022, the proceeds from the sale of the IWS JVs, and an overall activity for the Company in excess of 13 rigs should provide the Company with sufficient liquidity runway until the current debt maturities in 2023. The Company is also optimistic about re-activations of additional warm stacked rigs due to improved market conditions.

Hamilton, Bermuda

15 June 2021

 

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as “potentially”, “expected”, “should” and “will” and similar expressions and include statements relating to the commencement of closing of the transaction, receivable balances, retained profit and working capital, gross settlement, the operating margin of 13 operating rigs to cover the finance, stacking and G&A cash costs for the third quarter 2021, regularity of payments from Pemex, contracts of rigs, sufficient liquidity runway until the current debt maturities in 2023, improved market conditions and other non-historical matters. Such forward-looking statements are subject to risks, uncertainties 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 factors described in the section entitled “Risk Factors” in our prospectuses and filings with the Securities and Exchange Commission. 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.

Borr Drilling Limited Announces Trading Update Including Key Financial Information For First Quarter 2021

Hamilton, Bermuda, May 31, 2021: Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) announces preliminary unaudited results for the three months ended March 31, 2021.

Highlights

· Total operating revenues of $48.4 million, net loss of $58.1 million and Adjusted EBITDA of $(10.6) million for the first quarter of 2021. 
· Total operating revenues includes a reduction of related party revenues of $9.2 million recorded in the first quarter of 2021 relating to prior periods, following an amendment of our Mexican JV agreements regulating the treatment of standby rates charged for our rigs operating in the JVs. Without this reduction for prior periods, the Adjusted EBITDA would have been $(1.4) million for the quarter.
· On January 22, 2021, we completed an equity offering raising total proceeds of $46 million. 
· In January, the Company finalized the terms and executed agreements with certain of our creditors for the previously announced liquidity improvement plan.
· The Company and its Drilling JVs has been awarded 17 new contracts, extensions, exercised options and LOAs/LOIs  since the start of 2021 to the date of this report, representing 5,352 days of potential backlog and $458 million in potential revenue.

CEO, Patrick Schorn commented:

“We are encouraged by the signs of a recovering shallow water rig market so far in 2021. The number of Borr operating rigs stood at 13 at the end of the first quarter, up by five units from trough levels experienced in 2020. Tendering and contracting activity remain strong. Since the beginning of this year, Borr has secured new contracts and confirmed optional periods with a total revenue potential of approximately $162 million, excluding unexercised option periods. Additionally, the Company and its Drilling JVs have secured LOIs and LOAs, that once converted into contracts will add a total revenue potential of approximately $296 million. We are optimistic about the market opportunities going forward, and expect to see several of our currently warm stacked rigs coming back into operation at accretive rates. 

Part of our liquidity improvement plan outlined in our Q4 2020 report has been to pursue initiatives to improve cash distributions from our JV operations in Mexico. Year to date, Borr has received $15 million in cash from its JVs which is a considerable improvement compared to previous periods. The IWS JVs have added roughly 125,000 BOPD to Pemex’s production and we continue to receive very positive feedback from the customer regarding service quality and performance. In addition, we are pleased to announce that according to the latest activity plans in the IWS JVs, we expect that our five rigs in the country will continue providing services for the project until the end of 2022.” 

The full report is available in the attached file. Also attached to this release is an updated Fleet Status Report for the Company, and a company presentation.

May 31, 2021
The Board of Directors
Borr Drilling Limited 
Hamilton, Bermuda

Questions should be directed to: 
Magnus Vaaler: CFO, +47 22483000 

1st Quarter 2021 Results

Fleet-Status-Report-May-2021

Borr Q1 2021 presentation

Borr Drilling Limited – Notice of Annual General Meeting 2021

The Annual General Meeting of Shareholders of Borr Drilling Limited (the “Company”) will be held on June 24, 2021 in Bermuda.

A copy of the Notice of Annual General Meeting and Form of Proxy will be distributed to shareholders by normal distribution methods and is attached to this release. Associated information including the Company’s Annual Report can be found on the Company’s website www.borrdrilling.com.

Hamilton, Bermuda
May 20, 2021

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

Borr Drilling AGM Notice 2021

Borr Drilling Limited – 2021 Annual General Meeting

Borr Drilling Limited (NYSE and OSE:BORR) advises that the 2021 Annual General Meeting will be held on June 24, 2021. The record date for voting at the Annual General Meeting is set to May 10, 2021. The notice, agenda and associated material will be distributed prior to the meeting.

Hamilton, Bermuda

May 6, 2021

Borr Drilling Limited files its 2020 Annual Report on Form 20-F and releases its Sustainability Report and Corporate Governance report for 2020

Hamilton, Bermuda, April 30, 2021. Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) today files its Annual Report on Form 20-F for the Year Ended December 31, 2020 (the “2020 Annual Report”). Simultaneously, the Company also releases its 2020 Sustainability Report and Corporate Governance Report. The reports are attached to this release.

Between the release of its unaudited financial statements on February 26, 2021 and the filing of the 2020 Annual Report, the Company has recorded a reduction of $12.4 million in its income from investments in its 49%-owned Mexican joint venture business accounted for under the equity method. The reduction is due to the recognition of a non-cash deferred tax expense and is not expected to affect the recoverability of the investments nor its ability to generate future profits or repay outstanding balances with the Company or other suppliers. The net loss for the year ended December 31, 2020 following the adjustment was $317.6 million.

The Company’s 2020 Annual Report can be downloaded from the SEC’s website (www.sec.gov) from 6:00am EDT on April 30, 2021, and is also available on the Company’s website (www.borrdrilling.com). Hard copies of the Company’s 2020 Annual Report can be ordered, free of charge, upon request by writing to us at:

Borr Drilling Limited
S.E. Pearman Building, 2nd Fl,
9 Par-la-Ville Road,
Hamilton HM11,
Bermuda

Or by email to: ir@borrdrilling.com

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

2020 Annual Report (20F)

Borr Sustainability Report 2020

Corporate Governance Report 2020

Borr Drilling Limited – Securing additional activity

March 24, 2021: Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) is pleased to announce that it has entered into agreements potentially adding a total of USD 48 million over approximately 590 days to the backlog.

For the rig “Natt” we have received a letter of intent with an undisclosed new operator in Nigeria to commence operations in April 2021 for an estimated duration of 150 days, in direct continuation of its previous contract.

The previously announced LOI for the rig “Prospector 1” has been converted into a contact for four wells plus options for operations with Neptune. In addition, the Prospector 1 has secured a three-well plus option contract with Tulip for operations in the Netherlands. As a result, the “Prospector 1” will be fully utilised in 2021 on the Dutch Continental Shelf with its emission reducing SCR system, and the Company sees good opportunities for keeping the rig working into the third quarter of 2022 if all options are exercised.

The rig “Gunnlod” has secured an extension from PTTEP for eight additional wells in Malaysia, which is expected to keep the rig operating up to September 2021.  The rig has one further optional period still to be confirmed which could keep the rig active for the remainder of the year.

Forward looking statements:

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as “potentially”, “expected” and “will” and similar expressions and include statements relating to the commencement of contracts of rigs, expected backlog and other non-historical matters. Such forward-looking statements are subject to risks, uncertainties 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 factors described in the section entitled “Risk Factors” in our prospectuses and filings with the Securities and Exchange Commission. 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.

Borr Drilling Limited – Notification of PDMR Trades

Borr Drilling Limited (the “Company”) has: (i) allocated and will deliver 550,263 of the Company’s shares, held in treasury and listed on Oslo Stock Exchange, to four persons discharging managerial responsibilities (“PDMRs”), as defined by the Market Abuse Regulation in their capacity as directors, constituting part of their remuneration; and (ii) received corresponding trade notifications from the PDMRs:

Paal Kibsgaard, director and chairman: 62,250 shares, constituting part of his remuneration for Q4 2019 and 2020. After delivery, Kibsgaard, with close associates, own 812,500 shares in the Company. 

A company affiliated with director and Vice Chairman Tor Olav Trøim: 150,081 shares, constituting part of his remuneration for 2020. After delivery, Trøim with close associates, own 17,557,269 shares in the Company.  

Kate Blankenship, Director: 187,601 shares, constituting part of her remuneration for 2020. After delivery, Blankenship, with close associates, own 287,601 shares in the Company. 

Neil Glass, Director of Borr Drilling: 150,081 shares constituting part of his remuneration for 2020. After delivery, Glass, with close associates, own 175,081 shares in the Company. 

The transfer value of the transferred shares has been set to the closing trading price of the Company’s share on Oslo Stock Exchange at 17 March 2021, which was NOK 10.19.

Bermuda 18 March 2021

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

Borr Drilling Limited – Q4 2020 Presentation

Please find enclosed the presentation of Borr Drilling Limited’s fourth quarter 2020 results to be held on the webcast / conference call at 15:00 CET (9:00 AM New York Time) on February 26, 2021.

In order to listen to the presentation, you may do one of the following:

a)    Webcast
Please use the following link: www.incommuk.com/customers/online with access code: 317683

b)    Conference Call
Dial in details, Participants:

Conference ID: 317683
Norway, Oslo               81 503 308
United Kingdom           020 3936 2999
United States               1 646 664 1960
All other locations        +44 20 3936 2999

Participants will be asked for their full name & Conference ID. 

There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.

Borr Q4 2020 presentation

Borr Drilling Limited Announces Preliminary Results for the Fourth Quarter and Full Year of 2020

Hamilton, Bermuda, February 26, 2021: Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) announces unaudited results for the three and twelve months ended December 31, 2020.

Highlights in the Fourth Quarter of 2020

•    Total operating revenues of $60.2 million, net loss of $46.7 million and Adjusted EBITDA  of $6.6 million for the fourth quarter of 2020. 
•    On October 5, 2020, equity offering raised total proceeds of $27.5 million. A subsequent offering closed on November 30, 2020, raising an additional $5.3 million. 
•    The Company entered into agreements to divest its remaining three non-core drilling rigs for total gross proceeds of $17.5 million.

Subsequent events
•    In January, the Company finalized the terms and executed agreements with certain of its creditors for the previously announced liquidity improvement plan and completed an equity offering raising gross proceeds of $46 million. 
•    The Company has been awarded eight new contracts/LOAs/LOIs or contract extensions since the start of the fourth quarter 2020 to the date of this report.

CEO, Patrick Schorn commented:
“In the fourth quarter 2020 and up until the end of January 2021, our main focus has been to complete the previously announced liquidity improvement plan, including restructuring of the debt maturities, interest payments and capex delivery payments. We are pleased to have reached a solution with our stakeholders, which allows the Company to focus on its customers, safe and efficient operations and continue to deploy our fleet in a strengthening market. With oil prices above $60/bbl we anticipate seeing a stronger market developing going forward. 

Even though we received broad support for the liquidity improvement plan, concluded in January, we are convinced that some opportunities remain to further improve our capital structure and liquidity in 2021. Part of the future liquidity improvement also will have to come from our Mexico operations. In order to achieve this we are pursuing several independent initiatives intended to allow us to improve the cash distributions from the JV operations in Mexico back into Borr Drilling. We are pleased to announce the award of new contracts with key customers, and the extension of current contracts. 

In Mexico, on of the integrated well services JVs has been awarded contract extension from Pemex which will keep the five rigs the Company has in the region active until the end of 2021. Additionally, the Company has entered into a multi-year contract for one of its currently active rigs in Thailand, with a strategically important customer in the region. 

The fourth quarter financials were impacted by the lower activity at the start of the quarter, and higher expenses related to the COVID pandemic (approximately $6 million for the quarter). However, the activity since the third quarter is increasing, with three previously idle rigs having started new contracts in the fourth quarter, and three more expected to commence operations in the first half of 2021.”

The full report, financial statements and Fleet Status Report is available in the enclosed file to this release.

February 26, 2021
The Board of Directors
Borr Drilling Limited 
Hamilton, Bermuda
Questions should be directed to: 
Magnus Vaaler: CFO, +47 22483000 

Forward looking statements

This announcement includes forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will”, “likely” and similar expressions and include expectations regarding industry trends including activity levels in the jack-up rig and oil industry, expectations as to global jack-up rig count and expected tenders and demand levels, strategy with respect to deployment of rigs, expectations on trends and potential in day rates, delivery of newbuilds including expected delivery timing, strategy and plans with respect to investments in joint ventures, contract backlog, expected contracting and operation of our jack-up rigs and contract terms including estimated duration of contracts, expectations with respect to contracting available rigs including warm stacked rigs, expected ability to generate cash from operations, or extend our liquidity runway, ability to attract additional capital, thereby strengthening the group’s overall liquidity and financial position, expected results in the first quarter of 2021, strategy with respect to asset base, expected business environment and market upturn including statements made under “Market” and “Outlook” above, expected payments from Pemex, expected funding needs and ability to meet obligations for newbuilds, expected increase in tenders for jack-up rigs, global jack-up rig count, increase in demand from IOCs and NOCs, increases in oil production by geography, expected returns for oil companies, ability to fix rig rates at current market prices, competitive advantages from joint ventures, generation of free cash flow, remediation of advances, expectations with respect to amendments to our finance facilities, expected industry trends including with respect to demand for and expected utilization of rigs, expectations as to the role of Borr Drilling in any industry consolidation, and other non-historical statements. The forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions, which are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. 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. There are important factors that could cause our actual results, level of activity, performance, liquidity or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by these forward-looking statements including risks relating to our industry and business and liquidity, the risk of delays in payments to our Mexican JVs and consequent payments to us, the risk that our customers do not comply with their contractual obligations, including payment or approval of invoices for factoring, risks relating to industry conditions and tendering activity, risks relating to the agreements we have reached with lenders, risks relating to our liquidity, risks that the expected liquidity improvements do not materialize or are not sufficient to meet our liquidity requirements and other risks relating to our liquidity requirements, risks relating to cash flows from operations, the risk that we may be unable to raise necessary funds through issuance of additional debt or equity or sale of assets; risks relating to our loan agreements and other debt instruments including risks relating to our ability to comply with covenants and obtain any necessary waivers and the risk of cross defaults, risks relating to our ability to meet our debt obligations and obligations under rig purchase contracts and our other obligations as they fall due and other risks described in our working capital statement, risks relating to future financings including the risk that future financings may not be completed when required and future equity financings will dilute shareholders and the risk that the foregoing would result in insufficient liquidity to continue our operations or to operate as a going concern and other risks factors set forth under “Risk Factors” in our filings with the U.S. Securities and Exchange Commission and prospectuses filed with the Norwegian NSA.

4th Quarter 2020 Results

Fleet Status Report – February 2021

Borr Drilling Limited Regains Compliance with NYSE Continued Listing Standard

Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR), refers to its announcement on September 7, 2020 regarding the written notice received from the New York Stock Exchange (the “NYSE”) that the Company was not in compliance with the NYSE continued listing standard with respect to the minimum average share price required by the NYSE (the “Continued Listing Standard”) because the average closing price of its common shares had fallen below $1.00 per share over a period of 30 consecutive trading days.

The Company has today received a letter from the NYSE, confirming that the Company’s average stock price for the 30 trading day period ended February 25, 2021 was above the NYSE’s minimum requirement of $1.00. Accordingly, the Company has regained compliance with the Continued Listing Standard.

Hamilton, Bermuda, February 25, 2021

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

Borr Drilling Limited – Invitation to webcast and conference call Q4 2020 results

Borr Drilling Limited (NYSE and OSE: BORR) will release its financial results for the fourth quarter 2020 on Friday, February 26, 2021.  

A conference call and webcast will be held at 15:00 CET (9:00 AM New York Time).  The earnings report and presentation will be available from the Investor Relations section on www.borrdrilling.com.

In order to listen to the presentation, you may do one of the following:

a)    Webcast
Please use the following link: www.incommuk.com/customers/online with access code: 317683

b)    Conference Call
Dial in details, Participants:

Conference ID: 317683
Norway, Oslo               81 503 308
United Kingdom           020 3936 2999
United States               1 646 664 1960
All other locations        +44 20 3936 2999

Participants will be asked for their full name & Conference ID. 

There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.

Replay details:

Replay Access Number:  592893
A recording will be available until March 28, 2021 on the company’s website at the “Webcast” link, or by using the following link: https://www.incommglobalevents.com/replay/5493/borr-drilling-quarterly-earnings-call/
 

Borr Drilling Limited – Adjustment conversion price convertible bonds

Hamilton, Bermuda, February 2, 2021

Reference is made to Borr Drilling Limited’s (“Borr Drilling” or the “Company”) (NYSE and OSE: “BORR”) stock exchange releases related to the January 2021 equity offering of 51,117,647 new depository receipts and the November 2020 repair offering of 10,000,000 new depository receipts, representing the beneficial interests in the same number of the Company’s underlying common shares to be listed on the Oslo Stock Exchange (the “Equity Offerings”).

In accordance with the loan agreement for the Company’s USD 350,000,000 3.875% Senior Unsecured Convertible Bonds 2018/2023, ISIN NO0010822935, these Equity Offerings have triggered an adjustment to the conversion price to USD 31.7946 per depository receipt listed on Oslo Stock Exchange.

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

Borr Drilling Limited – Increase in share capital

Reference is made to Borr Drilling Limited’s (the “Company”) (NYSE / OSE: “BORR”) stock exchange releases related to the equity offering of 54,117,647 new depository receipts to be listed on the Oslo Stock Exchange (the “Offer Shares”), representing the beneficial interests in the same number of the Company’s underlying common shares, each at a subscription price at USD 0.85 per Offer Share.

The equity offering has been settled and the Company’s issued share capital has increased by USD 2,705,882.35 to USD 13,721,817.55, divided into 274,436,351 common shares, each with a nominal value of USD 0.05 per share.

The common shares referred to herein have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration.

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

Hamilton, Bermuda,

27 January 2021

Borr Drilling Limited – Approval of Prospectus

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG, UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER FOR ANY SECURITIES DESCRIBED HEREIN.

Hamilton, Bermuda, 26 January 2021: Reference is made to Borr Drilling Limited’s (“Borr Drilling” or the “Company”) (NYSE / OSE: “BORR”) stock exchange releases on 21 and 22 January 2021, related to the equity offering of 54,117,647 new depository receipts to be listed on the Oslo Stock Exchange (the “OSE”) (the “Offer Shares”), representing the beneficial interests in the same number of the Company’s underlying common shares.

The Financial Supervisory Authority of Norway has today approved a prospectus dated 26 January 2021 (the “Prospectus”), which has been prepared in connection with the listing of the Offer Shares.  As a consequence of the approved Prospectus, the Offer Shares will upon settlement of the equity offering be listed on OSE.

The Prospectus will be available at the Company’s website, https://borrdrilling.com/investor-relations/, or for printed copies of the Prospectus, please contact Borr Drilling Limited, S.E. Pearman Building, 2nd Fl, 9 Par-la-Ville Road, Hamilton HM11, Bermuda, or by email to: ir@borrdrilling.com.

This information is 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 the United States of America, Canada, Australia, Japan, Hong Kong or in any other jurisdiction where it would be prohibited by applicable law. This distribution does not constitute or form part of an offer or solicitation of an offer to purchase or subscribe for securities in the United States. The shares referred to herein will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration.

Borr Drilling Limited – Pricing and Increased Size of Equity Offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY, SELL OR SUBSCRIBE FOR ANY SECURITIES DESCRIBED HEREIN.

Hamilton, Bermuda, 22 January 2021

Reference is made to Borr Drilling Limited’s (“Borr Drilling” or the “Company”) (NYSE and OSE: “BORR”) stock exchange release on 21 January 2021, and the contemplated equity offering of USD 40 million in new depository receipts.

Borr Drilling is pleased to announce that the board of directors of the Company (the “Board”) has, due to very high demand, increased the size of the offering to  USD 46 million, and approved the subscription and allocation of a total of 54,117,647 in new depository receipts (the “Offer Shares”), representing the beneficial interests in the same number of the Company’s underlying common shares, each at a subscription price of USD 0.85 per Offer Share (equivalent to NOK 7.1655 per Offer Share), raising gross proceeds of USD 46 million.

Following issuance of the Offer Shares, the Company’s outstanding and issued share capital will increase by USD 2,705,882.35 to USD 13,721,817.55, divided into 274,436,351 common shares, each with a nominal value of USD 0.05 per share. The Board has resolved not to conduct any subsequent offering.

Allocation letters will be distributed today. The date for settlement of the Offer Shares is expected to be on or about 26 January 2021, following publication of a prospectus approved by the Financial Supervisory Authority of Norway relating to the listing of the Offer Shares. The Offer Shares will be listed on the Oslo Stock Exchange (“OSE”) upon delivery. No Offer Shares will be offered or sold in transactions on the NYSE.

This information is 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 announcement does not constitute or form part of an offer or solicitation of an offer to purchase or subscribe for securities in the United States. The shares referred to herein have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration.

Borr Drilling Limited – Mandatory notification of trades

Reference is made to Borr Drilling Limited’s (“the Company”) (NYSE, OSE: “BORR”) stock exchange announcements of January 22, 2021, relating to the pricing of the equity offering through the subscription and allocation of a total of 54,117,647 in new depository receipts (the “Offer Shares”), representing the beneficial interests in the same number of the Company’s underlying common shares, each at a subscription price of USD 0.85 per Offer Share (equivalent to NOK 7.1655 per Offer Share), raising gross proceeds of USD 46 million. The Offer Shares will be listed on Oslo Stock Exchange.

The following primary insiders of Borr Drilling have subscribed for and been conditionally allocated the following Offer Shares at the Subscription Price:

Companies affiliated with Director and Vice Chairman Tor Olav Trøim: 3,176,470 Offer Shares. After delivery, Trøim and his affiliated parties will represent an ownership in Borr Drilling of 17,407,188 shares in the Company.

Patrick Schorn, Chief Executive Officer of Borr Drilling: 500,000 Offer Shares. After delivery, Mr. Schorn will own 1,500,000 shares in the Company. 

Paal Kibsgaard, Chairman of the Borr Drilling’s Board of Directors: 297,931 Offer Shares. After delivery, Kibsgaard will own 750,000 shares in the Company. 

Magnus Vaaler, Chief Financial Officer of Borr Drilling: 84,160 Offer Shares. After delivery, Mr. Vaaler will own 85,000 shares in the Company. 

Neil Glass, Director of Borr Drilling: 25,000 Offer Shares. After delivery, Mr. Glass will own 25,000 shares in the Company. 

January 22, 2021

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited – Presentation

With reference to the press release 19 January, Borr Drilling Limited (“Borr Drilling” or the “Company”) (NYSE and OSE: “BORR”) has now received approvals from each of the creditors in connection with the proposed liquidity improvement plan. The Company is working on definitive documentation to reflect these terms expected to be concluded shortly.

A presentation by the Company is attached to this release and available on the Company’s website.

21 January 2021,

Hamilton, Bermuda

Forward looking statements

This announcement includes forward looking statements, which are statements that do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions and include statements with respect to the agreement reached with creditors, that the company is working on definitive documentation to reflect these terms expected to be concluded shortly and other non-historical statements.  These forward-looking statements are subject to significant known and unknown risks, including the risk that the Company is unable to reach final agreement and execute definitive documentation with the relevant creditors and risks relating to the final terms of such agreements, risks relating to meeting conditions to these agreements, including risks relating to the contemplated equity raise 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, 2019 and in prospectuses filed with the Norwegian Financial Supervisory Authority (FSA).

This announcement does not constitute an offer to buy, sell or subscribe for any securities described herein. The equity raise referenced herein has not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Borr Drilling – Presentation January 2021

Borr Drilling Limited – Contemplated Equity Offering of USD 40 million

Hamilton, Bermuda, 21 January 2021

Borr Drilling Limited (“Borr Drilling” or the “Company”) (NYSE and OSE: “BORR”) announces that in connection with Company’s previously announced liquidity improvement plan, the Company intends to offer up to USD 40 million in new depository receipts (the “Offer Shares”), representing the beneficial interests in the same number of the Company’s underlying common shares, each with a par value of USD 0.05 (the “Equity Offering”). The subscription price will be set through an accelerated bookbuilding process.

Certain investors have pre-committed to subscribe for Offer Shares in the Equity Offering in the full amount of USD 40 million. Members of the Company’s Board of Directors (the “Board”) and the Company’s executive management have pre-committed for approximately USD 3 million.

The net proceeds from the Equity Offering will be used to strengthen the Company’s working capital and for general corporate purposes.

Settlement of the Equity Offering is expected on or about 26 January 2021, subject to a prospectus relating the Offer Shares being approved by the Norwegian Financial Supervisory Authority. No Offer Shares will be offered or sold to the public in the United States or in transactions on the NYSE. The Equity Offering will be carried out as a private placement and the Board is of the opinion that this is in the best interest of the Company and its shareholders. The Board has taken into consideration, among other things, the fact that the Equity Offering will provide necessary liquidity and raise capital more quickly and, at an attractive price, compared to a rights issue.  Subject to completion of the Equity Offering, Board approval, and the prevailing market price of the Company’s depository receipts, the Company intends to carry out a subsequent offering of new depository receipts in the Company.

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. The shares referred to herein have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration under that Act.

Borr Drilling Limited – Creditor Approval for Financing Plan

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) is pleased to confirm that the liquidity improvement plan announced in December 2020 has received support from its creditors, including:

· The $400m syndicated bank facilities maturity deferred to January 2023
· The $195m Hayfin facility maturity deferred to January 2023
· $760m PPL facilities maturity amended to May 2023, with interest payments deferred until March 2023, except $6m payment in 2021 and $12m in 2022 (estimated accumulated interest deferred is in excess of $110m, including the approximately $65m announced in May 2020)
· The $272m Keppel newbuild delivery facilities for three delivered rigs all extended by one year (from five to six year financing) and interest deferred to the fourth anniversary of the drawdown of each loan. The Company will make payments to Keppel of $6m in 2021 and $12m in 2022
· The $620m in Keppel newbuilding delivery commitments for five rigs deferred to 2023, with the first delivery in May 2023 and the final delivery in December 2023
· In addition, there will be amendments to certain of the current financial covenants, including the minimum value covenants

These terms have been approved by the credit committees of the syndicate banks and Hayfin. In addition, the Company has a signed term-sheet with PPL, and an agreement in principle with Keppel, subject to final board approval. The agreements above are subject to conditions, including completion of a $40m equity raise. The Company is working on definitive documentation to reflect these terms expected to be concluded shortly.

“Borr Drilling is very thankful for the support received from its creditors. The liquidity improvement plan, which started mid-2020, including this recent financing plan, has contributed over USD 1 billion in total liquidity improvements until 2023 and improved our runway. We remain optimistic about the opportunities for Borr Drilling in the current market environment” says CEO Patrick Schorn

19 January 2021

Hamilton, Bermuda

Forward looking statements

This announcement includes forward looking statements, which are statements that do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions and include statements with respect to the Company’s liquidity improvement plan, that such plan has received support from creditors, the terms of such plan, and the expected benefits of such plan including expected liquidity improvement and improved runway, and the condition of an equity raise including the amount of the equity raise, the Company negotiating definitive documentation with a view to concluding such documentation shortly and other non-historical statements. These forward-looking statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, which are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. 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, including risks relating to the liquidity improvement plan including the risk that Keppel board approval for the agreements above is not obtained, that the Company is unable to reach final agreement and execute definitive documentation with the relevant creditors and risks relating to the final terms of such agreements, risks relating to meeting conditions to these agreements, including risks relating to the contemplated equity raise and the risk that such conditions are not met, risks relating to our liquidity including the risk that we may have insufficient liquidity to fund our operations; risks that the expected liquidity improvements do not materialize or are not sufficient to meet our liquidity requirements and other risks relating to our liquidity, the risk that our customers do not comply with their contractual obligations, including payment or approval of invoices for factoring, that factoring arrangements are not effective in improving cash flow, risks relating to industry conditions and tendering activity, risks relating to cash flows from operations, the risk that we may be unable to raise necessary funds through issuance of additional debt or equity or sale of assets; risks relating to our debt instruments including risks relating to our ability to comply with covenants and obtain any necessary waivers and the risk of cross defaults, risks relating to our ability to meet our debt obligations and obligations under rig purchase contracts and our other obligations as they fall due, risks relating to our liquidity requirements, risks relating to future financings including the risk that future financings may not be completed when required and future equity financings will dilute shareholders and the risk that the foregoing would result in insufficient liquidity to continue our operations or to operate as a going concern 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, 2019 and in prospectuses filed with the Norwegian Financial Supervisory Authority (FSA).

This announcement does not constitute an offer to buy, sell or subscribe for any securities described herein. The equity raise referenced herein has not been and will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Borr Drilling Limited – Update

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) refers to an article initially published in the Norwegian newspaper “Dagens Næringsliv” today, which refers to a potential alternative plan discussed by two creditors.

The Board and Management are highly confident that the Company can execute the liquidity improvement plan and equity raise as announced in a press release on 24 December 2020. The Company is working closely and constructively with all lenders to achieve the best possible solution for all stakeholders.

Hamilton, Bermuda

13 January 2021

Forward looking statements

This announcement includes forward looking statements, which are statements that do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions and include the statement that the Board and management are highly confident that it can execute the liquidity improvement plan and equity raise announced on December 24, 2020  and other non-historical statements. These forward-looking statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, which are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. 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, including risks relating to the liquidity improvement plan including the risk that the Company is unable to reach final agreement and definitive documentation with the relevant creditors and risks relating to the final terms of such agreements, risks relating to meeting conditions to these agreements, including risks relating to the contemplated equity raise, risks relating to our liquidity including the risk that we may have insufficient liquidity to fund our operations; risks that the expected liquidity improvements do not materialize or are not sufficient to meet our liquidity requirements and other risks relating to our liquidity, the risk that our customers do not comply with their contractual obligations, including payment or approval of invoices for factoring, risks relating to industry conditions and tendering activity, risks relating to cash flows from operations, the risk that we may be unable to raise necessary funds through issuance of additional debt or equity or sale of assets; risks relating to our debt instruments including risks relating to our ability to comply with covenants and obtain any necessary waivers and the risk of cross defaults, risks relating to our ability to meet our debt obligations and obligations under rig purchase contracts and our other obligations as they fall due, risks relating to our liquidity requirements, risks relating to future financings including the risk that future financings may not be completed when required and future equity financings will dilute shareholders and the risk that the foregoing would result in insufficient liquidity to continue our operations or to operate as a going concern 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, 2019.

Borr Drilling Limited – Fleet status report

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) is pleased to announce in its fleet status report today that it has entered into a new contract, an extension and received an LOA, adding USD 35.1 million over approximately 480 days to the total backlog, with good prospects for additional backlog on these units.

The previously announced LOI for the Norve, which is currently warm stacked, has been converted into a contact for two wells plus one option with BW Energy which is expected to commence operations in Gabon during April 2021.

In Asia, the Idun has been awarded an LOA to commence operations in the first quarter of 2021, increasing the number of active rigs for the Company in Asia to a total of four. The contract’s estimated duration, excluding options, is for a period up to 12 months.

We are also pleased to announce a contract amendment on the Prospector 1 with the existing customer, One Dyas, for three optional wells, of which one has already been exercised.

In addition the Prospector 1 has received an LOI for four wells plus options for operations in the North Sea, which has an estimated period of seven months.

The recent awards will bring the total number of committed and contracted rigs up to 13, and we are encouraged about this increased activity in the shallow water jack-up drilling market. Borr has four additional warm stacked rigs that can be brought into operation without significant activation capex.

We are negotiating terms with Pemex for an extension to the current contract covering five rigs contracted under the Integrated Well Services business model, with an aim to secure incremental work throughout 2021 in Mexico. It is however important for the JV and Borr Drilling that the working capital situation in Mexico improves, which is a key point in the negotiations on further work.

The full fleet status report is enclosed to this release.

11 January 2021

Hamilton, Bermuda

Forward Looking Statements

This announcement includes forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate”, “continue”, “expect”, “should”, “will” and similar expressions and include expectations regarding contract backlog and contract terms, contract duration and operation of our jack-up rigs. The forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Borr Drilling Limited believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. 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. In addition to the important factors and matters discussed elsewhere in this report, important factors that, in our view could cause actual results to differ materially from those discussed in the forward looking statements are included in our most recent annual report.

The information, opinions and forward-looking statements contained in this announcement speak only as of the date hereof and are subject to change without notice.

Fleet Status Report – January 2021

Borr Drilling Limited – SGM Results Notification

Borr Drilling Limited (the “Company”) (NYSE: “BORR”, OSE: “BDRILL”) advises that a Special General Meeting of the Company was held on January 8, 2021 at 09:30 ADT at 2nd Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda

The following resolution was passed:To approve the increase of the Company’s authorized share capital from US$11,932,692.30 divided into 238,653,846 common shares of US$0.05 par value each to US$14,500,000.00 divided into 290,000,000 common shares of US$0.05 par value each by the authorization of an additional 51,346,154 common shares of US$0.05 par value each.

Hamilton, Bermuda

January 11, 2021

Borr Drilling Limited – Notice of Special General Meeting of Shareholders

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) advises that the Company will hold a Special General Meeting on January 8, 2021. The Board of Directors has fixed the close of business on January 4, 2021, as the record date for the determination of the shareholders entitled to attend and vote at the Special General Meeting or any adjournment thereof.

A copy of the Notice of Special General Meeting and Form of Proxy (the “Notice”) and associated information can be found on the Company’s website at http://www.borrdrilling.com and attached to this press release. The Notice and associated information will also be distributed to shareholders by normal distribution methods.

Hamilton, Bermuda

December 31, 2020

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

2021 Jan 8 SGMNotice

Borr Drilling Limited – Appointment of Magnus Vaaler as CFO

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) is pleased to announce the appointment of Mr. Magnus Vaaler as its new Chief Financial Officer, replacing Mr. Christoph Bausch with effect from 28 December 2020.

Patrick Schorn, Chief Executive Officer, commented:

 “I am pleased to announce Magnus as the new Chief Financial Officer of Borr Drilling. Magnus has been with the company since 2018 and has taken increasing responsibility in our finance team in the past year.  We are confident that this succession plan provides continuity and stability in this period where we are working with key stakeholders to complete our financial restructuring and strengthening our liquidity profile. I also want to thank Christoph for his strong contribution to Borr Drilling during this critical time and wish him well in pursuing his other interests.”

Magnus Vaaler, CFO designate said

“I am honoured that the Board has appointed me to succeed Christoph as Chief Financial Officer. We have a world class business with high quality people, a young and modern fleet and strong client relationships. There are short term challenges in the industry, but we have a strong dedicated team working to ensure that Borr Drilling overcomes these.”

Mr. Vaaler currently serves as VP of Investor Relations and Treasury in the Company. He brings many years of financial and offshore industry experience though seven years as Treasurer and VP Finance in Frontline Ltd. and three years as VP Finance in Offshore Merchant Partners. Mr. Vaaler holds a Bachelor of Commerce degree from University College Dublin.

Hamilton, Bermuda

27 December 2020

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

Borr Drilling – Progressing to extend Runway

As stated in its Q3 report, Borr Drilling has been working actively with its creditors to strengthen the liquidity profile of the Company. With considerable support of all secured creditors a liquidity improvement plan amounting to $925 million over the next two years has been devised.

Subject to the Company successfully raising USD40m in new equity, the lenders are supportive of the following outcome, subject to final Board and credit committee approvals:

· The USD400m syndicated bank facilities to defer maturity to Jan 2023
· The USD195m Hayfin facility to defer maturity to Jan 2023
· USD760m PPL facilities now mature in May 2023 and related interest of $107m in March 2023
· The USD272m Keppel facility to defer interest to May 2023
· The USD620m in Keppel newbuilding commitments to be deferred to June 2023
· The USD350m Convertible bond, remains in place unchanged with a maturity in May 2023

The Company will now negotiate the definitive documentation with a view to closing the same and raising new equity by 31 January 2021.

Borr Drilling has received strong indications from its main shareholders supporting the proposed equity issue based on this liquidity improvement.

“Borr Drilling is very thankful for the support given by all the secured creditors and yards to strengthen the financial footing of the company. We consider this a great testimony to the quality of our people, assets, and operations who in turn deliver value to our customers”, commented Patrick Schorn.

This announcement does not constitute an offer to buy, sell or subscribe for any securities described herein. The securities referenced herein have not been and will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Forward Looking Statements

This announcement includes forward looking statements, which are statements that do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions and include statements with respect to the Company actively working with its creditors to strengthen its liquidity profile, considerable support indicated by creditors for a liquidity improvement plan, including the expected amount of the improvement plan, details of the plan including maturity and interest deferrals, and the condition of an equity raise including the amount of the equity raises, the Company negotiating definitive documentation with a view to closing the same and raising new equity by 31 January 2021 and that the Company has received strong indications from its main shareholders supporting the proposed equity issue; and other non-historical statements. These forward-looking statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, which are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. 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, including risks relating to the liquidity improvement plan including the risk that the Company is unable to reach final agreement and execute definitive documentation with the relevant creditors and risks relating to the final terms of such agreements, risks relating to meeting conditions to these agreements, including risks relating to the contemplated equity raise and the risk that such conditions are not met, risks relating to our liquidity including the risk that we may have insufficient liquidity to fund our operations; risks that the expected liquidity improvements do not materialize or are not sufficient to meet our liquidity requirements and other risks relating to our liquidity, the risk that our customers do not comply with their contractual obligations, including payment or approval of invoices for factoring, risks relating to industry conditions and tendering activity, risks relating to cash flows from operations, the risk that we may be unable to raise necessary funds through issuance of additional debt or equity or sale of assets; risks relating to our debt instruments including risks relating to our ability to comply with covenants and obtain any necessary waivers and the risk of cross defaults, risks relating to our ability to meet our debt obligations and obligations under rig purchase contracts and our other obligations as they fall due, risks relating to our liquidity requirements, risks relating to future financings including the risk that future financings may not be completed when required and future equity financings will dilute shareholders and the risk that the foregoing would result in insufficient liquidity to continue our operations or to operate as a going concern 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, 2019.

Borr Drilling Limited Announces Preliminary Results for the Third Quarter of 2020

Hamilton, Bermuda, November 30, 2020: Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) announces unaudited results for the three and nine months ended September 30, 2020.

Highlights in the Third Quarter of 2020
•    Total operating revenues of $59.2 million, net loss of $61.9 million and Adjusted EBITDA  of $(10.1) million for the third quarter of 2020. 
•    The combined Adjusted EBITDA of the four separate Mexican JVs that the Company has ownership in was $45.2 million in the third quarter of 2020, compared to Adjusted EBITDA in the second quarter of 2020 of $30.1 million, an increase of $15.1 million, or 50%, quarter on quarter.
•    In August 2020, Patrick Schorn was announced as the Company’s new Chief Executive Officer with effect from September 8, 2020, taking over for Svend Anton Maier
•    In September, the Company announced additional amendments to its loan agreements with its syndicate banks and Hayfin, that include extensions of debt maturities of $595 million until January 2023.
•    On September 30, 2020, the Company announced the pricing and allocation of an equity offering for 51,886,793 shares, each at a subscription price of $0.53 per share, raising gross proceeds of $27.5 million. The offering was settled October 5, 2020.

Subsequent events
•    On October 10, 2020, the Company announced the appointment of Christoph Bausch as its new Chief Financial Officer, replacing Francis Millet with effect from November 1, 2020.
•    The Company entered into agreements to sell its remaining cold stacked jack-up drilling rigs “Atla” and “Balder” to BW Energy for total sale proceeds of $14.5 million. $13 million was received at the time of issuing this report.
•    The previously announced sale of the standard jack-up drilling rig “Eir” was completed in October for total cash proceeds of $3 million.
•    In November 2020, the Company collected proceeds of $8.8 million from its Paragon litigation trust receivable.
•    On November 25, 2020 the Company announced the completion and allocation of a rights offering related to the equity offering in September, in which 10 million shares were sold to holders of Borr Drilling shares at $0.53 per share, raising gross proceeds of $5.3 million. 

CEO, Patrick Schorn commented:
“In the third quarter we operated the lowest number of active rigs since the start of the COVID pandemic, which was the result of contract cancellations and suspensions caused by operators pushing out their anticipated work scope. This resulted in a sequential decrease in operating revenues of 30% to $59.2 million, and Adjusted EBITDA of $(10.1) million. Additionally, our third quarter results were negatively impacted by incremental costs directly related to Covid-19, amounting to $7.6 million and severance costs as a result of adjusting our headcount to the new market environment of $2.2 million. From this low point of seven active rigs, we rebounded and at the date of this report, we have 11 active rigs after successful contract start-ups in the North Sea and in Malaysia. Tendering activity and price negotiations remained at an elevated level during the COVID pandemic, however day rates are under pressure as a function of the lower industry utilization. The total number of contracted jack-up rigs at the end of the third quarter 2020 was 346, down by four quarter on quarter. Out of these, 242 were modern units and 104 standard units, showing that modern units are continuing to gain market share.

Managing liquidity continues to be a priority and apart from optimizing working capital, Borr Drilling was able, as the only company in the drilling contractor space, to raise equity twice this year, with the share price trading above the issue price in both transactions, confirming the support from our shareholders and the potential of Borr Drilling’s modern jack-up fleet.

The Mexico operating unit was the largest contributor to our quarterly results with five active rigs working for Pemex. We continue to be  pleased with the operational performance and the incremental production we delivered to PEMEX, as the wells drilled by our JV in Mexico made up a significant portion of the annual production increase reported by Pemex. As highlighted previously, during the quarter we have had several interactions with Pemex regarding collections and the need for more timely payments. Our meeting in August with the full top management of Pemex resulted in strong assurances and commitments about future payments. The situation improved substantially, but we have recently experienced a slowdown in payments from Pemex causing operational challenges. 

Our focus for the next months will be to continually increase our active rig fleet as we have done during the third quarter. Our unique assets combined with a first-class workforce will continue to provide differentiation in the market. The integrated service projects in Mexico have confirmed that Borr is fully capable of adding value and that significant improvement in drilling efficiency can be achieved for the operator by converting traditional contract drilling to integrated services. 

As reported earlier, significant efforts have been made during the quarter to strengthen the financial position of the Company and extend the liquidity runway. Specific discussions are taking place with each of the creditor groups. The desired outcome, once completed, will include contributions from all creditors, by either a reduction or deferral of cash interest and other related costs, an extension of maturities and a more flexible security package. Part of these negotiations is to restructure our corporate structure, allowing a better ringfencing of entities with corresponding liens or different creditor groups. This would enable the lower leveraged components of the envisioned corporate structure to attract additional capital, thereby strengthen the group’s overall liquidity and financial position. We are making good progress and we are hopeful to have this combined package of measures in place in the near future.”

The full report, financial statements and Fleet Status Report is available in the enclosed file to this release.

November 30, 2020
The Board of Directors
Borr Drilling Limited 
Hamilton, Bermuda

Questions should be directed to: 
Magnus Vaaler: VP Investor Relations and Treasury, +47 22483000 

3rd Quarter 2020 Results

Fleet Status Report November 2020

Borr Drilling Limited – Increase in share capital

Borr Drilling Limited – Increase in share capital

Reference is made to Borr Drilling Limited’s (“Borr Drilling” or the “Company”) (NYSE: “BORR”, OSE: “BDRILL”) stock exchange releases related to the subsequent offering of 10,000,000 new shares on the Oslo Stock Exchange (the “Offer Shares” and the “Subsequent Offering”), each at a subscription price at USD 0.53 per Offer Share.

The Subsequent Offering was settled Friday 27 November 2020, and the Company’s issued share capital has been increased by USD 500,000 to USD 11,015,935.20, divided into 220,318,704 common shares with a nominal value of USD 0.05 per common share.

The common shares referred to herein have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration.

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

Hamilton, Bermuda, 30 November 2020

Borr Drilling Limited – Launch of Subsequent Offering

Hamilton, Bermuda, 13 November 2020

Reference is made to Borr Drilling Limited (“Borr” or the “Company”) (NYSE: “BORR”, OSE: “BDRILL”) stock exchange notices in September 2020 relating to a contemplated subsequent offering in Borr. The board of directors of Borr (the “Board”) has today resolved to launch a conditional subsequent offering consisting of up to 10,000,000 new shares (the “Offer Shares” and the “Subsequent Offering”). The Offer Shares will be listed on Oslo Børs upon delivery.

The subscription price in the Subsequent Offering is US$0.53 per Offer Share which equals the subscription price in the US$27.5 million equity offering completed in September 2020 (the “September Offering”).

The subscription period for the Subsequent Offering starts on Monday 16 November 2020 and will close at 16:30 CET on 23 November 2020.

The Subsequent Offering will be directed towards the Company’s holders of shares, listed on Oslo Børs, as of the end of 22 September 2020 (as registered in the Norwegian Central Securities Depository (“VPS”) on 24 September 2020 (“Record Date”), who are not resident in a jurisdiction where such offering would be unlawful, or for jurisdictions other than Norway which would require any filing, registration or similar action (the “Eligible Shareholders”).

Each Eligible Shareholder will receive 0.113 non-tradable subscription rights (“Subscription Rights”) per share listed on Oslo Børs held at the Record Date. The holders of Subscription Rights will be entitled to subscribe for and be allocated one (1) Offer Share for every Subscription Right held. Each Offer Share constitutes a depository receipt, representing the beneficial ownership to one underlying common share in Borr, as Borr’s other instruments listed on Oslo Børs. Over-subscription is permitted.

The Subscription Rights are non-tradable and registered with ISIN BMG 1466R1401. Subscription Rights not used prior to the end of the subscription period will lapse and be of no value. Offer Shares that are not subscribed for by holders of Subscription Rights may be subscribed by other investors, at the Board’s discretion.

Completion of the Subsequent Offering and issuance of the Offer Shares are subject to the Board resolving to complete the Subsequent Offering and allocate the Offer Shares.

This information is 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 does not constitute or form part of an offer or solicitation of an offer to purchase or subscribe for securities in the United States. The shares referred to herein have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration.

Borr Drilling Limited – SGM Results Notification

Borr Drilling Limited (the “Company”) (NYSE: “BORR”, OSE: “BDRILL”) advises that a Special General Meeting of the Company was held on November 11, 2020 at 09:30 AST at 2nd Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda

The following resolution was passed:

To approve the increase of the Company’s authorized share capital from US$11,182,692.30 divided into 223,653,846 common shares of US$0.05 par value each to US$11,932,692.30 divided into 238,653,846 common shares of US$0.05 par value each by the authorization of an additional 15,000,000 common shares of US$0.05 par value each.

Hamilton, Bermuda

November 11, 2020

Borr Drilling Limited – Sale of rig

Borr Drilling Limited (the “Company”) (NYSE: “BORR”, OSE: “BDRILL”) is pleased to inform to have entered into an agreement to sell its cold stacked 2003 built jack-up drilling rig “Balder” to BW Energy. The completion of the sale is expected in the fourth quarter 2020, and the Company will receive USD 4.5 million sale proceeds. This sale follows the previously announced sale of the 2003 built jack up rig “Atla” announced 28 October 2020, which was also sold to BW Energy. Together, the two sales will provide the Company with gross cash proceeds of USD 14.5 million. The buyer plans to convert these rigs to Offshore Installations (OI) equipped with production facilities, meaning the rigs will cease to trade in the drilling rig market. Following these rig sales, Borr Drilling will have 28 modern assets built after 2011.

2 November 2020

Hamilton, Bermuda

Questions should be directed to:

Magnus Vaaler, VP Investor Relations and Treasury

+47 22 48 30 00

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

Forward looking statements:

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as “expected”, “plans” and “will” and similar expressions and include statements relating to the completion of the sale of rigs, total cash proceeds and other non-historical matters. Such forward-looking statements are subject to risks, uncertainties 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 factors described in the section entitled “Risk Factors” or otherwise stated in our regulatory filings and periodical reporting. 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.

Borr Drilling Limited – Sale of rig

Borr Drilling Limited (the “Company”) (NYSE: “BORR”, OSE: “BDRILL”) has entered into an agreement to sell its cold stacked jack-up drilling rig “Atla” to an independent operator. The completion of the sale is expected in the fourth quarter 2020. Together with the previously announced sale of the standard jack-up drilling rig “Eir”, which has been completed in October, the Company will record total cash proceeds of USD 13 million.

With the sale of these jack-ups, Borr Drilling continues to deliver on its fleet strategy of divesting inactive, cold stacked units and focus on the modern and highly efficient core fleet of premium jack-up rigs. Following these rig sales, Borr Drilling will have 28 modern assets built after 2011, and one remaining older cold stacked rig which is likely to be sold within the fourth quarter.

28 October 2020

Hamilton, Bermuda

Questions should be directed to:

Magnus Vaaler, VP Investor Relations and Treasury

+47 22 48 30 00

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

Forward looking statements:

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as “expected”, “likely” and “will” and similar expressions and include statements relating to the completion of the sale of rigs, total cash proceeds and other non-historical matters. Such forward-looking statements are subject to risks, uncertainties 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 factors described in the section entitled “Risk Factors” in our regulatory filings and periodical reporting. 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.

Borr Drilling Limited – Notice of Special General Meeting of Shareholders

Borr Drilling Limited (the “Company”) (NYSE: “BORR”, OSE: “BDRILL”) advises that the Company will hold a Special General Meeting on November 11, 2020. The Board of Directors has fixed the close of business on October 23, 2020 as the record date for determination of the shareholders entitled to attend and vote at the Special General Meeting or any adjournment thereof.

A copy of the Notice of Special General Meeting and Form of Proxy (the “Notice”) and associated information can be found on the Company’s website at http://www.borrdrilling.com and attached to this press release. The Notice and associated information will also be distributed to shareholders by normal distribution methods.

Hamilton, Bermuda
October 19, 2020

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

Borr SGM Notice 19 10 2020

Borr Drilling Limited – Appointment of Christoph Bausch as CFO

Borr Drilling Limited (the “Company”) (NYSE: “BORR”, OSE: “BDRILL”) is pleased to announce the appointment of Christoph Bausch as its new Chief Financial Officer, replacing Mr. Francis Millet with effect from 1 November 2020. 

Patrick Schorn, Chief Executive Officer, commented:

“I am pleased to announce Christoph as the new Chief Financial Officer of Borr Drilling. Christoph has been Chief Financial Officer of NYSE and OSE listed oilfield service companies for many years and brings extensive industry and financial experience. His deep knowledge of the contract drilling business combined with his experience in financial restructuring will be of tremendous help to support Borr’s strategic plans in a challenging operating environment. I also want to thank Francis for his dedication and many contributions to Borr’s significant development during this critical time.” 

Christoph Bausch, CFO designate said:

“I am honoured to have the opportunity to support the strong team at Borr Drilling and I look forward to working with Patrick, and the Borr Drilling team and its stakeholders to unlock the value of Borr’s uniquely positioned asset base in the coming years as the industry recovers.”

Mr. Bausch brings many years of financial and operational management experience. Most recently he served as Executive Vice President and Chief Financial Officer of Weatherford. Previous to his tenure at Weatherford, and since May of 2011, he served as Executive Vice President and Chief Financial officer of Archer Limited, an oilfield services company publicly traded on the Oslo Stock Exchange. Before his role at Archer Limited, Mr. Bausch served as a Global Finance Director of Transocean, after having a 20-year international career with Schlumberger, where he held senior financial positions in global and regional capacities in the U.S., the U.A.E., France, Mexico, Venezuela and Germany across a number of business segments covering operations, engineering, manufacturing and supply chain. Mr. Bausch holds an M.B.A. degree (“Diplom Kaufmann”) from the University of Mannheim, Germany.

Hamilton, Bermuda,
14 October, 2020

Questions should be directed to:
Magnus Vaaler, VP Investor Relations and Treasury
+47 22 48 30 00

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

Borr Drilling Limited – Increase in share capital

Hamilton, Bermuda, October 5, 2020

Reference is made to Borr Drilling Limited’s (“Borr Drilling” or the “Company”) (NYSE: “BORR”, OSE: “BDRILL”) stock exchange releases related to the equity offering of 51,886,793 new depository receipts, representing the beneficial interests in the same number of the Company’s underlying common shares to be listed on the Oslo Stock Exchange (the “Equity Offering”).

The Equity Offering was settled today, on October 5, 2020, and the Company’s issued share capital has been increased by USD 2,594,339.65 to USD 10,515,935.20, divided into 210,318,704 common shares with a nominal value of USD 0.05 per common share.

The common shares referred to herein have not been registered under the United States Securities Act of 1933, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration.

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

Borr Drilling Limited – Activity update

October 2, 2020 – Hamilton, Bermuda 
Borr Drilling Limited (the “Company”) (NYSE: BORR, OSE: BDRILL) is pleased to confirm the commencement of three previously announced contracts in Malaysia for the premium Jack Up drilling rigs Gunnlod and Saga with PTTEP and Mist with Roc Oil. The units started work during September in line with the original schedule. With the added complexity of COVID-19, our operational team, with support of our partners in Asia, has diligently performed these activations to the highest standard.

We will also start operations of another two premium jack-ups, the Prospector 1 and the Prospector 5, in the North Sea in the fourth quarter of 2020. The Prospector 1 is the first rig in our fleet that has been fitted with a Selective Catalytic Reduction (“SCR”) System which is expected to reduce the emissions of nitrogen oxide, carbon oxide and hydrocarbon by 90-95%. In addition, the system is fitted with filters that is expected to reduce particle matter emission by over 85%. The introduction of this technology allows us to contribute to a lower emission society.   

“The commencement of operations of three rigs in Asia and two more to follow in the North Sea is an outstanding achievement, considering the current challenging environment and is a reflection of the professionalism and dedication of our teams.” says Patrick Schorn, CEO of Borr Drilling, in a comment.

Questions should be directed to: 
Magnus Vaaler, VP Investor relations and Treasury, +47 22 48 30 00 

Forward looking statements: 
This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as “expected” and “will” and similar expressions and include statements relating to the start of operations of two rigs, the expected reduction of emissions and other non-historical matters. Such forward-looking statements are subject to risks, uncertainties 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 factors described in the section entitled “Risk Factors” in our filings with the Securities and Exchange Commission. 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.

Borr Drilling Limited – Approval of Prospectus

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG, UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY, SELL OR SUBSCRIBE FOR ANY SECURITIES DESCRIBED HEREIN.

Hamilton, Bermuda, 2 October 2020

Reference is made to Borr Drilling Limited’s (“Borr Drilling” or the “Company”) (NYSE: “BORR”, OSE: “BDRILL”) stock exchange releases related to: (i) the equity offering of 51,886,793 new depository receipts (the “September Offer Shares”), representing the beneficial interests in the same number of the Company’s underlying common shares; and (ii) the equity offering of 46,153,846 new depository receipts (the “May Offer Shares”), representing the beneficial interests in the same number of the Company’s underlying common shares.

The Financial Supervisory Authority of Norway has today approved a prospectus dated 2 October 2020 (the “Prospectus”) which has been prepared in connection with: (i) the listing of the September Offer Shares on Oslo Stock Exchange (the “OSE”); and (ii) the listing of 27,759,094 of the May Offer Shares on OSE.

As a consequence of the approved Prospectus, the September Offer Shares will upon settlement in the September equity offering be listed on OSE, and the 27,759,094 of the May Offer Shares, currently registered on a non-listed separate ISIN, will be transferred to the ISIN listed on OSE.

The Prospectus will be available at the Company’s website, https://borrdrilling.com/investor-relations/, or for printed copies of the Prospectus, please contact:

Borr Drilling Limited
S.E. Pearman Building, 2nd Fl,
9 Par-la-Ville Road,
Hamilton HM11,
Bermuda

Or by email to: ir@borrdrilling.com 

This information is 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 the United States of America, Canada, Australia, Japan, Hong Kong or in any other jurisdiction where it would be prohibited by applicable law. This distribution does not constitute or form part of an offer or solicitation of an offer to purchase or subscribe for securities in the United States. The shares referred to herein will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration.

Borr Drilling Limited – Mandatory notification of trade

Reference is made to Borr Drilling Limited’s (“Borr Drilling” and the “Company”) (NYSE: “BORR”, OSE: “BDRILL”) stock exchange announcements of September 30, 2020, relating to the successfully completed equity offering through the subscription and allocation of 51,886,793 new depositary receipts (the “Offer Shares”), representing the beneficial interests in the same number of the Borr Drilling’s underlying common shares, each at a subscription price of USD 0.53 per Offer Share, equivalent to NOK 5.01 per Offer Share (the “Subscription Price”), raising gross proceeds of USD 27.5 million (the “Equity Offering”). The Offer Shares will be listed on Oslo Stock Exchange.

Kate Blankenship, Director and primary insider of the Company has subscribed for and been conditionally allocated 100,000 shares. After delivery, Ms Blankenship will own 100,000 shares in the Company. 

September 30, 2020

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited – Adjustment of key information relating to a potential subsequent offering

Reference is made to Borr Drilling Limited’s (“Borr Drilling” or the “Company”) (NYSE: BORR, OSE: BDRILL) stock exchange announcements of 30 September, 2020, relating to the successfully completed equity offering through the subscription and allocation of 51,886,793 new depositary receipts (the “Equity Offering”), and the announcement of a potential subsequent offering on 23 September 2020 (the “Subsequent Offering”).

The subscription price in the Equity Offering has been revised to USD 0.53 per share (depository receipt to be listed on Oslo Stock Exchange) and the subscription price in any Subsequent Offering (if later resolved) will be amended accordingly. In accordance with the continuing obligations for companies listed on the Oslo Stock Exchange, the following updated key information is given with respect to the potential Subsequent Offering:

Date of announcement of the potential Subsequent Offering: 22 September 2020

Last day of trading including rights to receive subscription rights: 22 September 2020

First day of trading excluding rights to receive subscription rights: 23 September 2020

Record date: 24 September 2020

Date of approval: Currently not resolved (see “Other information” below)

Maximum number of new depository receipts: 10,000,000

Subscription price: USD 0.53 per depository receipt (adjusted from USD 0.70 as stated in the release of 23 September 2020)

Other information: The Subsequent Offering is subject to completion of the Equity Offering, Board approval, SGM approval, publication of an offering and listing prospectus (the “Offering Prospectus”) approved by the Norwegian FSA and the prevailing market price of the Company’s depository receipts, and will be directed towards holders of OSE depository receipts who: (i) hold OSE depository receipts at the end of trading on OSE on 22 September 2020, as registered in the VPS as of 24 September 2020, (ii) are not allocated Offer Shares in the Equity Offering, and (iii) are not resident in a jurisdiction where such offering would be unlawful or, for jurisdictions other than Norway, would require any prospectus, filing, registration or similar action (the “Eligible Shareholders”). The Eligible Shareholders will be granted non-transferable subscription rights. The subscription period for the Subsequent Offering is expected to commence following publication of the Offering Prospectus, estimated to be at the end of October 2020. All terms subject to adjustments.

The shares referred to herein have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration.

Borr Drilling Limited – Mandatory notification of trades

Reference is made to Borr Drilling Limited’s (“Borr Drilling”) (NYSE: “BORR”, OSE: “BDRILL”) stock exchange announcements of September 30, 2020, relating to the successfully completed equity offering through the subscription and allocation of 51,886,793 new depositary receipts (the “Offer Shares”), representing the beneficial interests in the same number of the Borr Drilling’s underlying common shares, each at a subscription price of USD 0.53 per Offer Share, equivalent to NOK 5.01 per Offer Share (the “Subscription Price”), raising gross proceeds of USD 27.5 million (the “Equity Offering”). The Offer Shares will be listed on Oslo Stock Exchange.The following primary insiders of Borr Drilling have subscribed for and been conditionally allocated the following Offer Shares at the Subscription Price:

Paal Kibsgaard, Chairman of the Borr Drilling’s Board of Directors: 120,000 Offer Shares. After delivery, Kibsgaard will own 452,069 shares in the Company. 

Companies affiliated with Director and Vice Chairman Tor Olav Trøim: 4,579,377 Offer Shares. After delivery, Trøim and his affiliated parties will represent an ownership in Borr Drilling of 14,210,719 shares in the Company, or 6.8% of the outstanding shares.

Patrick Schorn, Chief Executive Officer of Borr Drilling: 981,000 Offer Shares. After delivery, Mr. Schorn will own 1,000,000 shares in the Company. 
September 30, 2020

September 30, 2020

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited – Pricing of Equity Offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY, SELL OR SUBSCRIBE FOR ANY SECURITIES DESCRIBED HEREIN.

Hamilton, Bermuda, 30 September 2020

Reference is made to Borr Drilling Limited’s (“Borr Drilling” or the “Company”) (NYSE: “BORR”, OSE: “BDRILL”) stock exchange notice dated 29 September 2020, announcing further concessions from its lenders and the decision to adjust the amount to be raised in the contemplated equity offering to USD 25-30 million.

Borr Drilling is pleased to announce that the board of directors of the Company (the “Board”) has approved the subscription and allocation of a total of 51,886,793 new depositary receipts (the “Offer Shares”), representing the beneficial interests in the same number of the Company’s underlying common shares, each at a subscription price of USD 0.53 per Offer Share (equivalent to NOK 5.01 per Offer Share), raising gross proceeds of USD 27.5 million.

The Offer Shares, representing the beneficial interests in the same number of common shares in the Company, will only be listed on the Oslo Stock Exchange. Following issuance of the Offer Shares, the Company’s outstanding and issued share capital will increase by USD 2,594,339.65 to USD 10,515,935.20, divided into 210,318,704 shares with a nominal value of USD 0.05 per share.

The date for settlement of the Offer Shares is expected to be on or about 5 October 2020 following publication of a prospectus approved by the Financial Supervisory Authority of Norway relating to the listing of the Offer Shares and certain of the offer shares in the May private placement. The Offer Shares, representing the beneficial interests in the same number of common shares in the Company, will only be listed on the OSE. No Offer Shares will be offered or sold in transactions on the NYSE.

This information is 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. The shares referred to herein have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration.

Forward looking statements

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as “may”, “expect”, “may”, “will” and similar expressions and include statements relating to the contemplated Equity Offering, conditions relating to completion of the Equity Offering and expected timing of closing of the Equity Offering. 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, including risks related to meeting the conditions for and completing the Equity Offering, the outcome of the agreement with lenders, risks relating to our liquidity and expected additional run-way and ultimate outcome of planned discussions with yard, including whether we will have sufficient liquidity to meet our requirements and other factors described in the section entitled “Risk Factors” in our 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.

Borr Drilling Limited – Further extension of application period for the Equity Offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY, SELL OR SUBSCRIBE FOR ANY SECURITIES DESCRIBED HEREIN.

Hamilton, Bermuda, 29 September 2020

Reference is made to Borr Drilling Limited’s (“Borr Drilling” or the “Company”) (NYSE: “BORR”, OSE: “BDRILL”) announcement dated 22 September relating to the contemplated equity offering of USD 40-50 million in new depository receipts (the “Equity Offering”) and the subsequent notice on 25 September 2020 announcing  an extension of the application period of the Equity Offering.

Borr Drilling is making good progress with its discussions with its lenders to improve the concessions previously announced and has therefore decided to further extend the application period for the Equity Offering to 08:00 CET/2:00 am EST on 30 September 2020. The Board is confident that concessions from lenders will be in place prior to Wednesday morning. The Company may, in its own discretion, extend or shorten the application period at any time and for any reason.

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. The shares referred to herein have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration.

Forward looking statements

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as “may”, “expect”, “may”, “will” and similar expressions and include statements relating to the contemplated Equity Offering, discussions with lenders, the expectation that an arrangement with lenders will be in place and the expected timing and the extension of the application period. 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, including risks related to the Company’s ability to complete the contemplated Equity Offering on contemplated terms or at all, the outcome of discussions with lenders and other factors described in the section entitled “Risk Factors” in our 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.

Borr Drilling Limited – Extension of application period for the Equity Offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY, SELL OR SUBSCRIBE FOR ANY SECURITIES DESCRIBED HEREIN.

Hamilton, Bermuda, 25 September 2020

Reference is made to Borr Drilling Limited’s (“Borr Drilling” or the “Company”) (NYSE: “BORR”, OSE: “BDRILL”) announcement dated 22 September 2020 relating to the contemplated equity offering of USD 40-50 million in new depository receipts (the “Equity Offering”).

Borr Drilling is currently in discussions with its lenders to improve the concessions previously announced and has therefore decided to extend the application period for the Equity Offering to 08:00 CET/2:00 am EST on 29 September 2020. The Company may, in its own discretion, extend or shorten the application period at any time and for any reason.

This information is 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. The shares referred to herein have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration.

Forward looking statements

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as “may”, “expect”, “may”, “will” and similar expressions and include statements relating to the contemplated Equity Offering, discussions with lenders and the extension of the application period. 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, including risks related to the Company’s ability to complete the contemplated Equity Offering on contemplated terms or at all, the outcome of discussions with lenders and other factors described in the section entitled “Risk Factors” in our 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.

Borr Drilling Limited – Market update

Borr Drilling Limited (the “Company”) (NYSE: BORR, OSE: BDRILL) is pleased to announce that it has reached agreement with the bank syndicates and with Hayfin, who in sum provides USD595m in loan facilities, to extend their maturity to January 2023 and lower the minimum liquidity covenant to USD5m until maturity. The next step of the plan is to reach agreement with the yards before year end 2020 to extend all remaining instalments and maturities under the Company’s yard facilities to 2023 and beyond.

As part of the concessions reached with these lenders, the Company has committed to raise equity in order to improve the Company’s liquidity profile and, at the Board’s discretion, use part of the proceeds to buy back some of its convertible bonds at a significant discount to par. This will strengthen the balance sheet ahead of possible industry consolidation.

The operational performance of the integrated well services in Mexico continues to progress well, however payment delays have caused the Company to experience calls for working capital advances which have been larger than expected. With reference to the Q2 2020 report released by the Company on 28 August 2020, in which the Company announced a proposed payment plan from Pemex to the Company’s integrated well services joint venture entities in Mexico, the Company is pleased to inform that, since the end of Q2 2020, these entities have received USD 103m in payments from Pemex which amounts to approximately 65% of the total amount outstanding for work performed. This improvement in collections will positively impact the Company’s working capital situation, and together with the remaining payment for the work already performed, eventually allow distributions to the Company.

“We are pleased to have found an agreement with the Company’s banks and Hayfin which together with the new equity, will improve the liquidity in excess of USD700m over the next 2 years. We are confident that with this agreement and the continued support of the yards, we are creating a long-term solution, with low cash-breakeven for the coming years,” says Patrick Schorn, CEO of Borr Drilling, in a comment.

For further details on our business and the contemplated transactions, including an updated working capital statement, the equity offering and a discussion of Risk Factors we face, please refer to the presentation published today attached to this release and on our website: http://borrdrilling.com/presentations/

Hamilton, Bermuda

22 September 2020

FORWARD LOOKING STATEMENTS

This announcement includes forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions and include statements with respect to the payment plan of Pemex to our integrated well service joint venture entities and the expectation that this will allow distributions to us, statements with respect to agreements with lenders and our plan to extend debt maturities and seek concessions from creditors, statements with respect to our commitment to raise equity and our plan to repurchase convertible notes and other non-historical statements.  The forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions, which are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. 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. Important factors that, in our view could cause actual results to differ materially from those discussed in the forward looking statements include risks relating to our industry and business and liquidity, the risk of delays in payments to our integrated well service joint venture entities and consequent payments to us, risks relating to our agreement with lenders including our ability to meet the conditions set forth herein for a maturity extension, our ability to meet our debt obligations and obligations under rig purchase contracts, risks relating to our ability to meet our obligations as they fall due, risks relating to our liquidity requirements, risks relating to  future financings including the risk that future financings may not be completed when required and future equity financings will dilute shareholders and the risk that the foregoing would result in insufficient liquidity to continue our operations or to operate as a going concern and other risks factors set forth under “Risk Factors” in our filings with the U.S. Securities and Exchange Commission.

Borr Drilling – Investor Presentation September 2020

BORR DRILLING LIMITED – CONTEMPLATED EQUITY OFFERING OF USD 40-50 MILLION

Hamilton, Bermuda, 22 September 2020

Borr Drilling Limited (“Borr” or the “Company”) (NYSE: “BORR”, OSE: “BDRILL”) is contemplating offering USD 40-50 million in new depository receipts (the “Offer Shares”), representing the beneficial interests in the same number of the Company’s underlying common shares, each with a par value of USD 0.05, and each at a subscription price of USD 0.70 (the “Subscription Price”) (the “Equity Offering”).

Certain investors have pre-committed to subscribe for Offer Shares in the Equity Offering in the amount of approximately USD 30 million, of which individual members of the Company’s Board of Directors (the “Board”) and the Company’s executive management have pre-committed for a total of USD 3 million.

The net proceeds from the Equity Offering will be used to strengthen the Company’s working capital and for general corporate purposes. The Company may also use part of the proceeds to repurchase bonds under the Company’s USD 350 million convertible bond loan on term acceptable to the Board.

The application period opens today, on 22 September 2020, at 22:00 CET/4:00pm EST and ends at 08:00 CET/2.00am EST on 25 September 2020. The Company may, in its own discretion, extend or shorten the application period at any time and for any reason.

Completion of the Equity Offering is subject to (i) the Board resolving to consummate the Equity Offering and allocate the Offer Shares; (ii) publication of a prospectus approved by the Financial Supervisory Authority of Norway, relating to the listing of the Offer Shares and certain of the offer shares in the May private placement (hereinafter the “Listing Prospectus”); (iii) with respect to Tranche 2, the approval by the SGM of the increase of the Company’s authorized share capital; and (iv) the Offer Shares, including the underlying new common shares, having been fully paid and legally issued. Each applicant acknowledges that the Equity Offering may be cancelled if the conditions are not fulfilled. Tranche 1 may, in the Company’s discretion, be completed without Tranche 2.

Settlement of Tranche 1 of the Equity Offering is expected on or about 29 September 2020. Settlement of Tranche 2 of the Equity Offering is expected on or about 13 October 2020.

The Offer Shares, representing the beneficial interests in the same number of common shares in the Company, will only be listed on the Oslo Stock Exchange upon issuance. No Offer Shares will be offered or sold to the public in the United States or in transactions on the NYSE.

Subject to completion of the Equity Offering, Board approval, and the prevailing market price of the Company’s depository receipts, the Company intends to carry out a subsequent offering of new depository receipts in the Company (the “Subsequent Offering”). The Subsequent Offering will, on the basis of an offering- and listing prospectus (the “Offering Prospectus”) to be approved by the Norwegian Financial Supervisory Authority, and subject to shareholder approval at the SGM, be directed towards holders of OSE depository receipts who: (i) hold OSE depository receipts as per the end of trading on 22 September 2020, as registered in VPS as of 24 September 2020, (ii) are not allocated Offer Shares in the Equity Offering, and (iii) are not resident in a jurisdiction where such offering would be unlawful or, for jurisdictions other than Norway, would require any prospectus, filing, registration or similar action (the “Eligible Shareholders”). The Eligible Shareholders will be granted non-transferable subscription rights. The subscription period in the Subsequent Offering is expected to commence following publication of the Offering Prospectus, estimated in end October 2020.  The subscription price in the Subsequent Offering will correspond with the Subscription Price in the Private Placement. Investors allocated Offer Shares in the Equity Offering will not be given the right to participate in a Subsequent Offering.

The securities offered in the Equity Offering and any Subsequent Offering have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Forward looking statements

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as “may”, “expect”, “may”, “will” and similar expressions and include statements relating to the contemplated Equity Offering including the conditions to the offering, pre-commitments to subscribe for Offer Shares and the intended use of the net proceeds of the Equity Offering and the Subsequent Offering.  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, including risks related to the Company’s ability to complete the contemplated Equity Offering on contemplated terms or at all  including whether the conditions to the offering will be satisfied and the use of the proceeds and other factors described in the section entitled “Risk Factors” in our 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.

Borr Drilling Limited Receives Notice from NYSE regarding Continued Listing Standard

September 7, 2020, Borr Drilling Limited (the “Company” or “Borr”) (NYSE: BORR, OSE: BDRILL) today announced that the Company has received written notice from the New York Stock Exchange (the “NYSE”) that the Company is not in compliance with the NYSE continued listing standard with respect to the minimum average share price required by the NYSE because the average closing price of its common shares had fallen below $1.00 per share over a period of 30 consecutive trading days.

Under the NYSE rules, the Company can regain compliance with this standard and cure this deficiency if, during the six-month period following receipt of the NYSE notice, on the last trading day of any calendar month or on the last trading day of this six-month cure period, the Company’s common shares have a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30-trading day period ending on the last trading day of that month or the last trading day of the cure period, which for the Company means February 25, 2021. The Company has responded to the NYSE to confirm its intent to cure this non-compliance. During this period, the Company’s common shares will continue to be traded on the NYSE subject to the Company’s compliance with other applicable NYSE listing requirements.

Hamilton, Bermuda,

September 7, 2020

Forward looking statements

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as “plan”, “may”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions and include statements relating to the notice from the NYSE as to non-compliance with the minimum price rule and the Company’s plan to regain compliance, and other non-historical statements. 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, including risks related to the Company’s ability to be able to regain compliance with NYSE rules and maintain its listing on the NYSE and other factors described in the section entitled “Risk Factors” in our 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 subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited Announces Change to Board of Directors

September 7, 2020, Borr Drilling Limited (the “Company”) (NYSE: BORR, OSE: BDRILL) today announced that, in connection with the assumption of his new role as CEO and in line with the Company’s corporate governance policies, Patrick Schorn will step down from the Company’s board of directors with effect from September 8, 2020. 

Hamilton, Bermuda,

September 7, 2020

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

Borr Drilling Limited Announces Preliminary Results for the Second Quarter of 2020

Hamilton, Bermuda, August 28, 2020: Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) (NYSE: “BORR”, OSE: “BDRILL”) announces unaudited results for the three and six months ended June 30, 2020.

Highlights in the Second Quarter of 2020

· Total operating revenues of $84.0 million, net loss of $109.6 million and Adjusted EBITDA* of $(1.9) million for the second quarter of 2020. The adjusted EBITDA includes approximately $12 million of non-recurring costs related to the agreements reached with the Company’s creditors in June 2020
· The combined Adjusted EBITDA of the four separate Mexican JVs that the Company has 49% ownership in was $30.1 million in the second quarter 2020, compared to negative EBITDA in the first quarter of 2020 of ($2.3) million, an increase of $32.4 million quarter on quarter
· On April 30, 2020, the Company sold two standard jack-up drilling rigs, the “Dhabi II” and the “Paragon B152”, for total cash proceeds of $15.8 million, leading to a gain on disposal of $12.8 million
· In May 2020, the Company exited its position in forward contracts for Valaris shares
· In June 2020, the Company completed an equity offering raising gross proceeds of $30 million
· In June 2020, the Company made several amendments to loan facilities with its creditors and to the delivery schedule of rigs with its shipyards, resulting in liquidity improvement mainly through deferral of payments of more than $315 million until the beginning of 2022

Subsequent events

· On August 10, 2020, the Company announced the appointment of Patrick Schorn as new Chief Executive Officer
· In August, Pemex communicated a regular monthly payment plan to OPEX, the JV providing Integrated Well Services, which should substantially improve the JV’s liquidity position, which in turn will benefit Borr

The Chairman of the Board, Paal Kibsgaard, commented:

“In the second quarter, we saw the full impact of the anticipated activity reductions linked to COVID-19, resulting in a sequential decrease in operating revenues of 19% to $84.0 million, and Adjusted EBITDA of $(1.9) million. The adjusted EBITDA includes $12 million of non-recurring costs related to the agreements reached with the Company’s creditors in June 2020.

In the current challenging operating environment, Borr Drilling has been focused on improving its liquidity runway and conserving cash. Through negotiations with creditors and shipyards in June, we improved the Company’s liquidity by $315 million through the start of 2022, mainly through deferral of payments.

Operationally, the Mexican business has improved significantly quarter on quarter. The four JVs that the Company has ownership in delivered USD30m in Adjusted EBITDA in the quarter. Additionally, we estimate that COVID-19 impacted our Mexican JVs directly by $5.5 million in lost revenue and additional expenses combined. The wells delivered by Borr’s integrated services have, based on Pemex’s Q2 2020 report, increased Pemex production by 72k barrels/day. With the quick payback and low breakeven for the customer we expect the integrated well delivery business model to gain further traction going forward.

From a liquidity perspective, the operations of our Mexican JVs have suffered from irregular payments and difficulties with factoring of receivables, which in turn has put further strain on the Company’s liquidity position. However, in late August 2020, Pemex confirmed their commitment to enter into a regular monthly payment plan to our JVs, which will reduce the working capital requirements and allow cash distributions from the JVs to Borr, and thereby improve Borr’s liquidity position.

The improvement in oil prices during the spring of 2020 triggered demand for putting three of our warm stacked units back to work. This shows the resilience of the shallow water offshore drilling market and, as oil prices continue to improve, we expect to put further units back to work in the future.

The distress in the offshore drilling industry is likely to force both needed consolidation and fleet rationalisation going forward. Borr Drilling has a brand-new jack-up drilling rig fleet and is well positioned to participate in such consolidation if it benefits our shareholders.”

The full report and financial statements is available in the enclosed file to this release. 

August 28, 2020

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

Questions should be directed to:

Magnus Vaaler: VP Investor Relations and Treasury, +47 22 48 30 00

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

2nd Quarter 2020 Results

Borr Drilling Limited – 2020 AGM Results Notification

Borr Drilling Limited (the “Company”) advises that the 2020 Annual General Meeting of the Company was held on August 10, 2020 at 09:30 ADT at 2nd Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda.  The audited consolidated financial statements for the Company for the year ended December 31, 2019 were presented to the Meeting.
The following resolutions were passed:

1)    To re-elect Pål Kibsgaard as a Director of the Company.
2)    To re-elect Tor Olav Trøim as a Director of the Company.
3)    To re-elect Alexandra Kate Blankenship as a Director of the Company.
4)    To re-elect Patrick Arnold Henk Schorn as a Director of the Company.
5)    To re-elect Georgina E. Sousa as a Director of the Company.
6)    To re-elect Neil J. Glass as a Director of the Company.
7)    To approve the increase of the Company’s authorized share capital from US$9,182,692.30 divided into 183,653,846 common shares of US$0.05 par value each to US$11,182,692.30 divided into 223,653,846 common shares of US$0.05 par value each by the authorization of an additional 40,000,000 common shares of US$0.05 par value each.
8)    To appoint PricewaterhouseCoopers LLP as auditors and to authorize the Directors to determine their remuneration.
9)    To approve remuneration of the Company’s Board of Directors of a total amount of fees not to exceed US$950,000 for the year ended December 31, 2020.

Hamilton, Bermuda
August 10, 2020

Borr Drilling Limited Announces Appointment of Patrick Schorn as CEO

Borr Drilling Limited (the “Company”) (NYSE: “BORR”, OSE: “BDRILL”) is pleased to announce the appointment of Patrick Schorn as its new Chief Executive Officer with effect from 8 September 2020.  Mr. Schorn will succeed Svend Anton Maier who will remain with the Company as Special Advisor to the Chief Executive Officer.  Mr Schorn has been a Director of the Company since January 2018.

Paal Kibsgaard, Chairman of the Board, commented:

“We are pleased to announce Patrick as the new Chief Executive Officer of Borr Drilling. His extensive industry experience and his tenure as a Director of the Company make him ideally suited to take the Company forward in a challenging operating environment. We also want to thank Svend Anton for his leadership and strong contributions to the Company since its incorporation and look forward to his continued support in the role as Special Advisor to the Chief Executive Officer.”

Patrick Schorn, CEO designate said:

“I am very honored with the opportunity to be further involved in Borr Drilling and look forward to working with Svend Anton and the extended Borr Drilling team to deliver differentiating results for our customers and investors. Currently the oil and gas industry is going through a challenging phase, however in this adversity also lies our opportunity. The combination of the first class Borr Drilling people together with the youngest jack up fleet in the industry, serves as a unique foundation to solidify our position as industry leading jack up provider.”

Biography: Patrick Schorn

Mr. Schorn was the Executive Vice President of Wells for Schlumberger Limited. Prior to this role, he held various global management positions including President of Operations for Schlumberger Limited; President Production Group; President of Well Services; President of Completions; and GeoMarket Manager Russia. He began his career with Schlumberger in 1991 as a Stimulation Engineer in Europe and held various management and engineering positions in France, United States, Russia, US Gulf of Mexico and Latin America. Mr. Schorn holds a Bachelor of Science degree in Oil and Gas Technology from the University “Noorder Haaks” in Den Helder, the Netherlands.

Hamilton, Bermuda,

10 August, 2020

Questions should be directed to:
Magnus Vaaler, VP Investor Relations and Treasury
+47 22 48 30 00This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited – Fleet Status Report

Borr Drilling Limited (the “Company”) (NYSE: “BORR”, OSE: “BDRILL”) is pleased to announce in its fleet status report today that it has entered into a new contract and LOIs for three of its currently warm stacked rigs, adding USD 21 million to the total backlog, with good prospects for additional backlog on these units. The recent awards will bring the total number of committed and contracted rigs up to 14. The tender activity in the jack-up market troughed in March / April this year caused by the negative development in the oil price. There are now clear signs of increased activity levels, supported by an oil price of around USD 40/bbl.

Borr has currently three additional warm stacked rigs which can be brought into operation without significant activation capex.

The updated Fleet Status Report can be found on the Company’s website and attached to this release.

August 3, 2020

Hamilton, Bermuda

Fleet Status Report – August 2020

Borr Drilling Limited – Notice of Annual General Meeting 2020

The Annual General Meeting of Shareholders of Borr Drilling Limited (the “Company”) will be held on August 10, 2020 in Bermuda.

A copy of the Notice of Annual General Meeting and Form of Proxy will be distributed to shareholders by normal distribution methods and is attached to this release. Associated information including the Company’s Annual Report can be found on the Company’s website www.borrdrilling.com.

Hamilton, Bermuda
July 21, 2020

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

Borr Drilling AGM Notice 2020

Borr Drilling Limited – 2020 Annual General Meeting

Borr Drilling Limited (NYSE: BORR, OSE: BDRILL) advises that the 2020 Annual General Meeting of the company will be held on August 10, 2020. The record date for voting at the Annual General Meeting is set to July 17, 2020. The notice, agenda and associated material will be distributed prior to the meeting.

Hamilton, Bermuda

July 14, 2020

Borr Drilling Limited Regains Compliance with NYSE Continued Listing Standard

Borr Drilling Limited (the “Company” or “Borr”) (NYSE: BORR, OSE: BDRILL), refers to its announcement on May 12, 2020 regarding the written notice received from the New York Stock Exchange (the “NYSE”) that the Company was not in compliance with the NYSE continued listing standard with respect to the minimum average share price required by the NYSE (the “Continued Listing Standard”) because the average closing price of its common shares had fallen below $1.00 per share over a period of 30 consecutive trading days.

The Company has received a letter from the NYSE, confirming that the Company’s average stock price for the 30 trading day period ended June 30, 2020 was above the NYSE’s minimum requirement of $1.00. Accordingly, the Company has regained compliance with the Continued Listing Standard.

Hamilton, Bermuda,

July 3, 2020

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

Borr Drilling Limited files its 2019 Annual Report on Form 20-F and releases its 2019 Sustainability and Corporate Governance reports

Hamilton, Bermuda, June 15, 2020. Borr Drilling Limited (the “Company”) (NYSE: BORR, OSE: BDRILL) has on June 15, 2020 filed its Annual Report on Form 20-F for the Year Ended December 31, 2019 (the “2019 Annual Report”). Simultaneously, the Company has also released its 2019 Sustainability Report and Corporate Governance report. The reports are enclosed to this release.

The Company’s 2019 Annual Report can be downloaded from the SEC’s website (www.sec.gov) and is also available on the Company’s website (www.borrdrilling.com). Hard copies of the Company’s 2019 Annual Report can be ordered, free of charge, upon request by writing to us at: 

Borr Drilling Limited
S.E. Pearman Building, 2nd Fl,
9 Par-la-Ville Road,
Hamilton HM11,
Bermuda

Or by email to: ir@borrdrilling.com 

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

Annual Report 2019

Borr Drilling Limited – Completing financial restructuring and conditions for equity offering

Reference is made to Borr Drilling Limited’s (“Borr Drilling” or the “Company”) (NYSE: BORR, OSE: BDRILL) stock exchange notices dated May 20 and May 21, 2020.

The Company is pleased to announce it has obtained significant amendments to facilities from its secured lenders and shipyards that will provide total liquidity improvement of more than $315 million in the period to the first quarter of 2022. These amendments have now been agreed with the following key terms:

· Deferral of the delivery of five newbuild jack-ups rigs until mid-2022, representing estimated liquidity improvement of approximately $190 million until the first quarter of 2022.
· Deferral of certain interest payments until 2022, representing an estimated liquidity improvement of approximately $60 million.
· Deferral of debt amortisation in 2021 of $65 million until maturity of the loans in the second quarter of 2022.
· Amendment of certain of the financial covenants, including
· Reduction of the minimum liquidity covenant from 3% of net interest bearing debt, to $5 million with a gradual step-up to $20 million at December 31, 2021, which gives a liquidity improvement of up to $40 million in the period. Thereafter the 3% level will be reinstated. As part of the amendments, utilization of the remaining $30 million under our revolving credit facilities require all banks’ consent. 
· Amending the minimum book equity ratio from 33.3% to 25% up to and including 31 December 2021. Thereafter the required ratio will be 40%.
· Suspension of the Debt Service Coverage Ratio covenant of 1.25x until 31 December 2021.

· Waivers of certain covenants in our ring-fenced financing structure including incremental liquidity from restricted cash.

The amendments provide for payment of certain interest payments originally due at the end of the first quarter of 2020 which had been deferred with lender consent, as well as other amendments to the facilities.

“We are extremely pleased with the support given to the Company by all stakeholders. The amended financing package gives a required cash break-even bareboat contribution in 2021 at only around $20,000/day per rig based on just 12 rigs in operation. In addition, the Company has six more rigs activated and available, which it only intends to bring back to work on cashflow accretive contracts. We are also encouraged by the already improving supply-demand outlook for oil, and optimistic that this will lead to a gradual improvement in jack-up drilling activity in the coming year. We furthermore continue to look at additional initiatives to improve liquidity”, says Chairman Paal Kibsgaard.

The agreements are conditional on the issuance of 46,153,846 new shares to the subscribers of the $30 million equity offering, which is expected to be settled June 5, 2020.

A Special General Meeting of the shareholders of the Company was held on June 4, 2020 at 9:30 a.m. at the Company’s Registered Office, 2nd Floor, 9 Par-la-Ville Road, Hamilton HM11, Bermuda, passing the following resolution: “That the Company’s authorised share capital be increased from US$6,875,000 divided into 137,500,000 common shares of US$0.05 par value each to US$9,182,692.30 divided into 183,653,846 common shares of US$0.05 par value each by the authorisation of an additional 46,153,846 common shares of US$0.05 par value each.”

June 5, 2020

Hamilton, Bermuda

This announcement does not constitute an offer to buy, sell or subscribe for any securities described herein. The securities offered will not be or have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

FORWARD LOOKING STATEMENTS

This announcement includes forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions and include statements with respect to the amendments agreed with creditors, including expected liquidity improvements from those amendments; the Company’s plans to continue to look for initiatives to improve liquidity; expected cash bareboat break even rates; intentions with respect to bringing rigs back to work; statements with respect to expected supply-demand outlook for oil, and expected trends in jack-up drilling activity in the coming yea; and other non-historical statements. The forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions, which are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. 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. Important factors that could cause actual results to differ materially from those discussed in the forward looking statements include risks relating to the amendments we have agreed with lenders and shipyards, including the risks relating to meeting conditions precedent and subsequent to these agreements; risks relating to our liquidity including the risk that we may have insufficient liquidity to fund our operations; risks that the expected liquidity improvements do not materialize, the risk that our customers do not comply with their contractual obligations, including payment or approval of invoices for factoring; , risks relating to industry conditions and tendering activity, risks relating to cash flows from operations, the risk that we may be unable to raise necessary funds through issuance of additional debt or equity or sale of assets and may have to delay or cancel discretionary capital expenditures; risks relating to our debt instruments including risks relating to our ability to comply with covenants and obtain any necessary waivers and the risk of cross defaults, as well as those risks described in the section entitled “Risk Factors” in our filings with the Securities and Exchange Commission.

Borr Drilling Limited – Mandatory notification of trades

Reference is made to Borr Drilling Limited’s (“Borr Drilling”) (NYSE: BORR, OSE: BDRILL) stock exchange announcements of 21 May 2020, relating to the successfully completed equity offering through the subscription and allocation of 46,153,846 new depositary receipts (the “Offer Shares”), representing the beneficial interests in the same number of the Borr Drilling’s underlying common shares, each at a subscription price of USD 0.65 per share, equivalent to NOK 6.45 per share (the “Subscription Price”), raising gross proceeds of USD 30 million (the “Equity Offering”). The Offer Shares will be listed on Oslo Stock Exchange (the “OSE”). The allocation is dependent on completion of the subjects of the Equity Offering.

The following primary insiders of Borr Drilling have subscribed for and been conditionally allocated the following Offer Shares at the Subscription Price:

Paal Kibsgaard, Chairman of the Borr Drilling’s Board of Directors, 230,769 Offer Shares. After delivery, Kibsgaard will own 332,069 shares in the Company. 

Companies affiliated with Director and Vice Chairman Tor Olav Trøim, 769,231 Offer Shares. After delivery, Trøim and his affiliated parties will represent an ownership in Borr Drilling of 9,651,342 shares in the Company. 

Jan Rask, Director of Borr Drilling, 76,923 Offer Shares. After delivery, Mr. Rask owns 91,208 shares in the Company. 

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited – Notice of Special General Meeting of Shareholders

Borr Drilling Limited (the “Company”) advises that the Company will hold a Special General Meeting on June 4, 2020. The Board of Directors has fixed the close of business on June 1, 2020 as the record date for determination of the shareholders entitled to attend and vote at the Special General Meeting or any adjournment thereof.

A copy of the Notice of Special General Meeting and Form of Proxy (the “Notice”) and associated information can be found on the Company’s website at http://www.borrdrilling.com and attached to this press release. The Notice and associated information will also be distributed to shareholders by normal distribution methods.

Hamilton, Bermuda
May 21, 2020

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

Borr – SGM Notice – 21-5-2020

Borr Drilling Limited Announces Trading Update, Including Key First Quarter 2020 Financial Information

Hamilton, Bermuda, May 20, 2020: Borr Drilling Limited (“Borr”, “Borr Drilling”, “we” or the “Company”) (NYSE: BORR, OSE: BDRILL) announces a trading update, including a limited financial analysis of the three months ended March 31, 2020.

This trading update given today is in lieu of the Company’s usual quarterly report and includes the Company’s Statement of Operations and a Balance Sheet for the first quarter 2020 as an appendix prepared in accordance with US GAAP.

The Chairman of the Board, Paal Kibsgaard, commented: 

“I am pleased with the first quarter financial results, where we in spite of operational challenges linked to COVID-19, saw a sequential increase in operating revenues of 12% to $104.1 million, and Adjusted EBITDA reaching $25.4 million, an increase of $23.6 million compared to the fourth quarter 2019.

The first quarter financial performance was driven by “Saga”, “Idun” and “Prospector 1”, all generating revenue for a full three months, and by lower operating expenses, as our rig activation program continued to wind down, as well as lower G&A costs compared to the fourth quarter 2019. 

In response to the COVID-19 pandemic, the Company has taken a range of operational and business continuity measures to protect the health and safety of our people, both onshore and offshore, and also to ensure that we can continue to serve our customers. With the weaker short-term outlook for oil prices and offshore activity, we have also implemented a company-wide cost reduction plan, to reduce annual operating and G&A expenses by a further $35 million.

The Company continues to work on improving cashflow and strengthening the balance sheet through tight control of both operating expenses and working capital. With 6 newly activated rigs unemployed due to reduced offshore activity, the liquidity required for rig classification and mobilization to secure new contracts is expected to be minimal. 

The Company has, as a result of the weakened market, actively entered into discussions with the shipyards and creditors to create a liquidity runway until 2022 even in an unlikely low scenario without any further contracts. These discussions are showing material progress, and the board expects the process to be finalized in the near-term. 

In April, the Company sold the “B152” and “Dhabi II” rigs for total proceeds of $15.8 million, and Borr continues to be involved in other tender processes which might lead to sale of some modern assets. 

Looking at the total jack-up market, the number of contracted units have decreased from 387 to 371 units in the last 2 months, as a result of the COVID-19 pandemic, and we expect this number to reduce further. However, as global oil demand is anticipated to rebound in the coming year, we expect that some of the supply reductions and shut-ins will be slower to recover. This could lead to the development of a more constructive oil market over the course of 2021, and a subsequent improvement in offshore drilling.”

 

Highlights in the first quarter 2020

 In $ million     Q1 – 2020  Q4 – 2019  FY 2019
Total operating revenues  104.1 92.9 334.1
Adjusted EBITDA    25.4 1.8 (2.6)
Operating loss     (26.8) (30.2) (150.7)
Net income/(loss) (87.0) (60.3) (299.1)
 

•    Operating revenues increased by 12% quarter on quarter to $104.1 million
•    Adjusted EBITDA in the first quarter 2020 of $25.4 million, an increase of $23.6 million over Q4 2019
•    The results from the Company’s integrated service operation in Mexico has improved significantly through increased efficiency. The operation is showing strong results adjusted for the start-up costs and is confirming Borr’s capabilities.
•    The improvement in Mexican operations includes a reversal of $18.3 million from the geological event in fourth quarter 2019 which has now been booked as revenue and collected from Pemex. This has led to a positive adjustment of the Q4 numbers.
•    As a function of the weaker market, the Company has thoroughly reviewed its cost structure. Actions have already been implemented to reduce the annual run-rate of overall operational cost and G&A with $35 million compared to the Company’s original budget. 

Subsequent events

•    Borr continue to be involved in tender processes which might lead to sale of certain modern assets, with the target to further strengthen the liquidity position.
•    The Company has sold “B152” and “Dhabi II” with associated backlog for total proceeds of $15.8 million in April, resulting in an estimated accounting gain of $11.8 million, which will be recorded in the second quarter 2020.
•    In May, the Company took delivery of 4.26 million Valaris shares under its forward contracts and subsequently sold 1.7 million of the shares in line with its previously communicated strategy. 
•    On May 19, 2020, we signed an agreement to sell the “MSS1” for recycling for proceeds of $2.2 million. The book value of the rig was impaired down to its sale value at the end of the first quarter 2020, and the rig was classified as held for sale. The sale is expected to close in the second quarter 2020. 
•    Borr has, in response to the weakening market, taken an active approach to enter into discussions with its lenders and shipyards with the target to lower the Company’s cash break even rates for the next two years and thereby significantly strengthen the Company’s liquidity situation. The lenders and shipyards recognise the current challenging environment. Significant progress has been made based on a proposed arrangement with lenders including shipyards which includes postponement of certain yard commitments, adjustment in covenants and reduced amortisation as well as deferring cash interest payments. Management believes that such a solution, if concluded, will give the Company a runway for the next two years even in the unlikely scenario where no new contracts are obtained or renewed. At the end of the first quarter of 2020 and into the second quarter 2020, the Company also received certain waivers from its lenders, including a waiver of its minimum free liquidity threshold as well as interest payment deferrals. 

The full Trading Update and the Fleet Status Report is available in the enclosed files

May 20, 2020
The Board of Directors
Borr Drilling Limited 
Hamilton, Bermuda

Borr Q1 2020 Trading Update

Borr Drilling Limited – Notice of trading update with selected financial results for Q1 2020

Borr Drilling Limited (NYSE: BORR, OSE: BDRILL) plans to release a trading update including selected financial results for the first quarter 2020 on Wednesday, May 20, 2020. The time of the release is expected to be before New York Stock Exchange opens at 3.30 CET/ 9.30 ET in order to accommodate the Company’s US shareholders.

May 20, 2020

Borr Drilling Limited

Hamilton, Bermuda

Forward looking statements

This press release includes forward looking statement relating to the expected timing of publication of a trading update including selected Q1 results. Such forward-looking statements are subject to risks, uncertainties and other factors could cause actual events to differ materially from the expectations expressed by the forward-looking statements included herein, including risks related to the timing of such release.

Borr Drilling Limited Receives Notice from NYSE regarding Continued Listing Standard

May 12, 2020, Borr Drilling Limited (the “Company” or “Borr”) (NYSE: BORR, OSE: BDRILL), today announced that the Company has received written notice from the New York Stock Exchange (the “NYSE”) that the Company is not in compliance with the NYSE continued listing standard with respect to the minimum average share price required by the NYSE because the average closing price of its common shares had fallen below $1.00 per share over a period of 30 consecutive trading days.

Under the NYSE rules, the Company can regain compliance with this standard and cure this deficiency if, during the six-month period following receipt of the NYSE notice, on the last trading day of any calendar month or on the last trading day of this six-month cure period, the Company’s common shares have a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30-trading day period ending on the last trading day of that month or the last trading day of the cure period.  Effective April 21, 2020, the NYSE has provided relief for issuers which are not compliant with the minimum $1 per share standard, providing issuers additional time to cure the non-compliance, which for the Company means 26 December 2020. The Company has responded to the NYSE to confirm its intent to cure this non-compliance. During this period, the Company’s common shares will continue to be traded on the NYSE subject to the Company’s compliance with other applicable NYSE listing requirements.

Hamilton, Bermuda,

May 12, 2020

Forward looking statements

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as “plan”, “may”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions and include statements relating to the notice from the NYSE as to non-compliance with the minimum price rule and the Company’s plan to regain compliance, and other non-historical statements.  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, including risks related to the Company’s ability to complete an annual general meeting and obtain approval for a reverse share split, and otherwise be able to regain compliance with NYSE rules and maintain its listing on the NYSE and other factors described in the section entitled “Risk Factors” in our 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 subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited – Sale of two standard jack-up drilling rigs

A wholly owned subsidiary of Borr Drilling Limited (the “Company”), (NYSE: “BORR”, OSE: “BDRILL”) has on April 30, 2020, sold two standard jack-up drilling rigs, the “Dhabi II” and the “Paragon B152”, for total cash proceeds of $15.8 million, including the associated backlog effective from April 1, 2020.  The Company will continue to operate the rigs under a services agreement which will ensure continuity for our customer.  The rigs are unencumbered, and the liquidity effect for the Company is equal to the sales proceeds. The Company expects to record a gain of approximately $11.5 million.

The sale of the rigs is in line with the Company’s long term strategy to focus on the operation of its core fleet of modern jack-up drilling rigs.

April 30, 2020

Borr Drilling Limited

Hamilton, Bermuda

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 the sale of two rigs, that the Company will continue to operate the rigs, expected gain to be recorded and the Company’s strategy and other non-historical matters.  Such forward-looking statements are subject to risks,  uncertainties and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks related to continued operation of the rigs and accounting treatment of the sale and other factors described in the section entitled “Risk Factors” in our filings with the Securities and Exchange Commission.  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.

Borr Drilling Limited – Update on contracts and operations

Borr Drilling Limited (the “Company”) (NYSE: “BORR”, OSE: “BDRILL”) is pleased to announce that it has been awarded LOAs for work in the Asia Pacific region for two of its premium jack ups, of which one is a newbuild being activated. The contracts’ estimated duration, excluding options, will be for 365 days and 200 days respectively. The rigs are expected to commence contracts in the third quarter of 2020. 

The Company has received notices of early termination of contracts from Exxon Mobil for the rigs “Gerd” and “Groa” which are working in Nigeria under contracts originally committed until April 2021 and May 2021, respectively. The contracts for both rigs require 180 days notice for early termination. The Company is in discussions with Exxon Mobil with regards to planning the discontinuity of operations for both rigs following the early termination notices. 

The Company has received notice to stop operations for the “Norve”, working in Gabon for BW Energy. The rig finished operations in early April 2020, around three months before previously estimated. 

The Company has received a notice of early termination for the semi-submersible “MSS1” which finished its contract on 25 March 2020, one month earlier than previously estimated. The rig is entitled to an early termination fee as per contract provisions. 

Following its campaign with Neptune, the “Prospector 5” has safely arrived in Harwich. The Company received notification from its follow-on customer, Perenco, electing not to proceed with the previously announced contract for the rig. The rig is scheduled to commence operation for CNOOC in the North Sea between September and November 2020.

The net impact of the new contracts and the early termination of the existing contracts is estimated to affect the total revenue backlog negatively by approximately USD 16 million. 

Furthermore, the rigs Odin and Galar have commenced operation for Pemex during Q1 2020, and the Njord is expected to commence operations with Pemex shortly. The rig Saga commenced operation in Vietnam for ENI in February 2020. 

Borr Drilling is experiencing the impact of current unprecedented market conditions and the global market reaction to the COVID-19 pandemic, in particular as a result of the practical issues arising from government-imposed travel restrictions, border closures and quarantines.  Safety is our primary focus and we have implemented changes to working arrangements to protect everyone working on our rigs and at our onshore sites.  We also respect similar arrangements put in place by our customers and suppliers to safeguard the safety and well-being of their personnel. Some of our customers are unable to continue safe operations in the current circumstances, are experiencing difficulties in their respective supply chains and have announced cost-saving initiatives.  Further, a number of Customers have contractual rights in place to suspend operations in certain circumstances, and we could be subject to further suspension notices in light of market conditions. At this stage the Company cannot predict with reasonable accuracy the duration of such suspensions if exercised or the impact on the Company. 

The Company is pleased to see that we have managed to keep a solid technical utilisation for the fleet in these challenging times of 99.5% YTD. The Board and Management want to thank the organisation for great efforts to meet the many logistical challenges and keep a safe operation in this difficult environment.   

April 13, 2020
Hamilton, Bermuda
Borr Drilling Limited 

 

Forward looking statements 
This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as “plan”, “may”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions and include statements relating to LOAs, contracts, estimated duration of contracts, contract cancelations, suspensions and stop orders and discussions with customers on early termination, contractual entitlements in event of early termination, plans for new operations including expected commencement date,  contractual backlog and the expected impact of the foregoing on backlog, the impact of COVID-19 and related restrictions on our business, customers and suppliers, and other non-historical statements.  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, including risks related to performance of contracts, risks that rigs do not commence operations as expected, risks of further cancellation, suspension or stop orders under contracts, risks to our operation of the Covid-19 outbreak and the impact of the outbreak on our employees, customers and suppliers and the ultimate impact of COVID-19 and related impacts on our business and other factors described in the section entitled “Risk Factors” in our 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.
 

Borr Drilling Limited – Mandatory notification of trades

Patrick Schorn, Director of Borr Drilling Limited (the “Company”), has on March 3, 2020 acquired 19,000 of the Company’s shares registered on the New York Stock Exchange, at an average price of USD1.86895 per share.  Mr. Schorn’s total ownership of shares in the Company’s shares after the purchase amounts to 19,000 shares.

Francis Millet, Chief Financial Officer of the Company, has on March 3, 2020 acquired 10,000 of the Company’s shares registered on the New York Stock Exchange, at an average price of USD1.84 per share.  Mr. Millet’s total ownership of shares in the Company’s shares after the purchase amounts to 20,000 shares.

March 4, 2020

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 of the Norwegian Securities Trading Act.

Borr Drilling Limited – Mandatory notification of trades

Paal Kibsgaard, the Chairman of the Board of Borr Drilling Limited (the “Company”), has on March 2, 2020 acquired 1,300 of the Company’s shares registered on the New York Stock Exchange, at an average price of USD1.9296 per share.  Mr. Kibsgaard’s total ownership of shares in the Company’s shares after the purchase amounts to 101,300 shares.

Francis Millet, Chief Financial Officer of the Company, has on March 2, 2020 acquired 10,000 of the Company’s shares registered on the New York Stock Exchange, at an average price of USD1.92 per share.  Mr. Millet’s total ownership of shares in the Company’s shares after the purchase amounts to 10,000 shares.

March 3, 2020

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 of the Norwegian Securities Trading Act.

Borr Drilling Limited – Q4 2019 Presentation

Please find enclosed the presentation of Borr Drilling Limited’s fourth quarter 2019 results to be held on the webcast / conference call 28 February 2020 at 2:00PM CET/8:00 AM New York).

In order to listen to the presentation, you may do one of the following:

a. Webcast

Click the “Webcast” link on www.borrdrilling.com/investor-relations/ or use the following link:

https://edge.media-server.com/mmc/p/v4hmh8dy

b. Conference Call

Dial in details, Participants:

Conference ID: 2253138

Norway, Oslo                                     +47 23960264

Norway (toll free)                            80051874

United Kingdom/International   +44 (0) 2071 928000

United States (toll free)                 +18669661396

United States, New York               +16315107495

Participants will be asked for their full name & Conference ID.

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

Borr Q4 2019 Presentation

Borr Drilling Limited Announces Preliminary Results for the Fourth Quarter and Year Ended 2019

Hamilton, Bermuda, February 28, 2020: Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) announces unaudited results for the three- and twelve-months ended December 31, 2019.

Highlights in the fourth quarter 2019 and full year 2019
• Total operating revenues of $92.9 million, net loss of $69.3 million and Adjusted EBITDA  of $1.8 million for the fourth quarter of 2019
• Total operating revenues of $334.1 million, net loss of $308.1 million and Adjusted EBITDA  of $(2.6) million for the full year 2019
• The net loss in the quarter includes $16.4 million accounting loss in equity method investments. This relates mainly to an unplanned geological event which led to a change in the drilling programme for a well in Mexico. Based on contractual provisions, we expect to be compensated for the additional costs associated with this change
• Technical utilisation was 99.5% in the fourth quarter and 99.0% for 2019
• Economical utilisation was 95.9% in the fourth quarter and 95.9% for 2019
• The Company sold its marketable securities in Oro Negro debt securities with total proceeds of $27.1 million, resulting in an estimated total realised loss of $15.4 million since initial purchase 
• The Company agreed amendments in bank loan covenants to adjust minimum book equity ratio from 40% to 33.3%, and the minimum free liquidity covenant from 4.0% to 3.0% of net interest bearing debt
• Neil Glass was appointed as Director and Audit Committee member

Subsequent events
• The Company entered into a new $100 million financing arrangement for the newbuild jack-up rig Tivar, scheduled to be delivered from the yard in July 2020, maturing on December 31, 2021. As part of the agreement the delivery of the jack up rigs Vale and Var are expected to be postponed to Q1 2022.
• Francis Millet was appointed as Chief Financial Officer. 

The Chairman of the Board, Paal Kibsgaard, commented: 

“The trend of increasing utilisation and higher jack-up dayrates seen in the first nine months of 2019, continued into the fourth quarter. In 2019, 420 rig years have been contracted in the jack-up market, beating the 2013 peak of 410 rig years. In spite of the volatility seen in the global oil and equity markets so far this year, the growth in shallow water drilling is set to continue in 2020. This is driven by customers who have attractive shallow water acreage and are managing their resource base with a long-term view. Based on ongoing tendering activity and customer interactions, more than 40 additional rigs are required in 2020 to address the planned activity. This will likely consume most of the available modern jack-up capacity, setting the stage for further increases in utilisation and dayrates as the year progresses. 

Our operational and financial results for the fourth quarter were solid but impacted by schedule gaps, one-off G&A expenses, and conservative cost recognition in connection with the integrated drilling contracts in Mexico. 

Looking at the full year of 2019, Borr doubled revenues compared to 2018, as we activated eight incremental rigs and we added $517 million of revenue backlog. The progress we made in 2019 in building out our business, means that we now have established critical mass in all four operating regions. Therefore, going forward, we will only activate new rigs when dayrates and mobilisation compensation meet our new requirements for cashflow and profitability. With activity at critical mass, a stringent rig activation strategy and tight control of both operating costs and working capital, we expect to deliver positive operating income for the full year of 2020, together with a significant improvement in cashflow from operations. 

Over the past year, our cash position has been challenging, mainly driven by rig deliveries and activation costs. However, we have, with the strong support of our partner banks and shipyard, recently obtained amended terms to both loans and rig delivery schedules, which significantly improves our liquidity position. In addition, we are in discussions to sell a limited number of our modern rigs, as part of creating a long term business relationship in a key operating region, which will free up additional cash. Based on all of this, the Board is confident that we have created a clear financial path that will enable the Company to execute on the established business plan while continuing to deliver best-in-class rig services to our customers. 

Lastly, we are also actively pursuing options to reduce our risk profile in Mexico by lowering our participation in the integrated well services joint venture, and instead focus our attention on the core rig operations in the country. This will also allow the company to focus even more on the execution of our global, core business, as the jack-up market continues to tighten in the coming year. We intend to continue to operate five rigs in Mexico in close cooperation with our partner, and we remain committed to serving the sizable Mexican shallow water market going forward.” 

The full report can be found in the enclosed file. 

February 28, 2020
The Board of Directors
Borr Drilling Limited 
Hamilton, Bermuda
 

 

4th Quarter 2019 Results

Borr Drilling Limited – Invitation to webcast and conference call Q4 2019 results

Borr Drilling Limited (NYSE: BORR, OSE: BDRILL) will release its financial results for the fourth quarter 2019 on Friday, February 28, 2020.  

A conference call and webcast will be held at 2:00 PM CET (8:00 AM New York Time). The earnings report and presentation will be available from the Investor Relations section on www.borrdrilling.com.

In order to listen to the presentation, you may do one of the following:

a)    Webcast
Click the “Webcast” link on www.borrdrilling.com/investor-relations/ or use the following link: 
https://edge.media-server.com/mmc/p/v4hmh8dy  

b)    Conference Call
Dial in details, Participants:

Conference ID: 2253138
Norway, Oslo            +47 23960264
Norway (toll free)        80051874
United Kingdom/International    +44 (0) 2071 928000
United States (toll free)        +18669661396
United States, New York    +16315107495

Participants will be asked for their full name & Conference ID. 

There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.

Replay details:

Replay Access Number:  2253138
Std International:     +44 (0) 3333009785
Norway:         +47 2103 4235
USA:             +1 (917) 677-7532
 

Borr Drilling Limited enters into new financing arrangement for a newbuild jack-up drilling rig

Borr Drilling Limited (the “Company”) is pleased to announce that the Company has entered into a new financing arrangement for the newbuild jack-up rig Tivar, scheduled to be delivered from the yard in July 2020. The existing US$50 million bank delivery financing for the rig will be replaced with a new US$100 million take out facility maturing in December 31, 2021. As part of the agreement the delivery of the jack up rigs Vale and Var are conditional upon full repayment of the facility or can be carried out 180 days after an early repayment of the financing.

The Company’s total remaining newbuild capex is, as of today, US$707 million, of which US$620 million is now fully financed, and the new arrangement has reduced the unfunded delivery capex for 2020 by US$85 million.
 
The US$100 million in financing and delivery date amendments will, together with the adjustments in the bank agreements achieved in December 2019, substantially improve the company’s liquidity position in 2020 and 2021.

February 17, 2020
Hamilton, Bermuda
Board of Directors
Borr Drilling Limited 

Questions should be directed to:
Magnus Vaaler: VP Investor Relations and Treasury, +44 7708899316

Borr Drilling Limited appoints Francis Millet as new Chief Financial Officer

Borr Drilling Limited (NYSE: BORR, OSE: BDRILL) (the “Company” or “Borr”) announces that Mr. Francis Millet has been appointed as the new Chief Financial Officer of the Company. 

Mr. Millet has 30 years of experience at Schlumberger where he has held several senior management functions globally, including VP Commercial and Finance and VP Commercial and Contracts. He brings with him vast knowledge and experience in finance, business development, M&A, risk management, accounting and tax.  Mr. Millet is a chartered accountant and holds a Master in business administration from Paris University. 

The Board is extremely pleased that Mr. Millet has accepted to join the Borr management team and believes that his extensive experience will contribute greatly in developing the Company further. 

Mr. Millet will commence his role as Chief Financial Officer from 15 January 2020.  Simultaneously, Magnus Vaaler, who has been with the Company since January 2018, has been appointed Vice President of Investor Relations and Treasury. 

7 January 2020
Hamilton, Bermuda
Board of Directors
Borr Drilling Limited 

Questions should be directed to:
Magnus Vaaler: Vice President of IR and Treasury, +47 93458573

Svend Anton Maier: Chief Executive Officer, + 47 41427129

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

Borr Drilling Limited – Amendment to bank facility covenants

Borr Drilling Limited (the “Company”) is pleased to announce it has agreed with its financing banks to make certain amendments to its financial covenants. The required minimum book equity ratio has been adjusted from 40% to 33.3% and the minimum free liquidity covenant adjusted from 4.0% to 3.0% of Net Interest Bearing Debt. These amendments are effective from year end 2019 and into 2021.

The Company continues to be in constructive negotiations with the shipyard for options to extend delivery of three of its remaining newbuilds and expect to conclude these negotiations in the near future.

2 January 2020
Borr Drilling Limited 
Hamilton, Bermuda

Questions should be directed to: 
Svend Anton Maier: Chief Executive Officer, Borr Drilling Management (UK)
+ 47 41427129

Forward looking statements:

This announcement includes forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions and include expectations regarding outcome of negotiations about the delivery of newbuilds including expected delivery timing. The forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Borr Drilling Limited believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. 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. In addition to the important factors and matters discussed elsewhere in this report, important factors that, in our view could cause actual results to differ materially from those discussed in the forward looking statements are included in our most recent annual report. The information, opinions and forward-looking statements contained in this announcement speak only as of the date hereof and are subject to change without notice.
 

Borr Drilling Limited – Appointment of Director

Borr Drilling Limited (NYSE: BORR, OSE: BDRILL) today announced the appointment of Mr. Neil Glass as a new director of the Board. Mr. Glass graduated from the University of Alberta in 1983 with a degree in Business. He is a member of both the Chartered Professional Accountants of Bermuda and of Alberta, Canada, and is a Chartered Director and Fellow of the Institute of Directors.  Mr. Glass worked for Ernst & Young for eleven years: seven years with the Edmonton, Canada office and four years with the Bermuda office.  In 1994, he became General Manager and in 1997 the sole owner of WW Management Limited, tasked with overseeing the day-to-day operations of several international companies.  Mr. Glass has over 20 years’ experience as both an executive director and as an independent non-executive director of international companies.

December 31, 2019
The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda
 

Borr Drilling Limited Announces Results for the Third Quarter 2019

Hamilton, Bermuda, November 26, 2019: Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) announces unaudited results for the three and nine months ending September 30, 2019.

The Chairman of the Board, Paal Kibsgaard, commented: “The jack-up market tightened further in the third quarter, with strong tendering activity, improving dayrates and a strengthening market outlook for 2020. We continued to execute well throughout our rig operations, as well as on our rig activation program. Over the past two years, we have brought 16 rigs into operation, with an additional three rigs presently committed to commence work. With a further 12 modern rigs left to be contracted, of which 7 are still to be delivered, we are in a strong market position, both in terms of capacity and the age profile of our fleet.   

The third quarter financial results were in line with our expectations and continued to be impacted by significant rig activation capex. Still, we are pleased to report that operating cash-flow now covers the full SG&A, stacking cost and the servicing of our debt. We have approached our lending banks, seeking an adjustment of the book equity and liquidity covenants, and also the yard, to potentially delay delivery schedules for some of the remaining rigs. We are optimistic that agreements will be reached in the near future. This will further strengthen the company’s liquidity and provide considerable financial flexibility for further rig activations. Based on the current dayrates of around $100k/day, and operating expenses of around $50k/day, we aim to generate around $500 million per year in gross cashflow before interest when all of our rigs are employed. This clearly shows the cashflow potential for Borr in the coming years, which the Company is fully focused on realising.” 

Highlights in the third quarter 2019
•    Total operating revenues of $102.7 million, net loss of $79.2 million and Adjusted EBITDA  of $13.8 million for the third quarter of 2019 vs $1.5 million in the second quarter of 2019
•    Technical utilisation for the operating rigs was 99.1% in the third quarter and 99.0% for the first nine months of 2019
•    Economical utilisation for the operating rigs was 95.2% in the third quarter and 95.3% for the first nine months of 2019
•    Company completed an initial public offering on the New York Stock Exchange under the ticker BORR, issuing 5,750,000 shares at a price of $9.30 per share
•    Commenced two 18-month contracts for two premium newbuild jack-up rigs with Pemex in Mexico in August 2019, under an integrated services model, bringing the total number of rigs in operation to 16

Subsequent events
•    In October, Paal Kibsgaard, the former Chairman and CEO of Schlumberger, was appointed as the new Chairman of the Board, replacing Tor Olav Trøim, who continues to serve on the Board as Deputy Chairman. Mr Kibsgaard will in his initial year, serve as executive Chairman, focused on strengthening the Company’s organization, operating processes and its integrated service offering.
•    Since the previous quarterly results release in August 2019, the Company has been awarded contracts, LOAs and extensions for 6 rigs with a combined revenue backlog of approximately $169 million. Total additional backlog added year to date of approximately $465 million
•    In October, the company took delivery of the new build jack-up rig “Hermod” from the Keppel FELS shipyard in Singapore
•    In November 2019, the Company sold marketable securities, resulting an estimated total realised loss of $16.4 million, and improving the liquidity position by $20.2 million

The full report is available in the enclosed file

November 26, 2019
The Board of Directors
Borr Drilling Limited 
Hamilton, Bermuda

Questions should be directed to: 
Svend Anton Maier: Chief Executive Officer, Borr Drilling Management, +47 41427129

Rune Magnus Lundetræ: Chief Financial Officer, Borr Drilling Management, +47 90088411

Forward looking statements
This announcement includes forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions and include expectations regarding industry trends including activity levels in the jack-up rig industry, expectations as to global jack-up rig count and expected tenders and demand levels, strategy with respect to deployment of rigs, expectations on trends and potential in day rates and potential to generate significant cash at current day rates, delivery of newbuilds including expected delivery timing, expected ability to sell or finance currently unencumbered rigs and expected valuation, strategy and plans with respect to investments in third party securities, contract backlog, expected contracting and operation of our jack-up rigs and contract terms included estimated duration of contracts, expectations with respect to contracting available rigs including warm stocked rigs, expected ability to generate cash from operations, expected completion of sales of rigs the Company has agreed to sell, expected results in the rest of 2019, including expected strong growth in Adjusted EBITDA in coming quarters and expectation Adjusted EBITDA will cover operational and finance costs, strategy with respect to asset base, expected business environment including statements made under “Market” and “Outlook” above,  expected funding needs and ability to meet obligations for newbuilds, expected increase in tenders for jack-up rigs, global jack-up rig count, increase in demand from IOCs and NOCs, increases in oil production by geography, expected returns for oil companies, ability to fix rig rates at current market prices, competitive advantages from joint ventures, generation of free cash flow, improvement of cash flow per rig in operation post activation, remediation of advances, expected activation costs of rigs, expectations about our ability to find contracts for and activate our rigs not currently in operation, expectations with respect to amendments to our loan facility, expected industry trends including with respect to demand for and expected utilization of rigs, and other non-historical statements. The forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions, which are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. 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. In addition to the important factors and matters discussed elsewhere in this report, important factors that, in our view could cause actual results to differ materially from those discussed in the forward looking statements are included in our most recent annual report and in the section entitled “Risk Factors” in our filings with the Securities and Exchange Commission.
 

3rd Quarter 2019 Results

Borr Drilling Limited – Information about Q3 2019 results and conference call/webcast

Borr Drilling Limited (NYSE: BORR, OSE: BDRILL) (the “Company”) will release its financial results for the third quarter 2019 on Tuesday, November 26, 2019. The time of the release will be at 1:00 PM CET / 7:00 AM New York Time in order to accommodate the Company’s US shareholders.  

A conference call and webcast will be held at 3:00 PM CET (9:00 AM New York Time).  The earnings report and presentation will be available from the Investor Relations section on www.borrdrilling.com.

In order to listen to the presentation, you may do one of the following:

a)    Webcast
Click the “Webcast” link on www.borrdrilling.com/investor-relations/ or use the following link: 
https://edge.media-server.com/mmc/p/bcsbsnhy

b)    Conference Call
Dial in details, Participants:

Conference ID: 4989616
Norway, Oslo:  +47 23960264
Norway (toll free):  80051874
United Kingdom/International:  +44 (0) 2071 928000
United States (toll free):  +18669661396
United States, New York:  +16315107495

Participants will be asked for their full name & Conference ID. 

There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.

Replay details:

Replay Access Number:  4989616
Std International: +44 (0) 3333009785 
Norway:  +47 2103 4235 
USA: +1 (917) 677-7532

Borr Drilling Limited – CFO Resigns

Borr Drilling Limited (the “Company”) announces that Rune Magnus Lundetræ will step down from his position as Chief Financial Officer. Mr. Lundetræ, who has been with the Company since 2016, will continue in his position while the Company finds a replacement.

Commenting, the Board said “Rune Magnus has been key to the development and success of the Company since its incorporation. We thank him for his valuable contributions and wish him every success in the future.”

Hamilton, Bermuda,

November 6, 2019

Questions should be directed to:

Svend Anton Maier: Chief Executive Officer, Borr Drilling Management, +47 41427129

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

Borr Drilling Limited reports new contracts in November 2019 fleet status report

Borr Drilling Limited (NYSE: BORR, OSE: BDRILL) (the “Company”) has issued an updated fleet status report, available on the Company’s website and attached to this release. The report includes news about five new contracts and extensions since the previous fleet status report in August 2019, comprising two newbuilds, one warm stacked rig and extensions of two active rigs. This is expected to add approximately 55 months and approximately USD 151 million of additional backlog revenue since the previous fleet status report in August 2019. In addition, the previously reported LOA for Prospector 1 has been converted into a firm contract.

Two of the announced contracts are with Pemex and will be based on the same integrated services structure that of the three other rigs the Company has contracted with Pemex.

With the activations of two additional newbuild units and the reactivation of a warm stacked unit, the Company has increased the number of contracted and committed rigs to 18. In addition, the company has commenced activation of an additional newbuild rig from Keppel as result of advanced negotiations for a contract with expected start-up in January 2020.

1 November 2019

Hamilton, Bermuda

Website: www.borrdrilling.com

 

Forward looking statements

This announcement includes forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate”, “continue”, “expect”, “should”, “will” and similar expressions and include expectations regarding contract backlog and contract terms, contract duration and operation of our jack-up rigs. The forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Borr Drilling Limited believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. 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. In addition to the important factors and matters discussed elsewhere in this report, important factors that, in our view could cause actual results to differ materially from those discussed in the forward looking statements are included in our most recent annual report.

The information, opinions and forward-looking statements contained in this announcement speak only as of the date hereof and are subject to change without notice.

Borr Drilling – Fleet Availability -November 2019

Borr Drilling Limited – Pål Kibsgaard formally appointed as new Chairman of the Board

The Board of Borr Drilling Limited (the “Company”) is pleased to announce that Pål Kibsgaard has been formally appointed as the new Chairman of the Board in a board meeting of the Company. Mr Kibsgaard will replace Tor Olav Trøim as Chairman, who will continue to serve as a Director and has been appointed as Deputy Chairman. As previously announced, Mr. Kibsgaard was elected as a director of the company at the Company’s AGM on September 27, 2019.

Hamilton, Bermuda

8 October 2019

Borr Drilling Limited – 2019 AGM Results Notification

Borr Drilling Limited (the “Company”) advises that the 2019 Annual General Meeting of the Company was held on September 27, 2019 at 09:30 ATS at 2nd Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda. The audited consolidated financial statements for the Company for the year ended December 31, 2018 were presented to the Meeting.

The following resolutions were passed:

1)       To set the maximum number of Directors to be not more than seven.

2)       To resolve that vacancies in the number of Directors be designated as casual vacancies and that the Board of Directors be authorized to fill such vacancies as and when it deems fit.

3)       To re-elect Tor Olav Trøim as a Director of the Company.

4)       To re-elect Jan Ake Ingmar Rask as a Director of the Company.

5)       To re-elect Patrick Arnold Henk Schorn as a Director of the Company.

6)       To re-elect Alexandra Kate Blankenship as a Director of the Company.

7)       To re-elect Georgina E. Sousa as a Director of the Company.

8)       To elect Pål Kibsgaard as a Director of the Company.

9)       To approve the increase of the Company’s authorized share capital from US$6,250,000 divided into 125,000,000 common shares of US$0.05 par value each to US$6,875,000 divided into 137,500,000 common shares of US$0.05 par value each by the authorization of an additional 12,500,000 common shares of US$0.05 par value each.

10)     To amend the Company’s Bye-laws in order to ensure conformity with revisions to the Bermuda Companies Act 1981, as amended, and to update the Bye-laws governing General meetings, Delegation of the Board’s powers and Proceedings of the Board.

11)     To appoint PricewaterhouseCoopers LLP as auditors and to authorize the Directors to determine their remuneration.

12)     To approve remuneration of the Company’s Board of Directors of a total amount of fees not to exceed US$800,000 for the year ended December 31, 2019.

Hamilton, Bermuda

September 27, 2019

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

Borr Drilling Limited – Q2 2019 Presentation

Please find enclosed the presentation of Borr Drilling Limited’s second quarter 2019 results to be held on the webcast / conference call 29 August 2019 at 3:00PM CET/9:00 AM New York.

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

Borr Q2 2019 Presentation

Borr Drilling Limited Announces Results for the Second Quarter 2019

Hamilton, Bermuda, August 29, 2019: Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) announces unaudited results for the three and six months ended June 30, 2019

Highlights in the second quarter 2019

· Operating revenues of $86.6 million, net loss of $103.2 million and Adjusted EBITDA of negative $4.9 million for the second quarter of 2019
· The results include a $31.5 million mark to market loss related to forward contracts the Company acquired in Rowan/Ensco (renamed Valaris PLC) in 2018. The share price of Valaris was as of June 30, 2019 $8.53. This relates to a total exposure of 4.2 million shares in Valaris which has remained unchanged in 2019
· Technical utilisation for the operating rigs was 98.8% in the second quarter and 99.0% for the first six months of 2019
· Completed loan financings in a total amount of $645 million
· Completed the successful activation/reactivation programmes and commencement of contracts for five premium jack-up drilling rigs
· Entered into an agreement to sell three standard jack-up rigs for non-drilling activities with total net cash proceeds of $9 million, two of which were sold in May 2019, and the third expected to be sold early 2020

Subsequent events

· Completed an initial public offering on the New York Stock Exchange under the ticker BORR, issuing 5,750,000 shares at a price of $9.30 per share
· Commenced two 18-month contracts for two premium newbuild jack-up rigs with Pemex in Mexico in August 2019, under an integrated services model, bringing the total number of rigs in operation to 15
· We have, since the beginning of 2019 secured nine contracts for seven rigs with revenue backlog in a total of approximately $300 million

The full report is available in the enclosed file 

August 29, 2019
The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda

Questions should be directed to:
Svend Anton Maier: Chief Executive Officer, Borr Drilling Management, +47 41427129

Rune Magnus Lundetræ: Chief Financial Officer, Borr Drilling Management, +47 90088411

2nd Quarter 2019 Results (https://mb.cision.com/Public/16983/2891164/81e32be765d91f4a.pdf)

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

2nd Quarter 2019 Results

Borr Drilling Limited – Invitation to webcast and conference call Q2 2019 results

Borr Drilling Limited (NYSE: BORR, OSE: BDRILL) will release its financial results for the second quarter 2019 on Thursday, August 29, 2019. A conference call and webcast will be held at 3:00 PM CET (9:00 AM New York Time). The earnings report and presentation will be available from the Investor Relations section on www.borrdrilling.com on the same day.

In order to listen to the presentation, you may do one of the following:

a) Webcast

Click the “Webcast” link on www.borrdrilling.com/investor-relations/ or use the following link: https://edge.media-server.com/mmc/p/8hz5oq73

b) Conference Call

Dial in details, Participants:

Conference ID: 2788646

Norway: +47 23960264
Norway (toll free): 80051874
United Kingdom/International: +44 (0) 2071 928000
United States (toll free): +18669661396
United States, New York: +16315107495

Participants will be asked for their full name & Conference ID.

There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.

Replay details:

Replay Access Number: 2788646

Std International: +44 (0) 3333009785
Norway: +47 2103 4235
USA: 1 (917) 677-7532

Borr Drilling Limited – Notice of Annual General Meeting 2019

A copy of the Notice of Annual General Meeting and Form of Proxy, and associated information including the Company’s Annual Report can be found on the Company’s website at http://www.borrdrilling.com and attached to this press release. The notice and associated information will also be distributed to shareholders by normal distribution methods.

Hamilton, Bermuda
22 August 2019

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

Borr Drilling AGM Notice 2019 with byelaws (https://mb.cision.com/Public/16983/2906010/aa954e79b6dc0efc.pdf)

Borr Drilling AGM Notice 2019 with byelaws

Borr Drilling Limited – Paal Kibsgaard recommended as new Chairman of the Board

The Board of Borr Drilling has based on the unanimous decision from the nomination committee, decided to recommend Paal Kibsgaard as new Chairman of the Board of Borr Drilling. The election will take place at the annual general meeting to be held on September 27, 2019.

Mr. Kibsgaard has through his 27 years of experience, a deep knowledge of the oil and gas industry. He has held a variety of global senior management positions at Schlumberger Limited, including Chairman and CEO, COO, President of the Reservoir Characterization Group, VP of Engineering, Manufacturing and Sustaining, and VP of Human Resources. A petroleum engineer, with a master degree from Norwegian Institute of Technology, he began his career in 1992 working for Exxon Mobil.

Mr. Kibsgaard will replace Mr. Fredrik Halvorsen as a member of the Board, who will resign as a Director effective September 1, 2019. Mr. Halvorsen has played an instrumental role in the build-up of Borr, and the Board would like to thank him for his valuable contributions to the Company.

Tor Olav Troim said in a comment; “We are delighted that Mr. Kibsgaard will join the Board of Borr Drilling. Through his experience, knowledge and network, we are convinced that he will add significant value and credibility to the Company. The business model used in shallow-water drilling is gradually moving from being day-rate based to a more integrated service model. At the same time, we see the strong focus from our customers to contract modern and more efficient drilling rigs. Borr Drilling is in a leading position to take full advantage of both these emerging industry trends, and by appointing Paal Kibsgaard as our new Chairman, we have secured a world-class resource to chair our Company going forward.”

Paal Kibsgaard said in a comment; “I am excited to join the Board of Borr Drilling at a time when the activity in the shallow-water drilling market is showing strong signs of recovery. Borr has over the past years established themselves as a clear leader in the high specification jack-up rig market, with the largest and youngest rig fleet in the industry. I look forward to working with the rest of the Board of Directors and the strong management team that is in place. The initial focus will be to increase the utilisation of the existing assets by adding more contracts, develop the business model and at the same time continue to deliver a best in class safe and efficient drilling service. Through these measures we should significantly strengthening the financial returns from our existing assets, to the benefit of our customers, employees, partners and shareholders.”

Tor Olav Troim will continue to serve on the board as Vice Chairman. Mr Patrick Schorn will continue to be Schlumberger‘s representative on the board.

Hamilton, Bermuda

22 August 2019

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

Borr Drilling Limited – 2019 Annual General Meeting

Borr Drilling Limited advises that the 2019 Annual General Meeting of the company will be held on September 27, 2019. The record date for voting at the Annual General Meeting is set to August 20, 2019. The notice, agenda and associated material will be distributed prior to the meeting.

Hamilton, Bermuda

August 13, 2019

Borr Drilling Limited – Contract Award for Premium Jack-up Rig in Mexico

Reference is made to Borr Drilling Limited’s (NYSE: BORR, OSE: BDRILL) (the “Company”) previously disclosed information regarding its two contracts in Mexico with Petróleos Mexicanos (“Pemex”), in what is referred to as “Cluster 2”, under an integrated services model. The first rig, the “Grid”, has arrived on site and is currently commencing its contract, while the second rig, the “Gersemi”, is expected to commence shortly thereafter.

The Company is also pleased to announce that it has received an award from Pemex for an additional contract, which is the third contract under “Cluster 2” for the Company. The new contract is expected to be based on the same economics and structure as the first two contracts and secures the employment of a third modern jack-up drilling rig with expected commencement in the fourth quarter 2019 for an anticipated duration to be around 18 months.

The newly awarded contract is the Company’s fourth contract award in Mexico in less than nine months and is a result of the Company’s strong focus on the region. The Company has established a robust regional office and operations in the country, and is optimistic about future opportunities arising from the continued strong demand seen in the region.

August 6, 2019

Hamilton, Bermuda

Questions should be directed to:

Svend Anton Maier: Chief Executive Officer, Borr Drilling Management, +47 41427129

Rune Magnus Lundetræ: Chief Financial Officer, Borr Drilling Management +47 90088411, rmlundetrae@borrdrilling.com

Forward looking statements

This announcement includes forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate”, “continue”, “expect”, “should”, “will” and similar expressions and include expectations regarding contract backlog and contract terms, contracting and operation of our jack-up rigs and contracting at favourable rates. The forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Borr Drilling Limited believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. 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. In addition to the important factors and matters discussed elsewhere in this report, important factors that, in our view could cause actual results to differ materially from those discussed in the forward looking statements are included in our most recent annual report.

The information, opinions and forward-looking statements contained in this announcement speak only as of the date hereof and are subject to change without notice.

Borr Drilling Announces Full Exercise of Underwriters’ Over-Allotment Option in U.S. Initial Public Offering

Hamilton, Bermuda — August 2, 2019 — Borr Drilling Limited (NYSE: BORR, OSE: BDRILL) (the “Company” or “Borr Drilling”) today announced that the underwriters of the Company’s previously announced U.S. initial public offering (the “Offering”) have exercised their over-allotment option in full to purchase an additional 750,000 common shares at the IPO public offering price of $9.30 per share, less underwriting discounts and commissions. As a result, the total number of shares sold in the Offering was 5,750,000, with settlement of the Offering, including the over-allotment shares, expected to occur today.
Goldman Sachs & Co. LLC and DNB Markets, Inc. are acting as joint book-running managers for the Offering. BTIG, LLC, Citigroup Global Markets Inc., Danske Markets Inc., Evercore Group L.L.C. and Fearnley Securities, Inc. are also acting as book-running managers for the Offering.
Copies of the final prospectus relating to the Offering may be obtained from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526 or by emailing Prospectus-ny@ny.email.gs.com or from DNB Markets, Inc., 200 Park Ave, Floor 31, New York, NY 10166, telephone: 1-212-681-3800.

A registration statement relating to this Offering was declared effective by the U.S. Securities and Exchange Commission on July 30, 2019. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

This announcement does not constitute an offer to subscribe to or a solicitation of an offer to subscribe to securities in any member state within EEA in which such offer or solicitation is unlawful, unless in reliance upon applicable EEA prospectus exceptions, whereby no EEA prospectus, registration or similar action would be required within EEA.

Contact details:

Svend Anton Maier: Chief Executive Officer, Borr Drilling Management,
+47 41427129

Rune Magnus Lundetræ: Chief Financial Officer, Borr Drilling Management
+47 90088411, rmlundetrae@borrdrilling.com

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

Borr Drilling Limited Announces Pricing of Initial Public Offering in the United States

Hamilton, Bermuda — July 31, 2019 — Borr Drilling Limited (NYSE: BORR, OSE: BDRILL) (the “Company” or “Borr Drilling”) today announced the pricing of its previously announced initial public offering in the United States of 5,000,000 of its common shares (the “Offering”), at a price to the public of $9.30 per common share (the “Offering Price”). Borr Drilling has also granted the underwriters of the Offering a 30-day option to purchase up to an additional 750,000 common shares at the Offering Price, less underwriting discounts and commissions. The Offering is expected to close on or about August 2, 2019, subject to customary closing conditions.

Borr Drilling intends to use the net proceeds received from the Offering for general corporate purposes, which may include funding future mergers, acquisitions or investments in complementary businesses, products or technologies; maintaining liquidity; repayment of indebtedness; and funding working capital needs. The common shares will begin trading on the New York Stock Exchange on July 31, 2019 under the ticker symbol “BORR” and will continue to be listed under the ticker “BDRILL” on the Oslo Børs. The Offering was not conducted as a rights offering and no repair offer was made as the existing shareholders of the Company do not have any pre-emptive rights.

Goldman Sachs & Co. LLC and DNB Markets, Inc. are acting as joint book-running managers for the Offering. BTIG, LLC, Citigroup Global Markets Inc., Danske Markets Inc., Evercore Group L.L.C. and Fearnley Securities, Inc. are also acting as book-running managers for the Offering.

The Offering is being made only by means of prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Copies of the preliminary prospectus relating to the Offering may be obtained from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526 or by emailing Prospectus-ny@ny.email.gs.com or from DNB Markets, Inc., 200 Park Ave, Floor 31, New York, NY 10166, telephone: 1-212-681-3800.

A registration statement relating to this Offering was declared effective by the U.S. Securities and Exchange Commission on July 30, 2019. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

This announcement does not constitute an offer to subscribe to or a solicitation of an offer to subscribe to securities in any member state within EEA in which such offer or solicitation is unlawful, unless in reliance upon applicable EEA prospectus exceptions, whereby no EEA prospectus, registration or similar action would be required within EEA.

Contact details:

Svend Anton Maier: Chief Executive Officer, Borr Drilling Management,
+47 41427129

Rune Magnus Lundetræ: Chief Financial Officer, Borr Drilling Management
+47 90088411, rmlundetrae@borrdrilling.com

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

Borr Drilling Limited (BDRILL) Announces Launch of Initial Public Offering in the United States

Hamilton, Bermuda — July 29, 2019 — Borr Drilling Limited (the “Company” or “Borr Drilling”) today announced that it has launched the initial public offering in the United States (the “Offering”) of 5,000,000 of its common shares.

Borr Drilling will also grant the underwriters of the Offering a 30-day option to purchase up to an additional 750,000 common shares at the initial public offering price, less underwriting discounts and commissions. The Company expects the initial public offering price will be substantially similar to the trading price for its shares on the Oslo Børs. The initial public offering price will be determined based on the book building process and the closing price of our shares on the Oslo Børs on the pricing date of the Offering. The Offering will not be conducted as a rights offering and no repair offer will be made as the existing shareholders of the Company do not have any pre-emptive rights.

Borr Drilling’s common shares have been approved for listing on the New York Stock Exchange under the ticker symbol “BORR”. Borr Drilling intends to use the net proceeds received from the Offering for general corporate purposes, which may include funding future mergers, acquisitions or investments in complementary businesses, products or technologies; maintaining liquidity; repayment of indebtedness; and funding working capital needs. Following listing on the New York Stock Exchange, the common shares will continue to be listed under the ticker “BDRILL” on the Oslo Børs.

Goldman Sachs & Co. LLC and DNB Markets, Inc. are acting as joint book-running managers for the Offering. BTIG, LLC, Citigroup Global Markets Inc., Danske Markets Inc. and Evercore Group L.L.C. are also acting as book-running managers for the Offering.

The Offering will be made only by means of prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Copies of the preliminary prospectus relating to the Offering, when available, may be obtained from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526 or by emailing Prospectus-ny@ny.email.gs.com or from DNB Markets, Inc., 200 Park Ave, Floor 31, New York, NY 10166, telephone: 1-212-681-3800.

To obtain a copy of the prospectus free of charge, visit the SEC’s website, www.sec.gov, and search under the registrant’s name, “Borr Drilling Limited.”

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

This announcement does not constitute an offer to subscribe to or a solicitation of an offer to subscribe to securities in any member state within EEA in which such offer or solicitation is unlawful, unless in reliance upon applicable EEA prospectus exceptions, whereby no EEA prospectus, registration or similar action would be required within EEA.

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

Borr Drilling Limited (BDRILL) Files Registration Statement with SEC for Proposed Initial Public Offering in the United States

Hamilton, Bermuda — July 10, 2019 — Borr Drilling Limited (the “Company or “Borr Drilling”) today announced that it has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering of its common shares in the United States (the “Offering”) on the New York Stock Exchange. The Company intends to raise from $10 million to $50 million in the Offering. The number of common shares to be offered has not yet been determined. The proceeds of the Offering are intended to be used for general corporate purposes.

The offering will not be conducted as a rights offering and no repair offer will be made as the shareholders of the Company do not have any pre-emptive rights.

The Company intends to apply to have its common shares listed on the New York Stock Exchange under the symbol “BORR”. Following the registration statement filing and the application for listing on the New York Stock Exchange, Borr Drilling will continue to be listed under the ticker “BDRILL” on the Oslo Stock Exchange.

The Offering is expected to take place after the SEC completes its review process, subject to market and other conditions.

Goldman Sachs & Co. LLC and DNB Markets, Inc. will act as joint book-running managers for the Offering.

The Offering will be made only by means of prospectus. Copies of the preliminary prospectus relating to the Offering, when available, may be obtained from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526 or by emailing Prospectus-ny@ny.email.gs.com or from DNB Markets, Inc., 200 Park Ave, Floor 31, New York, NY 10166, telephone: 1-212-681-3800.

The Company’s registration statement on Form F-1 relating to these securities is available at the SEC’s website at www.sec.gov.

Questions may be directed to:

Svend Anton Maier: Chief Executive Officer, Borr Drilling Management DMCC

+ 971 4 448 7501

Rune Magnus Lundetræ: Chief Financial Officer, Borr Drilling Management DMCC

+ 971 58 864 3915 / +47 90088411

A registration statement relating to these securities has been filed with the SEC, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

This announcement does not constitute an offer to subscribe to or a solicitation of an offer to subscribe to securities in any member state within EEA in which such offer or solicitation is unlawful, unless in reliance upon applicable EEA prospectus exceptions, whereby no EEA prospectus, registration or similar action would be required within EEA.

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

Borr Drilling Limited (BDRILL) – Financing completed

As referenced in its first quarter 2019 earnings report, Borr Drilling Limited (the “Company”) had received final credit approved commitments for financing in the total amount of US$645 million. The documentation for the financing is now completed and the funds have been made available to the Company.
28 June 2019
Borr Drilling Limited
Bermuda

Borr Drilling Limited (BDRILL) – Reverse share split information

Reference is made to announcements from Borr Drilling Limited (the “Company”) as of 21 June 2019 and 24 June 2019. The shares in the Company will be traded ex reverse split with new ISIN BMG1466R2078 and new par value from 26 June 2019. Ratio: 5 old shares give 1 new share.

Following completion of the reverse share split and adjustment for fractional shares, the new number of issued underlying shares and depository receipts of the Company will be 106,528,065, each with a par value of USD 0.05, and the new share capital will be USD 5,326,403.25.

25 June 2019
Borr Drilling Limited
Hamilton, Bermuda

This information is published in accordance with the requirements of the Continuing Obligations and applies to shares listed on Oslo Stock Exchange.

Borr Drilling Limited (BDRILL) – Reverse share split

Borr Drilling Limited (the “Company”) announces that its Board of Directors has approved a 5-to-1 reverse share split of the Company’s shares (the “Reverse Split”).

Upon effectiveness of the Reverse Split, every five shares of the Company’s issued and outstanding ordinary shares, par value USD 0.01 per share will be automatically combined into one issued and outstanding ordinary share, par value USD 0.05 per share.

The current issued and outstanding shares of 532,640,327 will be consolidated into approximately 106.5 million shares (subject to adjustment for fractional shares).

Last trading day before the effective date (last day including right) will be on 25 June 2019. Trading on a reverse split adjusted basis (ex-date) will be on 26 June 2019. The record date will be 27 June. The new ISIN number for the ordinary shares after the Reverse Split is BMG1466R2078.

Shareholders who would otherwise hold a fractional share of the Company’s ordinary shares in connection with the Reverse Split will receive cash payment equal to the closing price per share for the Company’s shares on the OSE at the last trading day prior to the ex-date for the Reverse Split. The cash payment is expected to be made to eligible shareholders at the latest during the week starting 1 July 2019.

The Company’s Senior Unsecured Convertible Notes 2018/2023 conversion price will change from USD 6. 6963 per share to USD 33.4815 per share in connection with the Reverse Split.

21 June 2019

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

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

Borr Drilling Limited (BDRILL) – Mandatory notification of trade

Svend Anton Maier, the Chief Executive Officer of Borr Drilling Limited (the “Company”), has on 31 May 2019 acquired 30,000 shares in the Company at an average price of NOK 17. 5668 per share.  Svend Anton Maier’s total exposure to the Company’s shares after the purchase (shares and options) amounts to 3,825,000 shares.

31 May 2019

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Q1 2019 Presentation

Please find enclosed the presentation related to the webcast / conference call 29 May 2019 at 17:00 CET in connection with Borr Drilling Limited’s first quarter 2019 results.

Details about the conference call can be found on the Company’s website www.borrdrilling.com 

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

Borr Q1 2019 Results presentation

Borr Drilling Limited (BDRILL) – Webcast and conference call Q1 2019 results

Borr Drilling Limited releases its financial results for the first quarter 2019 on Wednesday, May 29, 2019.  A conference call and webcast will be held for interested parties at 17:00 CET (11:00 AM New York Time).  The earnings report and presentation will be available from the Investor Relations section on www.borrdrilling.com on the same day.

In order to listen to the presentation, you may do one of the following:

a)      Webcast

Click the “Webcast” link on www.borrdrilling.com/investor-relations/ or use the following link:

https://edge.media-server.com/m6/p/fx59majw  

b)      Conference Call

PARTICIPANTS DIAL IN TELEPHONE NUMBERS

Conference ID: 6766219

Norway, Oslo: +47 23960264

Norway (toll free): 80051874

United Kingdom: +44 (0) 2071 928000

United States: +1 (631) 510-7495

Participants will be asked for their full name & Conference ID.

There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.

REPLAY DETAILS

Replay Access Number:  6766219

UK local call: 08445718951

Norway: +47 2103 4235

USA: +1 (917) 677-7532

Borr Drilling Limited (BDRILL) – Annual Report 2018

Borr Drilling Limited (the “Company”) announces that the annual report for the year ended 31 December 2018 has been approved by the Board of Directors of the Company.

The report is enclosed to this release and is also available on the Company’s website http://www.borrdrilling.com/

Hamilton, Bermuda

30 April, 2019

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

Annual Report 2018 Borr Drilling Limited

Borr Drilling Limited (BDRILL) – Purchase of Premium Jack-up Drilling Rig and Fleet Status Report

Borr Drilling Limited (“Borr” or the “Company”) is pleased to announce that it has completed the purchase and taken ownership of the jack-up newbuilding, Hull No. B378 (formerly named Hakuryu-15), for a total consideration of USD122 million from BOT Lease Co., Ltd. The original ordering price of the rig was approximately USD240 million. An important criteria for the transaction was a quick settlement before March 31, 2019 and the acquisition has been fully financed through an expedited establishment of a new secured financing facility arranged by two Nordic banks.

The purchase of Hull B378 should be seen as an opportunistic deal, with the target to acquire a high specification rig at what we consider a very attractive price. The transaction does not indicate that Borr has a strong strategic desire to significantly increase the size of its existing fleet. With a largely homogenous fleet of 30 premium jack-up drilling rigs, the Company has established a foundation which provides strong cost and operating benefits compared to our competitors. Borr’s focus on premium jack-up drilling rigs has made it possible to achieve the strong growth witnessed from 2018, keeping technical utilisation above 99% and keeping an industry leading safety standard.

Hull B378 is a KFELS Super B Bigfoot design and will need approximately six months to be operationally ready from the yard. The rig has 2,200,000 lbs hook load capacity, 75 feet cantilever and significant crane capacity which makes the unit ideal for drilling of deep HPHT wells. The rig is of similar design as the five newbuildings Borr bought from Transocean.  Two of these five units have been delivered from the yard and both units have as stated in today’s fleet report received LOIs for multi-year contracts at attractive terms.

Borr believes that the acquired unit is well positioned for contractual work at attractive rates. Market rates for term works for similar units is currently estimated to generate an EBITDA in excess of USD 20 million per year.

This morning, the Company has also announced an updated fleet status report, available on the Company’s website and attached to this release. As disclosed in the report, Borr has now increased the number of contracted and committed units from zero in the beginning of 2017, to a total of 18. The company expects to, based on having 18 rigs in operation, be generating positive cash flow after taking into account operating cost, layup cost for the remaining units and financing cost.

April 1, 2019

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

Questions should be directed to:

Svend Anton Maier: Chief Executive Officer, Borr Drilling Management DMCC

+ 971 4 448 7501

Rune Magnus Lundetræ: Chief Financial Officer, Borr Drilling Management DMCC

+ 971 58 864 3915

Forward looking statements

This announcement includes forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions and include expectations regarding industry trends including activity levels in the jack-up rig industry, trends in oil prices, the suitability of our fleet in the existing environment, utilization levels, delivery of newbuilds, and contract backlog, expected business environment in 2019 including expected offshore spending, expected contracting and operation of our rigs in 2019 and expectation of contracting at favourable rates, expected funding needs, execution of the indicative funding term sheet and entrance into the credit facility and other non-historical statements. The forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Borr Drilling Limited believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. 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. In addition to the important factors and matters discussed elsewhere in this report, important factors that, in our view could cause actual results to differ materially from those discussed in the forward looking statements are included in our most recent annual report.

The information, opinions and forward-looking statements contained in this announcement speak only as of the date hereof and are subject to change without notice.

About Borr Drilling Limited

Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the Oslo Stock Exchange from August 30, 2017. 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

Borr Drilling – Fleet Status Report April 2019

Borr Drilling Limited (BDRILL) – Contract Award for Two Premium Jack-up Rigs in Mexico

Borr Drilling Limited (“Borr” and the “Company”) is pleased to announce that one of its subsidiaries, in partnership with OPEX Perforadora S.A. de C.V., has received an official award from Petroleos Mexicanos (“PEMEX”) for the delivery of offshore wells in Mexico 

Under this award, Borr will deliver a total of 9 offshore development wells to our customer under an integrated services model. The scope of services will include the deployment of two of the Company’s premium new build jack-ups, the “Grid” and “Gersemi”, both of PPL 400 design which are built to meet the requirements of PEMEX, for period estimated to be around 18 months and expected commencement in mid-2019. Further, under this project, Borr will leverage on its strategic collaboration with our partner and main shareholder, Schlumberger, to provide comprehensive oilfield services and deliver an end-to-end well solution to our customer.  

Hamilton, Bermuda

15 March 2019

Questions should be directed to:

Svend Anton Maier: Chief Executive Officer, Borr Drilling Management DMCC

+ 971 4 448 7501

Rune Magnus Lundetræ: Chief Financial Officer, Borr Drilling Management DMCC

+ 971 58 864 3915 / +47 90088411

Forward looking statements

This announcement includes forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions and include expectations regarding industry trends including activity levels in the jack-up rig industry, trends in oil prices, the suitability of our fleet in the existing environment, utilization levels, delivery of newbuilds, and contract backlog, expected business environment in 2019 including expected offshore spending, expected contracting and operation of our rigs in 2019 and expectation of contracting at favourable rates, expected funding needs, execution of the indicative funding term sheet and entrance into the credit facility and other non-historical statements. The forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Borr Drilling Limited believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. 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. In addition to the important factors and matters discussed elsewhere in this report, important factors that, in our view could cause actual results to differ materially from those discussed in the forward looking statements are included in our most recent annual report.

The information, opinions and forward-looking statements contained in this announcement speak only as of the date hereof and are subject to change without notice.

About Borr Drilling Limited

Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the Oslo Stock Exchange from August 30, 2017. 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

Borr Drilling Limited (BDRILL) – Share option awards

The Board of Borr Drilling Limited (the “Company”) has granted 2,300,000 options to acquire shares in the Company to certain employees and directors of the Company. The award has been granted under the existing approved share option scheme. The options have a strike price of USD 3.50 per share, which compares to the Company’s share’s closing price of USD 2.84 on 8 March 2019.

The options will expire after five years and have a four-year vesting period. In total 20 people are included in these new options awards. Total number of options authorised by the Board is 17.47 million, and 15.375 million have been awarded as of this date.

Two primary insiders were awarded options; Alexandra Kate Blankenship, Director of the Company and primary insider, was awarded 150,000 options. Her total exposure to the Company’s shares after the award is 150,000 options. Georgina Sousa, Company Secretary and Director of the Company, was awarded 50,000 options. Her total exposure to the Company’s shares after the award is 50,000 options.

The Board is of the opinion that the issuance of options with a four-year vesting period creates solid long-term incentive and commitment to the Company by its employees. It will, contrary to higher fixed salary or cash bonuses, not have any direct cash cost and will create better alignment with the Company’s shareholders.

The total number of shares issued as of today is 532,640,327 out of which 7,298,572 are held as Treasury Shares by the Company. Total authorised share capital is USD 6,250,000.00 comprised of 625,000,000 shares of par value USD 0.01 each.

11 March 2019

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

Borr Drilling Limited (BDRILL) – Fleet Status Report

Borr Drilling Limited (the “Company”) has today published an updated Fleet Status Report which is available on the Company’s website and attached to this news release.

5 March 2019

Hamilton, Bermuda

Website: www.borrdrilling.com

Borr Drilling – Fleet Status Report – 05-03-2019 (https://mb.cision.com/Public/16983/2756500/a92a5eddc24833db.pdf)

Borr Drilling – Fleet Status Report – 05-03-2019

Borr Drilling Limited (BDRILL) – Fleet Status Report

Borr Drilling Limited (the “Company”) has today published an updated Fleet Status Report which is available on the Company’s website and attached to this news release.

5 March 2019

Hamilton, Bermuda

Website: www.borrdrilling.com

Borr Drilling – Fleet Status Report – 05-03-2019 (https://mb.cision.com/Public/16983/2756500/a92a5eddc24833db.pdf)

Borr Drilling – Fleet Status Report – 05-03-2019

Borr Drilling Limited (BDRILL) Announces Preliminary Results for the Fourth Quarter and Year Ended 2018

Hamilton, Bermuda, February 28, 2019: Borr Drilling Limited (“Borr” or the “Company”) announces preliminary results for the three and twelve months ended December 31, 2018

Highlights in the fourth quarter 2018

·  Operating revenues of US$53.5 million, EBITDA of negative US$18.7 million and net loss of US$110.7 million for the fourth quarter of 2018
·  Operating revenues of US$164.9 million, EBITDA of negative US$65.8 million and net loss of US$190.9 million for the year ended December 31, 2018
·  Technical utilisation for the operating rigs was 99.6% in the fourth quarter of 2018Added total backlog of 108 months with estimated total revenue of US$257 million
·  Took delivery of the premium jack-up rig “Natt” in October from PPL Shipyard
·  Realised US$16.1 million in cash proceeds from sale of forward contracts in a listed offshore drilling company and recorded a mark to market loss on its positions of US$32.2 million 

Subsequent events

·  Secured US$160 million revolving credit and guarantee facility 
·  Completed the successful activation of the premium jack-ups “Gerd” and “Natt”, and the reactivation of “Odin”, all of which are undergoing mobilisation prior to the commencement of their respective contracts  
·  The Company is currently offering rigs in multiple open tender processes equivalent to over 40 rigs vs. Borr’s available capacity of ten units built after 2010
·  As of February 27, 2019, the market value of the securities portfolio had increased by US$15.1 million since the balance sheet date.

The full report is available in the enclosed files.

Please visit our website at: www.borrdrilling.com

February 28, 2019
The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

Questions should be directed to:

Svend Anton Maier: Chief Executive Officer, Borr Drilling Management DMCC

+ 971 4 448 7501

Rune Magnus Lundetræ: Chief Financial Officer, Borr Drilling Management DMCC

+ 971 58 864 3915

Borr Q4 2018 BOD  (https://mb.cision.com/Public/16983/2752660/bab045fc7a98aec7.pdf)

Consolidated Financial Statements Q4 2018 (https://mb.cision.com/Public/16983/2752660/8d1a0e7f4406ac47.pdf)

Consolidated Financial Statements Q4 2018

Borr Drilling Limited (BDRILL) – Invitation to Q4 2018 results webcast and conference call

Borr Drilling Limited will release its preliminary financial results for the fourth quarter 2018 on Thursday, February 28, 2019.  A conference call and webcast will be held for interested parties at 17:00 CET (11:00 AM New York Time).  The earnings report and presentation will be available from the Investor Relations section on www.borrdrilling.com on the same day.

In order to listen to the presentation, you may do one of the following:

a)      Webcast

Click the “Webcast” link on www.borrdrilling.com/investor-relations/ or use the following link: https://edge.media-server.com/m6/p/c2k38rbs

b)      Conference Call

PARTICIPANTS DIAL IN TELEPHONE NUMBERS

International/UK local:  +44 (0) 203 0095710

Norway Toll free:  800 10 392

United States local:  +1 9177 200 178

United States (Toll free):  8668 692 321

The Conference ID is 2298898

Participants will be asked for their full name & Conference ID.

There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.

REPLAY DETAILS

Replay Access Number:  2298898

International/UK Local #:  +44 (0) 333 3009785

Norway replay #:  +47 21 03 42 35

USA replay #:  +1 (917) 677-7532

Borr Drilling Limited (BDRILL) – Purchase of own shares

Borr Drilling Limited (the “Company”) has today purchased 200,000 of its own shares at an average price of NOK 25.4821 per share. The share purchase has been carried out in connection with the share repurchase program announced by the Company on 28 August 2018.

After this transaction the Company holds 7,298,572 of its own shares in treasury.

12 December 2018

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Mandatory notification of trade

Svend Anton Maier, the Chief Executive Officer of Borr Drilling Limited (the “Company”), has on 12 December 2018 acquired 10,000 shares in the Company at an average price of NOK 25.00 per share.  Svend Anton Maier’s total exposure to the Company’s shares after the purchase (shares and options) amounts to 3,795,000 shares.

12 December 2018

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Purchase of own shares

Borr Drilling Limited (the “Company”) has today purchased 200,000 of its own shares at an average price of NOK 23.7513 per share. The share purchase has been carried out in connection with the share repurchase program announced by the Company on 28 August 2018.

After this transaction the Company holds 7,098,572 of its own shares in treasury.

11 December 2018

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Purchase of own shares

Borr Drilling Limited (the “Company”) has today purchased 200,000 of its own shares at an average price of NOK 23.6330 per share. The share purchase has been carried out in connection with the share repurchase program announced by the Company on 28 August 2018.

After this transaction the Company holds 6,898,572 of its own shares in treasury.

10 December 2018

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Purchase of own shares

Borr Drilling Limited (the “Company”) has today purchased 200,000 of its own shares at an average price of NOK 24.4208 per share. The share purchase has been carried out in connection with the share repurchase program announced by the Company on 28 August 2018.

After this transaction the Company holds 6,698,572 of its own shares in treasury.

7 December 2018

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Purchase of own shares

Borr Drilling Limited (the “Company”) has today purchased 200,000 of its own shares at an average price of NOK 24.6651 per share. The share purchase has been carried out in connection with the share repurchase program announced by the Company on 28 August 2018.

After this transaction the Company holds 6,498,572 of its own shares in treasury.

6 December 2018

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Mandatory notification of trade

Vidar Hasund, the Chief Accounting Officer of Borr Drilling Limited (the “Company”), has on 6 December 2018 acquired 20,000 shares in the Company at an average price of NOK 25.014 per share.  Following this transaction, Vidar Hasund holds 20,000 of the Company’s shares.

6 December 2018

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Purchase of own shares

Borr Drilling Limited (the “Company”) has today purchased 200,000 of its own shares at an average price of NOK 26.8614 per share. The share purchase has been carried out in connection with the share repurchase program announced by the Company on 28 August 2018.

After this transaction the Company holds 6,298,572 of its own shares in treasury.

5 December 2018

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Purchase of own shares

Borr Drilling Limited (the “Company”) has today purchased 200,000 of its own shares at an average price of NOK 28.3822 per share. The share purchase has been carried out in connection with the share repurchase program announced by the Company on 28 August 2018.

After this transaction the Company holds 6,098,572 of its own shares in treasury.

4 December 2018

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Purchase of own shares

Borr Drilling Limited (the “Company”) has today purchased 200,000 of its own shares at an average price of NOK 28.7281 per share. The share purchase has been carried out in connection with the share repurchase program announced by the Company on 28 August 2018.

After this transaction the Company holds 5,898,572 of its own shares in treasury.

3 December 2018

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Mandatory notification of trade

Svend Anton Maier, the Chief Executive Officer of Borr Drilling Limited (the “Company”), has on 3 December 2018 acquired 15,000 shares in the Company at an average price of NOK 29.00 per share.  Following this transaction, Svend Anton Maier’s total exposure to the Company’s shares after the purchase (shares and options) amounts to 3,785,000 shares.

3 December 2018

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Purchase of own shares

Borr Drilling Limited (the “Company”) has today purchased 400,000 of its own shares at an average price of NOK 27.1632 per share. The share purchase has been carried out in connection with the share repurchase program announced by the Company on 28 August 2018.

After this transaction the Company holds 5,698,572 of its own shares in treasury.

30 November 2018

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Purchase of own shares

Borr Drilling Limited (the “Company”) has today purchased 200,000 of its own shares at an average price of NOK 28.7635 per share. The share purchase has been carried out in connection with the share repurchase program announced by the Company on 28 August 2018.

After this transaction the Company holds 5,298,572 of its own shares in treasury.

29 November 2018

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Purchase of own shares

Borr Drilling Limited (the “Company”) has today purchased 200,000 of its own shares at an average price of NOK 28.2293 per share. The share purchase has been carried out in connection with the share repurchase program announced by the Company on 28 August 2018.

After this transaction the Company holds 5,098,572 of its own shares in treasury.

28 November 2018

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Purchase of own shares

Borr Drilling Limited (the “Company”) has today purchased 200,000 of its own shares at an average price of NOK 27.523 per share. The share purchase has been carried out in connection with the share repurchase program announced by the Company on 28 August 2018.

After this transaction the Company holds 4,898,572 of its own shares in treasury.

27 November 2018

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Purchase of own shares

Borr Drilling Limited (the “Company”) has today purchased 200,000 of its own shares at an average price of NOK 26.9532 per share. The share purchase has been carried out in connection with the share repurchase program announced by the Company on 28 August 2018.

After this transaction the Company holds 4,698,572 of its own shares in treasury.

26 November 2018

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Purchase of own shares

Borr Drilling Limited (the “Company”) has today purchased 200,000 of its own shares at an average price of NOK 26.7688 per share. The share purchase has been carried out in connection with the share repurchase program announced by the Company on 28 August 2018.

After this transaction the Company holds 4,498,572 of its own shares in treasury.

23 November 2018

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Mandatory notification of trade

Svend Anton Maier, the Chief Executive Officer of Borr Drilling Limited (the “Company”), has on 23 November 2018 acquired 10,000 shares in the Company at an average price of NOK 27.3867 per share.  Svend Anton Maier’s total exposure to the Company’s shares after the purchase (shares and options) amounts to 3,770,000 shares.

23 November 2018

Hamilton, Bermuda 

This information is subject to disclosure requirements pursuant to Sections 4-2 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Purchase of own shares

Borr Drilling Limited (the “Company”) has today purchased 200,000 of its own shares at an average price of NOK 28.0106 per share. The share purchase has been carried out in connection with the share repurchase program announced by the Company on 28 August 2018.

After this transaction the Company holds 4,298,572 of its own shares in treasury.

22 November 2018

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Q3 2018 Presentation

Please find enclosed the presentation of Borr Drilling Limited’s third quarter 2018 results to be held on the webcast / conference call 21 November 2018 at 17:00 CET.

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

Borr Q3 2018 Results presentation (https://mb.cision.com/Public/16983/2679275/b8424915c91ec459.pdf)

Borr Q3 2018 Results presentation

Borr Drilling Limited (BDRILL) Announces Third Quarter 2018 Results

Hamilton, Bermuda, November 21, 2018: Borr Drilling Limited (“Borr” or the “Company”) announces results for the three and nine months ended September 30, 2018

Highlights in the third quarter 2018
• Operating revenues of US$49.7 million, EBITDA of negative US$10.3 million and net loss of US$39.1 million
• Technical utilisation for the operating rigs was 99.2%
• The premium jack-up rig “Prospector 5” and the standard jack-up rig “C20051” commenced its new contracts in the quarter
• Secured contract for the premium jack-up rig “Ran” for a 14 wells campaign of approximately 11 months duration in the North Sea
• Started activation of three newbuild jack-up rigs and reactivation of the “Ran”
• Took delivery of the premium jack-up rigs “Groa” in July and “Gyme” in September from PPL Shipyard
• Realised gain of US$9.2 million from the sale of forward contracts in a listed offshore drilling company

Subsequent events
• Secured two firm contracts for the newbuild premium jack-up rigs “Groa” and “Gerd” with Exxon in Nigeria, adding backlog of 48 months excluding options
• Secured contract for the newbuild premium jack-up rig “Natt” with First E&P in Nigeria, adding total backlog of 24 months excluding options
• Secured two firm contracts for the premium jack-up rig “Norve”, adding total backlog of approximately 12 months
• Secured firm contract for the premium jack-up rig “Mist”, adding total backlog of approximately three months
• Realised US$16.0 million in cash proceeds from sale of forward contracts in a listed offshore drilling company
• Completed the sale of the standard jack-up rig “L1112” (“Ed Holt”) in October 2018 for retirement from the international jack-up rig fleet
• Decision to start activating four additional newbuild jack-up rigs
• Took delivery of the premium jack-up rig “Natt” in October from PPL Shipyard

Consolidated Statement of Operations (Financial Performance & Operating Results)

Three months ended September 30, 2018

Operating revenues were US$49.7 million for the three months ended September 30, 2018 (US$ nil for the three months ended September 30, 2017). On average, 8.6 rigs were operating during the third quarter 2018.

Total operating expenses were US$91.2 million for the three months ended September 30, 2018 (US$24.9 million for the three months ended September 30, 2017). Total operating expenses consists of rig operating and maintenance expenses, depreciation, amortisation, general and administrative expenses, and restructuring costs.

Rig operating and maintenance expenses, including stacking costs, were US$45.7 million for the three months ended September 30, 2018 (US$9.4 million for the three months ended September 30, 2017), an increase of US$36.3 million compared to the three months ended September 30, 2017. The increase is primarily driven by operating expenses of US$36.9 million for the operating rigs during the third quarter 2018, including US$1.6 million relating to amortisation of mobilisation costs.

Depreciation and impairment of non-current assets, including amortisation of contract backlog, were US$31.2 million for the three months ended September 30, 2018 (US$8.0 million for the three months ended September 30, 2017). Depreciation in the third quarter 2018 increased by US$13.5 million compared to the third quarter 2017 as a result of a larger fleet of jack-up rigs. In addition, US$9.7 million was recognised as amortisation of revenue backlog from the Paragon acquisition.

General and administrative expenses were US$9.7 million for the three months ended September 30, 2018 (US$7.5 million for the three months ended September 30, 2017).

Restructuring costs were US$4.6 million for the three months ended September 30, 2018 (US$ nil for the three months ended September 30, 2017) and relates to a cost accrual for vacating excess Paragon offices with remaining lease obligations.

Net financial income was US$4.5 million for the three months ended September 30, 2018 (US$15.3 million for the three months ended September 30, 2017). The financial items for the third quarter 2018 relate to realised and unrealised gain on forward contracts of US$9.2 million and US$3.5 million, respectively, interest expense net of capitalised interest of US$5.2 million, negative fair value adjustment of the Call Spread derivative related to the convertible bonds of US$1.7 million, and other financial expenses of US$1.4 million. The Call Spread derivative is recorded at fair value in the financial statements on a quarterly basis until maturity.

Income tax expense for the three months ended September 30, 2018 was US$2.0 million (US$ nil million for the three months ended September 30, 2017).

The Consolidated Financial Statements and the full report is available in the enclosed files.

Borr Q3 2018 BOD Report (https://mb.cision.com/Public/16983/2678574/bea0b9f59d89c4c6.pdf)

Consolidated Financial Statements Q3 2018 (https://mb.cision.com/Public/16983/2678574/ba5fb622310adcbd.pdf)

Please visit our website at: www.borrdrilling.com

November 21, 2018
The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda

Questions should be directed to:
Svend Anton Maier: Chief Executive Officer, Borr Drilling Management DMCC
+ 971 4 448 7501

Rune Magnus Lundetræ: Chief Financial Officer, Borr Drilling Management DMCC
+ 971 58 864 3915

Disclaimer
The information in this communication is for informational purposes only and shall not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities.

Forward looking statements
This announcement includes forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions and include expectations regarding industry trends including activity levels in the jack-up rig industry, trends in oil prices, the suitability of our fleet in the existing environment, utilization levels, delivery of newbuilds, and contract backlog and other non-historical statements. The forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Borr Drilling Limited believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. 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. In addition to the important factors and matters discussed elsewhere in this report, important factors that, in our view could cause actual results to differ materially from those discussed in the forward looking statements are included in our most recent annual report.

The information, opinions and forward-looking statements contained in this announcement speak only as of the date hereof and are subject to change without notice.

About Borr Drilling Limited
Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the Oslo Stock Exchange from August 30, 2017. 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.

Borr Q3 2018 BOD Report

Borr Drilling Limited (BDRILL) – Invitation to Q3 2018 results webcast and conference call

Borr Drilling Limited will release its preliminary financial results for the third quarter 2018 on Wednesday, November 21, 2018. A conference call and webcast will be held for interested parties at 17:00 CET (11:00 AM New York Time). The earnings report and presentation will be available from the Investor Relations section on www.borrdrilling.com on the same day.

In order to listen to the presentation, you may do one of the following:

a)      Webcast

Click the “Webcast” link on www.borrdrilling.com/investor-relations/ or use the following link: https://edge.media-server.com/m6/p/t62pdjem

b)      Conference Call

PARTICIPANTS DIAL IN TELEPHONE NUMBERS

International/UK local:  +44 (0)330 336 9411

Norway Toll free: 800 14947

United States local: +1 646-828-8144

United States (Toll free): 800-949-2175

The Conference ID is 6580167

Participants will be asked for their full name & Conference ID.

There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.

REPLAY DETAILS

Replay Access Number: 6580167

International/UK Local #: + 44 (0) 207 660 0134

Norway replay #: + 47 23 50 00 77

USA replay #: +1 719-457-0820

November 20, 2018

Hamilton, Bermuda

Borr Drilling Limited (BDRILL) – Activation of four additional jack-up drilling rigs

Following its recent board meeting, Borr Drilling Limited (“Borr”) has decided to start the activation of four additional newbuild jack-ups. This decision is made on the back of Borr’s previously announced success in securing commitments for three of its newbuild units and its North Sea based jack-up “Ran”, all of which are currently undergoing (re)activation and have been awarded LOIs. These rigs are expected to commence work in the first half of 2019.

Supported by the strong increase in direct customer requests and the material increase in tender activity of approximately 50% year to date, the Board has decided to initiate the activation without having secured firm employment for the four rigs. However, the Board sees several interesting opportunities for employment at attractive rates.  Additionally, the delivery time for critical equipment is increasing and are currently around six months.  We believe we have seen the trough in equipment prices and as activity is coming back we also expect a tightening of the labor market.

Given the improving jack-up market outlook, we are increasingly positive about future contracting opportunities for our modern rigs but emphasize our continued disciplined approach to contracting with focus on opportunities that generate significant positive cash return after activation cost.

Hamilton, Bermuda

3 October 2018

Borr Drilling Limited (BDRILL) – 2018 Annual General Meeting

Borr Drilling Limited (the “Company”) advises that the 2018 Annual General Meeting of Shareholders of the Company was held on September 25, 2018 at 9:00 a.m. at Thistle House, 4 Burnaby Street, Hamilton HM 11, Bermuda. The audited financial statements of the Company for the year ended December 31, 2017 were presented in the meeting.

In addition, the following resolutions were passed:

1. To set the maximum number of directors of the Company until the next Annual General Meeting of the Company at 7.

2. To re-elect Tor Olav Trøim as a Director of the Company.

3. To re-elect Fredrik Halvorsen as a Director of the Company.

4. To re-elect Jan A. Rask as a Director of the Company.

5. To re-elect Patrick Schorn as a Director of the Company.

6. To authorize the Board to fill any casual vacancies in the Board.

7. To approve remuneration of the Company’s Board of Directors of a total amount of fees not to exceed USD 800,000.00 for the period from the general meeting until the annual general meeting in 2019.

Hamilton, Bermuda
25 September 2018

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

Borr Drilling Limited (BDRILL) – Purchase of own shares

Borr Drilling Limited (the “Company”) has on 20 September 2018 purchased 1,500,000 of its own shares at an average price of NOK 35.50 per share. The share purchase has been carried out in connection with a block sale by an unnamed financial investor and is in accordance with the share repurchase program announced by the Company on 28 August 2018.

After this transaction the Company holds 4,170,000 of its own shares in treasury.

20 September 2018

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Mandatory notification of trades primary insiders

The following primary insiders of Borr Drilling Limited (the “Company”) has on 20 September 2018 acquired shares in the Company at an average price of NOK 35.50 per share:

Companies affiliated with Chairman Tor Olav Trøim acquired 750,000 shares. After this transaction, Trøim and his affiliated parties will, including forward contracts, represent an ownership in Borr Drilling Limited of 44,410,588 shares or 8.34%. 

Companies affiliated with board member of the Company Fredrik Halvorsen acquired 1,000,000 shares. After this transaction, companies affiliated with Fredrik Halvorsen and Ubon Partners controls 18,271,100 shares in Borr Drilling Limited.

Midelfart Capital, a company controlled by Celina Midelfart, a close relation to chairman Tor Olav Trøim, acquired 150,000 shares. After this transaction, Midelfart Capital and other entities controlled by Celina Midelfart controls 7,285,700 shares in Borr Drilling Limited. 

Svend Anton Maier, CEO in Borr Drilling Limited, acquired 250,000 shares. Svend Anton Maier’s total exposure to the Company’s shares after the purchase (shares and options) amounts to 3,760,000 shares.

Rune Magnus Lundetrae, Deputy CEO and CFO in Borr Drilling Limited, purchased 250,000 shares. Rune Magnus Lundetræ’s total exposure to the Company’s shares after the purchase (shares and options) amounts to 3,260,000 shares.

20 September 2018

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Annual General Meeting 2018 Clarification

Clarification in connection with proposals to the Borr Drilling Limited’s Annual General Meeting to be held in Bermuda 25 September 2018, agenda point 6 and 7:

Agenda point 6: Borr Drilling Limited has, some time ago, announced its intention to seek a listing of its shares on another international recognised exchange during the first half of next year. We foresee, but do not know for certain, that an expansion of the board may be required by strengthening the board with a member with strong accounting and legal background and deep experiences from similar listing and reporting processes. Rather than having to take the expense of calling an extraordinary general meeting for the sole purpose of appointing an additional director, we have chosen to authorize the board to make such an appointment. In doing this we are mindful of the fact that such an appointment will be temporary and a confirmation of this board seat will be confirmed in next year’s AGM.

Agenda point 7: Please note that the compensation amount referred to in the proposed resolution is a maximum amount. It is in line with the maximum amount of last year which was unanimously approved by the shareholders. For 2017, Chairman Tor Olav Trøim, Fredrik Halvorsen and Patrick Schorn, who all represent significant shareholders, did not receive any Board fees, to create full alignment with the shareholders. Total board fees in 2017 amounted to USD250k, which was paid all in shares to Jan Rask. Jan Rask is not a large shareholder in the company but has significant experience through being former CEO of 3 drilling companies, which all generated superior return to the shareholders, thus adds significant competence to the board. With the exception of the potential new board member who will have to undertake extensive work in connection with the listing process, we do not foresee any material changes in the compensation to the rest of the members. We thereby expect that total compensation to the board will be significantly lower than the maximum proposed USD800k in the proxy statement.

19 September 2018

Hamilton, Bermuda

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

Borr Drilling Limited (BDRILL) – Company Presentation

Borr Drilling Limited will today present at Pareto Securities’ 25th Oil and Offshore Conference in Oslo, Norway. A copy of the presentation is attached to this press release and can be found on the Company’s website.

12 September 2018

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

Borr Drilling Pareto Conference 2018 (https://mb.cision.com/Public/16983/2616249/be9d381e0e3129c4.pdf)

Borr Drilling Pareto Conference 2018

Borr Drilling Limited (BDRILL) – Notice of Annual General Meeting 2018

The Annual General Meeting of Shareholders of Borr Drilling Limited (the “Company”) will be held on September 25, 2018 at 9:00 a.m. at Thistle House, 4 Burnaby Street, Hamilton HM 11, Bermuda.

A copy of the Notice of Annual General Meeting and Form of Proxy can be found on the Company’s website at http://www.borrdrilling.com and attached to this press release.

Hamilton, Bermuda
3 September 2018

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

Notice of 2018 Annual General Meeting of Shareholders

Borr Drilling Limited (BDRILL) – Purchase of own shares

Borr Drilling Limited (the “Company”) has today purchased 100,000 of its own shares at an average price of NOK 34.5121 per share. The share purchase has been carried out in connection with the share repurchase program announced by the Company on 28 August 2018.

After this transaction the Company holds 2,670,000 of its own shares in treasury.

29 August 2018

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Purchase of own shares

Borr Drilling Limited (the “Company”) has today purchased 100,000 of its own shares at an average price of NOK 34.90 per share. The share purchase has been carried out in connection with the share repurchase program announced by the Company on 28 August 2018.

After this transaction the Company holds 2,570,000 of its own shares in treasury.

28 August 2018

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Initiation of Share Repurchase Program

The board of directors in Borr Drilling Limited (the “Company”) has today approved a share repurchase program for the Company’s shares, to be purchased in the open market and limited to a total amount of USD 20,000,000. The share repurchase program is set to expire on 30 December 2018.

28 August 2018

Hamilton, Bermuda

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

Borr Drilling Limited (BDRILL) – Annual General Meeting 2018

Borr Drilling Limited advises that the 2018 Annual General Meeting will be held on September 25, 2018. The record date for participating in the Annual General Meeting is set to August 31, 2018. The notice, agenda and associated material will be distributed prior to the meeting.

Hamilton, Bermuda

August 23, 2018

This information is subject to the disclosure requirements pursuant to section

5 -12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Invitation to Q2 2018 results webcast and conference call

Borr Drilling Limited will release its preliminary financial results for the second quarter 2018 on Thursday, August 23, 2018. A conference call and webcast will be held for interested parties at 17:00 CEST (11:00 AM New York Time). Relevant material will be available from the Investor Relations section on www.borrdrilling.com on the same day.

In order to listen to the presentation, you may do one of the following:

a) Webcast
Click the “Webcast” link on www.borrdrilling.com/investor-relations/

b) Conference Call
PARTICIPANTS DIAL IN TELEPHONE NUMBERS

International/UK local: +44 (0)330 336 9411
Norway Toll free: 800 14947
United States local: +1 323-994-2093
The Conference ID is 3606696.

Participants will be asked for their full name & Conference ID.

There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.

REPLAY DETAILS

Replay Access Number: 3606696
International/UK Local #: + 44 (0) 207 660 0134
Norway replay #: + 47 23 50 00 77
USA replay #: +1 719-457-0820

August 16, 2018
Hamilton, Bermuda

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

Borr Drilling Limited (BDRILL) – Share option plan

The Board of Borr Drilling Limited (the “Company”) has today decided to issue 7,470,000 options to the Company’s employees. The award has been granted under the approved share option scheme for employees. The options have a strike price of USD 4.87 per share versus a market price of USD 4.59 by the closing on July 6th. The strike price is equal to the reference price used when the USD 350 million Convertible Bond was raised on May 16th. The options will expire after five years and have a four-year vesting period. In total 31 people are included in the options awards. Total number of options authorised by the Board in accordance with the plan is 16.86 million, including this award, which means that 2.53 million options remains unallocated for further recruitments.

The total number of shares issued as of today is 532,640,327 out of which 2,470,000 are owned by the Company. Total authorised share capital is USD 6,250,000 out of which USD 5,326,403.27 are currently issued.

The following primary insiders have been awarded options:

Name Title New Total exposure after the award (share + options)
Options

Svend CEO 1,210,000 3,510,000
Anton
Maier
Rune CFO 710,000 3,010,000
Magnus
Lundetræ
Phillip COO 300,000 800,000
Souyris

The total estimated cost of the scheme will be approximately USD 9.0 million charged to the P&L over the four-year vesting period. We see clear signs that the activity level in the offshore market is picking up and loyalty and continued availability of good people will be important. The issuance of options with a four-year vesting period will in such a positive market scenario create a solid long-term incentive and commitment to the Company. It will, contrary to higher fixed salary or cash bonuses, not have any direct cash cost and will create better alignment with the Company’s shareholders.

9 July 2018

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

Forward looking statements

This announcement may be deemed to include forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions. The forward looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Borr Drilling Limited believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. 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.

The information, opinions and forward looking statements contained in this announcement speak only as of the date hereof and are subject to change without notice.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

Borr Drilling Limited (BDRILL) – Q1 2018 Presentation

Please find enclosed the presentation of Borr Drilling Limited’s preliminary first quarter 2018 results to be held on the webcast / conference call 31 May, 2018 at 17:00 CET.

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

Borr Q1 2018 Results presentation (https://mb.cision.com/Public/16983/2536832/811dfbe3c4482fbc.pdf)

Borr Q1 2018 Results presentation

Borr Drilling Limited (BDRILL) Announces First Quarter 2018 Results

Hamilton, Bermuda, May 31, 2018: Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) announces results for the first quarter of 2018, ending March 31.

Highlights
• Completed the acquisition of Paragon Offshore Limited (“Paragon”)
• Completed equity offering of US$250 million at a subscription price of US$4.60 per share on March 23, 2018 to fund the Paragon acquisition
• The “Norve” commenced operations for BW Energy Dussafu B.V. (“BW Energy”) in Gabon in January
• Three newbuilds were delivered in the quarter, the “Gerd” and the “Gersemi” from PPL Shipyard Pte Ltd. (“PPL”), and the “Saga” from Keppel FELS Limited (“Keppel”)
• Mr Patrick Schorn, Executive Vice President – Wells in Schlumberger, joined the Board of Directors
• Mr Svend Anton Maier appointed Chief Executive Officer of the Company, replacing Mr Simon Johnson on March 22, 2018.

Subsequent events
• Announced the sale of 14 rigs en bloc, bringing the total number of divestments to 26 rigs from the beginning of the year in Borr and Paragon combined. 25 rigs have been delivered to the new owner, and none of the rigs will re-enter the international jack-up drilling market post the transaction.
• Secured a US$200 million non-amortising revolving bank loan facility with two-year duration
• Placement of US$350 million in principle amount of convertible bonds with a five-year tenor, coupon of 3.875% and conversion premium of 37.5%. In addition, entered into call spread agreement enhancing economic conversion premium to 75%.
• Signed agreements to acquire five jack-up drilling rigs from Keppel for a total consideration of US$742.5 million in May 2018

The Consolidated Financial Statements and the Board of Directors report is available in the files enclosed

Consolidated Statement of Operations (Financial Performance & Operating Results)  

Three months ended March 31, 2018

Operating revenues were US$10.6 million for the three months ended March 31, 2018 (US$ nil in Q1 2017). The project for Total E&P Nigeria Limited (“Total”) for the “Frigg” commenced late in December 2017. The drilling campaign for BW Energy for the “Norve” commenced in January 2018.

Total operating expenses were US$62.8 million for the three months ended March 31, 2018 (US$4.9 million in Q1 2017). Total operating expenses consists of rig operating and maintenance expenses, depreciation, amortisation and impairment of non-current assets and general and administrative expenses.

Total rig operating, maintenance expenses and lay-up costs were US$22.5 million for the three months ended March 31, 2018 (US$2.3 million in Q1 2017). Rig operating and maintenance expenses increased by US$20.2 million in Q1 2018 compared to Q1 2017. The increase is primarily driven by operational costs for the rigs “Frigg” and “Norve”.

Total depreciation, amortisation and impairment of non-current assets were US$12.2 million for the three months ended March 31, 2018 (US$1.0 million in Q1 2017). Depreciation in Q1 2018 increased by US$11.2 million compared to Q1 2017 as a result of a larger fleet of jack-up drilling rigs.

Total general and administrative expenses were US$10.2 million for the three months ended March 31, 2018 (US$1.6 million in Q1 2017). The increase of US$8.6 million compared to Q1 2017 was primarily a result of termination benefits and various professional fees in connection with the acquisition of Paragon, a larger organization and additional offices due to more rigs in operations. On a run-rate basis at present activity levels, the G&A is expected to be around US$25m excluding non-cash employee share option charges for the next 12 months.

Gain from bargain purchase was US$38.1 million for the three months ended March 31, 2018 (US$ nil in Q1 2017). This relates to non-cash bargain purchase gain on the Paragon acquisition.

Total restructuring expenses were US$17.9 million for the three months ended March 31, 2018 (US$ nil in Q1 2017). This relates solely to termination payments and close-down costs linked to Paragon acquisition.

Other financial expense was US$19.7 million for the three months ended March 31, 2018 (US$ nil in Q1 2017). The increase relates to unrealized loss on forward contracts of US$20.0 million. As of May 30, 2018, this forward position has since end of the quarter increased in value with approximately US$25 million.
Paragon is included in the consolidated statement of operations from March 29, 2018. Paragon contributed with operating revenues of US$1.1 million and operating expense of US$2.2 million resulting in operating loss for the period ending March 31, 2018 of US$1.1 million.

Consolidated Balance Sheet

The Company had total assets of US$2,137.3 million as of March 31, 2018 (December 31, 2017: US$1,672.3 million). Total assets increased by US$465.0 million compared to December 31, 2017 primarily as a result of the acquisition of Paragon Offshore in the first quarter and delivery of the three newbuildings “Saga”, “Gerd” and “Gersemi”. The Company took ownership of 22 jack-up drilling rigs and one semisubmersible when acquiring Paragon, whereof 15 rigs are classified as held for sale at the end of the quarter. The acquired jack-up drilling rigs’ estimated fair value is US$261 million. The delivery financing accepted on the two newbuildings, “Gerd” and “Gersemi” was US$174.0 million.

As of March 31, 2018, total equity was US$1,670.1 million which corresponds to an equity ratio of 78.1 percent. As of December 31, 2017, total equity was US$1,492.9 million which corresponds to an equity ratio of 89.3 percent.

Total liabilities as of March 31, 2018, were US$467.2 million (December 31, 2017: US$179.4 million). The increase is mainly attributable to US$174.0 million in long-term debt related to the delivery financing for the two newbuildings “Gerd” and “Gersemi”, liability to shareholders related to the March private placement of US$27.6 million and unrealized loss on forward contracts of US$15.5 million.

Consolidated Statement of Cash Flows

Three months ended March 31, 2018

Net cash flow used in operating activities was US$42.7 million for the three months ended March 31, 2018 (December 31, 2017: negative US$32.6) and is explained by the net operating loss. Cash-flow was negatively impacted by the Paragon close down costs. This is expected to be significantly less in the coming quarters.

Net cash flow used in investing activities was US$214.7 million for the three months ended March 31, 2018 (December 31, 2017: 1,447.8). The investment activities primarily relate to the acquisition of Paragon, net of cash acquired of US$198.3 million.

Net cash flow provided by financing activities was US$144.9 million (December 31, 2017: 1,506.3) during the three months ended March 31, 2018 and relates to the March 2018 Private Placement raising net proceeds of US$211.5 million (Tranche 1) and paid down US$89.3 million for the outstanding term loan of Paragon, including accrued interest and breakage fee.

As of March 31, 2018, the Company’s cash and cash equivalents amounted to US$51.5 million (December 31, 2017: US$164.0 million). The available liquidity as of today, net of the up-front payment to Keppel of US$288 million, is in excess of US$300million.

The Consolidated Financial Statements and the Board of Directors report is available in the files enclosed

May 31, 2018

The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda

Questions should be directed to:
Svend Anton Maier: Chief Executive Officer, Borr Drilling Management DMCC
+ 971 4 448 7501

Rune Magnus Lundetræ: Chief Financial Officer, Borr Drilling Management AS
+47 22 48 30 00

About Borr Drilling
Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the Oslo Stock Exchange from August 30, 2017. The Company owns and operates jack-up drilling 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

Borr Q1 2018 BoD Report

Borr Drilling Limited (BDRILL) – Share capital increase

Reference is made to Borr Drilling Limited’s (“Borr Drilling” or the “Company”) stock exchange notice dated 23 March 2018 relating to the successful completion of the USD 250 million equity offering (the “Equity Offering”).

The 7,640,327 new shares (the “Offer Shares”) allocated in Tranche 2 of the Equity Offering have been validly issued and been fully paid. Following issuance of the Offer Shares, the Company will have a share capital of USD 5,326,403.27, divided into 532,640,327 shares, each with a nominal value of USD 0.01 per share.

The Offer Shares have been issued and are registered in the Norwegian Central Securities Depository (VPS) with the Company’s ISIN number (BMG 1466R1088). The Offer Shares will be listed on Oslo Børs under the ticker BDRILL from 30 May 2018.

Hamilton, Bermuda

30 May 2018

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

Borr Drilling Limited (BDRILL) – Invitation to Q1 2018 Results Conference Call and Webcast

The Company will host a conference call and webcast for all shareholders and interested parties on the release day, Thursday, May 31, 2018 at 17:00 CET (11:00 AM New York Time). Relevant material will be available from the Investor Relations section of the Company’s website at www.borrdrilling.com on the same day.

In order to listen to the presentation you may do one of the following:

a) Webcast
Click the “Webcast” link on www.borrdrilling.com/investor-relations/

b) Conference Call
PARTICIPANTS DIAL IN TELEPHONE NUMBERS

International/UK local: +44 (0)330 336 9411

Norway Toll free: 800 14947
United Kingdom Toll free: 0800 279 7204
United States Toll free: 800-289-0571
United States local: +1 929-477-0324
The Conference ID is 1386527.

Participants will be asked for their full name & Conference ID.

There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.

REPLAY DETAILS

Replay Access Number: 1386527
International/UK Local #: +44 (0) 207 660 0134
Norway replay #: +47 23 50 00 77
USA replay #: +1 719-457-0820

Borr Drilling Limited (BDRILL) – Approval of prospectus

Hamilton, Bermuda, 25 May 2018

Reference is made to Borr Drilling Limited’s (the “Company”) stock exchange notice dated 23 March 2018 relating to the completed USD 250 million equity offering (the “Equity Offering”).

The Financial Supervisory Authority of Norway has approved a prospectus dated 25 May 2018 (the “Prospectus”) which has been prepared in connection with the listing of 7,640,327 new shares (the “New Shares”) related to the Equity Offering. The New Shares will be issued on or about 30 May 2018 and will subsequently be listed as soon as practically possible on Oslo Stock Exchange under the ticker “BDRILL”.

The Prospectus will, subject to regulatory restrictions in certain jurisdictions, be available at the following website: http://www.borrdrilling.com/investor-relations/. Hard copies of the Prospectus may be obtained free of charge at the offices of Borr Drilling Management AS at Klingenberggata 4, N-0161 Oslo, Norway.

ABG Sundal Collier ASA, Clarksons Platou Securities AS, Danske Bank, DNB Markets, a part of DNB Bank ASA, Fearnley Securities AS, Pareto Securities AS and Skandinaviska Enskilda Banken AB (publ.) Oslo branch acted as Joint Lead Managers and Bookrunners for the Equity Offering.

Additional information about the Company can be found at www.borrdrilling.com.

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

Borr Drilling Limited (BDRILL) places USD350 million of convertible bonds and announces acquisition of five high-spec jack-up newbuilding from Keppel.

Hamilton, Bermuda, 16 May 2018

Borr Drilling Limited (the “Company” or “Borr Drilling”) has placed USD350 million of convertible bonds with a coupon of 3.875% per annum and a conversion premium of 37.5% above a reference price of USD4.87/share. In connection with this placement the Company has also entered into a call spread, which increases the effective conversion premium for the Company to 75% above the reference price.

The proceeds of the convertible bond offering will be, together with a USD200 million bank financing and a USD432 million seller financing, used to acquire 5 high spec newbuild jack-ups from Keppel FELS, and to strengthen the working capital of the Company. The acquisition will increase the Borr Drilling fleet to a total of 29 premium jack-up rigs once all rigs under construction have been delivered, out of which 27 jack-ups were built after 2011. Total consideration for the transaction will be approximately USD745 million including financing fees. Both the delivery financing of the rigs and the bank financing has been secured at attractive terms.

Borr Drilling will take delivery of the first rig in Q4 2019 with the remaining rigs being delivered quarterly thereafter until the last rig is delivered in Q4 2020. Borr Drilling has agreed to pay a pre-delivery instalment of USD 288 million in the short term. The remaining purchase price is payable on delivery of each individual rig, which is fully financed by the delivery financing.

The Company continues to deliver on its strategy to acquire premium jack-up drilling rigs at attractive prices and consolidate ownership in the premium segment of the overall jack-up rig fleet. After this acquisition Borr Drilling sees limited further opportunities for further acquisition of high quality rigs at attractive prices.

In addition to assisting the acquisition of the five rigs from Keppel FELS, the convertible bond issuance will significantly strengthen the Company’s liquidity position.

“Borr has recently secured work with a new client in West-Africa for one of its assets for 180 days at USD80,000 day. The marketing strategy focusing on cash generative contracts will continue. The shareholders should as a result of such a firm contracting strategy expect relatively low utilisation in 2018, but with anticipated solid recovery in 2019. Recent award of long-term contracts in the Middle-East have significantly reduced the availability of modern tonnage in the market. There are clear signs that rates are improving as a result of increased activity and improved oil prices.” Says CEO Svend Anton Maier.

With 29 modern rigs and a market cap of USD2.6 billion, Borr Drilling has gained significant investor interest. In order to increase liquidity in the trading of the shares, at a meeting in Amsterdam on 15 May 2018, the Board of Borr Drilling decided to start the process for listing Borr shares on an additional recognized international exchange.

16 May 2018

Hamilton, Bermuda

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

IMPORTANT NOTICE

This ANNOUNCEMENT does not constitute or form part of an offer to sell or the solicitation of an offer to subscribe for or otherwise acquire any securities. The convertible bonds described in this announcement have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under any relevant securities laws of any state of the United States and may not be offered or sold to persons within the United States, except pursuant to an exemption from the Securities Act.

Forward looking statements

This announcement may be deemed to include forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions. The forward looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Borr Drilling Limited believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. 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.

The information, opinions and forward looking statements contained in this announcement speak only as of the date hereof and are subject to change without notice.”

BORR DRILLING LIMITED – SUCCESSFUL PLACING OF USD 350 MILLION CONVERTIBLE BONDS DUE 2023

NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH, OR TO PERSONS IN ANY JURISDICTION TO WHOM, SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW.

Hamilton, Bermuda, 16 May 2018

Borr Drilling Limited (the “Company”) announces today the successful placing of USD 350 million in principal amount of convertible bonds (the “Bonds”) with a five-year tenor.

The senior unsecured Bonds will be, in accordance with their terms, convertible into shares of the Company (the “Shares”). The Bonds will have a coupon of 3.875% per annum payable semi-annually in arrear in equal instalments and a conversion premium of 37.5% over USD 4.87 (the price per Share at which Shares have been sold in the Concurrent Equity Offering). The initial conversion price will therefore be USD 6.6963.

The proceeds from the Bonds will be used (i) to finance the purchase of five rigs from Keppel FELS shipyard (the “Rig Purchase”), (ii) for general corporate purposes and (iii) for a call spread to improve the effective conversion premium for the Company in relation to the Bonds to 75% over the price per Share at which Shares have been sold in the Concurrent Equity Offering (as defined herein). Total consideration for the Rig Purchase is expected to be USD 745 million. The Company has secured optional delivery financing of the rigs of USD432 million and entered into a USD 200million bank facility, both on attractive terms.

The Bonds will be issued and redeemed at 100% of their principal amount of USD 200,000 and will, unless previously redeemed, converted or purchased and cancelled, mature in 2023.

The Bonds, at the option of the Company, may be redeemed in whole but not in part at par plus accrued interest at any time, if less than 15 per cent in principal amount of the Bonds originally issued remains outstanding.

The Bonds are expected to be issued on 23 May 2018 (the “Issue Date”). The Company intends to apply for admission to trading of the Bonds on an internationally recognised, regularly operating, regulated or non-regulated stock exchange or securities market within 30 days of the Issue Date.

The Company has been advised by the Joint Bookrunners that the Joint Bookrunners facilitated, concurrently with the offering of the Bonds, sales of existing Shares by buyers of the Bonds who wished to sell these Shares in short sales to purchasers procured by the Joint Bookrunners in order to hedge the market risk to which the buyers of Bonds are exposed with respect to the Bonds that they acquire (the “Concurrent Equity Offering”). The Joint Bookrunners have advised the Company that the number of Shares placed pursuant to the Concurrent Equity Offering is 10,696,943, representing 2.03% of the of the Company’s issued share capital on the date hereof, and that the offering completed at a price of USD 4.87 per Share. The Joint Bookrunners allocated 6.8 million Shares, representing 1.3% of the of the Company’s issued share capital on the date hereof, to Goldman Sachs International in such Concurrent Equity Offering to hedge the call spread option referenced below.

The Company has purchased from Goldman Sachs International call options over 52,268,060 Shares with a strike of USD 6.6963 to mitigate the economic exposure from a potential exercise of the conversion rights embedded in the Bonds. In addition, the Company has sold to Goldman Sachs International call options over the same number of Shares with a strike of USD 8.5225. The average maturity of the call options purchased and sold is 14th May 2023 with maturities starting on 16th May 2022 and ending on 16th May 2024. The call options bought and sold are European options exercisable only at maturity and are cash settled. It is anticipated that Goldman Sachs International and/or its affiliates will enter into transactions to hedge its or their position under the call options. The Company also holds 2,470,000 of Shares in treasury and, as at the date hereof, has no other options to buy or sell Shares.

The Company and four of the Company’s major shareholders, Ubon Partners AS, Schlumberger Oilfield Holdings Limited, Drew Holdings Ltd. and Magni Partners (Bermuda) Ltd. (together, the “Lenders”) have entered into stock lending arrangements with a term of three years with DNB Markets on or around the date hereof in respect of 35,000,000 Shares in aggregate (representing approximately 7% of the Company’s issued share capital on the date hereof) for the purposes of facilitating investors’ hedging activities. The Lenders will be entitled to recall the Shares lent under their respective stock lending arrangements by providing written notice to DNB Markets in certain limited circumstances.

Citigroup Global Markets Limited, Clarksons Platou Securities AS, DNB Markets and Goldman Sachs International are acting as Joint Bookrunners in relation to the Offering.

For further information, please contact:

Rune Magnus Lundetræ
Chief Financial Officer
Tel: + 47 900 88 411

This information is subject to duty of disclosure pursuant to Section 4-2 and 5-12 of the Norwegian Securities Trading Act.

Important Note

NO ACTION HAS BEEN TAKEN BY THE COMPANY, THE JOINT BOOKRUNNERS OR ANY OF THEIR RESPECTIVE AFFILIATES THAT WOULD PERMIT AN OFFERING OF THE BONDS OR POSSESSION OR DISTRIBUTION OF THIS PRESS RELEASE OR ANY OFFERING OR PUBLICITY MATERIAL RELATING TO THE BONDS IN ANY JURISDICTION WHERE ACTION FOR THAT PURPOSE IS REQUIRED. PERSONS INTO WHOSE POSSESSION THIS PRESS RELEASE COMES ARE REQUIRED BY THE COMPANY AND THE JOINT BOOKRUNNERS TO INFORM THEMSELVES ABOUT, AND TO OBSERVE, ANY SUCH RESTRICTIONS.

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES. THIS PRESS RELEASE IS NOT AN OFFER TO SELL SECURITIES OR THE SOLICITATION OF ANY OFFER TO BUY SECURITIES, NOR SHALL THERE BE ANY OFFER OF SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER OR SALE WOULD BE UNLAWFUL.

THIS PRESS RELEASE AND THE OFFERING WHEN MADE ARE ONLY ADDRESSED TO, AND DIRECTED IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA (THE “EEA”) AT PERSONS WHO ARE “QUALIFIED INVESTORS” WITHIN THE MEANING OF ARTICLE 2(1)(E) OF THE PROSPECTUS DIRECTIVE (“QUALIFIED INVESTORS”). FOR THESE PURPOSES, THE EXPRESSION “PROSPECTUS DIRECTIVE” MEANS DIRECTIVE 2003/71/EC, AS AMENDED.

SOLELY FOR THE PURPOSES OF THE PRODUCT GOVERNANCE REQUIREMENTS CONTAINED WITHIN: (A) EU DIRECTIVE 2014/65/EU ON MARKETS IN FINANCIAL INSTRUMENTS, AS AMENDED (“MIFID II”); (B) ARTICLES 9 AND 10 OF COMMISSION DELEGATED DIRECTIVE (EU) 2017/593 SUPPLEMENTING MIFID II; AND (C) LOCAL IMPLEMENTING MEASURES (TOGETHER, THE “MIFID II PRODUCT GOVERNANCE REQUIREMENTS”), AND DISCLAIMING ALL AND ANY LIABILITY, WHETHER ARISING IN TORT, CONTRACT OR OTHERWISE, WHICH ANY “MANUFACTURER” (FOR THE PURPOSES OF THE MIFID II PRODUCT GOVERNANCE REQUIREMENTS) MAY OTHERWISE HAVE WITH RESPECT THERETO, THE BONDS HAVE BEEN SUBJECT TO A PRODUCT APPROVAL PROCESS, WHICH HAS DETERMINED THAT: (I) THE TARGET MARKET FOR THE BONDS IS ELIGIBLE COUNTERPARTIES AND PROFESSIONAL CLIENTS ONLY, EACH AS DEFINED IN MIFID II; AND (II) ALL CHANNELS FOR DISTRIBUTION OF THE BONDS TO ELIGIBLE COUNTERPARTIES AND PROFESSIONAL CLIENTS ARE APPROPRIATE. ANY PERSON SUBSEQUENTLY OFFERING, SELLING OR RECOMMENDING THE BONDS (A “DISTRIBUTOR”) SHOULD TAKE INTO CONSIDERATION THE MANUFACTURERS’ TARGET MARKET ASSESSMENT; HOWEVER, A DISTRIBUTOR SUBJECT TO MIFID II IS RESPONSIBLE FOR UNDERTAKING ITS OWN TARGET MARKET ASSESSMENT IN RESPECT OF THE BONDS (BY EITHER ADOPTING OR REFINING THE MANUFACTURERS’ TARGET MARKET ASSESSMENT) AND DETERMINING APPROPRIATE DISTRIBUTION CHANNELS.

THE TARGET MARKET ASSESSMENT IS WITHOUT PREJUDICE TO THE REQUIREMENTS OF ANY CONTRACTUAL OR LEGAL SELLING RESTRICTIONS IN RELATION TO ANY OFFERING OF THE BONDS.

FOR THE AVOIDANCE OF DOUBT, THE TARGET MARKET ASSESSMENT DOES NOT CONSTITUTE: (A) AN ASSESSMENT OF SUITABILITY OR APPROPRIATENESS FOR THE PURPOSES OF MIFID II; OR (B) A RECOMMENDATION TO ANY INVESTOR OR GROUP OF INVESTORS TO INVEST IN, OR PURCHASE, OR TAKE ANY OTHER ACTION WHATSOEVER WITH RESPECT TO THE BONDS.

THE BONDS ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO ANY RETAIL INVESTOR IN THE EEA. FOR THESE PURPOSES, A RETAIL INVESTOR MEANS A PERSON WHO IS ONE (OR MORE) OF: (I) A RETAIL CLIENT AS DEFINED IN POINT (11) OF ARTICLE 4(1) OF MIFID II; OR (II) A CUSTOMER WITHIN THE MEANING OF DIRECTIVE 2002/92/EC, WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT AS DEFINED IN POINT (10) OF ARTICLE 4(1) OF MIFID II. CONSEQUENTLY, NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO 1286/2014, AS AMENDED (THE “PRIIPS REGULATION”) FOR OFFERING OR SELLING THE BONDS OR OTHERWISE MAKING THEM AVAILABLE TO RETAIL INVESTORS IN THE EEA HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE BONDS OR OTHERWISE MAKING THEM AVAILABLE TO ANY RETAIL INVESTOR IN THE EEA MAY BE UNLAWFUL UNDER THE PRIIPS REGULATION.

IN ADDITION, IN THE UNITED KINGDOM THIS PRESS RELEASE IS BEING DISTRIBUTED ONLY TO, AND IS DIRECTED ONLY AT, QUALIFIED INVESTORS (I) WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED (THE “ORDER”) AND QUALIFIED INVESTORS FALLING WITHIN ARTICLE 49(2)(A) TO (D) OF THE ORDER, AND (II) TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS “RELEVANT PERSONS”). THIS PRESS RELEASE MUST NOT BE ACTED ON OR RELIED ON (I) IN THE UNITED KINGDOM, BY PERSONS WHO ARE NOT RELEVANT PERSONS, AND (II) IN ANY MEMBER STATE OF THE EEA OTHER THAN THE UNITED KINGDOM, BY PERSONS WHO ARE NOT QUALIFIED INVESTORS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS PRESS RELEASE RELATES IS AVAILABLE ONLY TO (A) RELEVANT PERSONS IN THE UNITED KINGDOM AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS IN THE UNITED KINGDOM AND (B) QUALIFIED INVESTORS IN MEMBER STATES OF THE EEA (OTHER THAN THE UNITED KINGDOM).

THE BONDS MAY BE OFFERED OR SOLD IN BERMUDA ONLY IN COMPLIANCE WITH THE PROVISIONS OF THE INVESTMENT BUSINESS ACT 2003 OF BERMUDA, AS AMENDED FROM TIME TO TIME. ADDITIONALLY, NON-BERMUDIAN PERSONS MAY NOT CARRY ON OR ENGAGE IN ANY TRADE OR BUSINESS IN BERMUDA UNLESS SUCH PERSONS ARE AUTHORISED TO DO SO UNDER APPLICABLE BERMUDA LEGISLATION. ENGAGING IN THE ACTIVITY OF OFFERING OR MARKETING THE BONDS IN BERMUDA TO PERSONS IN BERMUDA MAY BE DEEMED TO BE CARRYING ON BUSINESS IN BERMUDA.

A PROSPECTUS WILL NOT BE FILED IN CONNECTION WITH THE ISSUE AND OFFERING OF THE SECURITIES WITH THE REGISTRAR OF COMPANIES IN BERMUDA PURSUANT TO THE PROVISIONS OF PART III OF THE COMPANIES ACT 1981 OF BERMUDA, AS AMENDED. NEITHER THE REGISTRAR OF COMPANIES NOR THE BERMUDA MONETARY AUTHORITY ACCEPTS ANY RESPONSIBILITY FOR THE COMPANY’S FINANCIAL SOUNDNESS OR THE CORRECTNESS OF ANY OF THE STATEMENTS MADE OR OPINIONS EXPRESSED HEREIN.

ANY DECISION TO PURCHASE ANY OF THE BONDS SHOULD ONLY BE MADE ON THE BASIS OF AN INDEPENDENT REVIEW BY A PROSPECTIVE INVESTOR OF THE COMPANY’S PUBLICLY AVAILABLE INFORMATION. NEITHER THE JOINT BOOKRUNNERS NOR ANY OF THEIR RESPECTIVE AFFILIATES ACCEPT ANY LIABILITY ARISING FROM THE USE OF, OR MAKE ANY REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF, THIS PRESS RELEASE OR THE COMPANY’S PUBLICLY AVAILABLE INFORMATION. THE INFORMATION CONTAINED IN THIS PRESS RELEASE IS SUBJECT TO CHANGE IN ITS ENTIRETY WITHOUT NOTICE UP TO THE CLOSING DATE.

EACH PROSPECTIVE INVESTOR SHOULD PROCEED ON THE ASSUMPTION THAT IT MUST BEAR THE ECONOMIC RISK OF AN INVESTMENT IN THE BONDS OR THE ORDINARY SHARES TO BE ISSUED OR TRANSFERRED AND DELIVERED UPON CONVERSION OF THE BONDS AND NOTIONALLY UNDERLYING THE BONDS (TOGETHER WITH THE BONDS, THE “SECURITIES”). NONE OF THE COMPANY OR THE JOINT BOOKRUNNERS MAKE ANY REPRESENTATION AS TO (I) THE SUITABILITY OF THE SECURITIES FOR ANY PARTICULAR INVESTOR, (II) THE APPROPRIATE ACCOUNTING TREATMENT AND POTENTIAL TAX CONSEQUENCES OF INVESTING IN THE SECURITIES OR (III) THE FUTURE PERFORMANCE OF THE SECURITIES EITHER IN ABSOLUTE TERMS OR RELATIVE TO COMPETING INVESTMENTS.

THE JOINT BOOKRUNNERS ARE ACTING ON BEHALF OF THE COMPANY AND NO ONE ELSE IN CONNECTION WITH THE BONDS AND WILL NOT BE RESPONSIBLE TO ANY OTHER PERSON FOR PROVIDING THE PROTECTIONS AFFORDED TO CLIENTS OF THE JOINT BOOKRUNNERS OR FOR PROVIDING ADVICE IN RELATION TO THE SECURITIES.

EACH OF THE COMPANY, THE JOINT BOOKRUNNERS AND THEIR RESPECTIVE AFFILIATES EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO UPDATE, REVIEW OR REVISE ANY STATEMENT CONTAINED IN THIS PRESS RELEASE WHETHER AS A RESULT OF NEW INFORMATION, FUTURE DEVELOPMENTS OR OTHERWISE.

BORR DRILLING LIMITED – PROPOSED CONVERTIBLE BOND OFFERING OF USD 350 MILLION DUE 2023

NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH, OR TO PERSONS IN ANY JURISDICTION TO WHOM, SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW.

Hamilton, Bermuda, 15 May 2018

Borr Drilling Limited (the “Company”) announces today the offering of approx. USD 350 million in principal amount of convertible bonds (the “Bonds”) with a five-year tenor.

The senior unsecured Bonds will be, in accordance with their terms, convertible into shares of the Company (the “Shares”). The Bonds are expected to have a coupon in the range of 3.5% to 4.25% per annum payable semi-annually in arrear in equal instalments and a conversion premium of 35% to 40% over the price per Share at which Shares have been sold in the Concurrent Equity Offering.

The proceeds from the Bonds will be used (i) to finance the purchase of five rigs from an Asian shipyard (the “Rig Purchase”), (ii) for general corporate purposes and (iii) for a call spread to improve the effective conversion premium for the Company in relation to the Bonds to 75% over the price per Share at which Shares have been sold in the Concurrent Equity Offering (as defined herein). Total consideration for the Rig Purchase is expected to be USD 720 million. The Company has secured optional delivery financing of the rigs of USD432 million on attractive terms and, in addition, intends to enter into a USD 200 million bank facility. The Rig Purchase is subject to the completion of the offering of the Bonds.

The Bonds will be issued and redeemed at 100% of their principal amount of USD 200,000 and will, unless previously redeemed, converted or purchased and cancelled, mature in 2023.

The Bonds, at the option of the Company, may be redeemed in whole but not in part at par plus accrued interest at any time, if less than 15 per cent in principal amount of the Bonds originally issued remains outstanding.

Pricing terms for the Bonds are expected to be announced later today or tomorrow and the Bonds are expected to be issued on or around 23 May 2018 (the “Issue Date”).  The Company intends to apply for admission to trading of the Bonds on an internationally recognised, regularly operating, regulated or non-regulated stock exchange or securities market within 30 days of the Issue Date.

The Company has been advised by the Joint Bookrunners that the Joint Bookrunners will facilitate, concurrently with the offering of the Bonds, sales of existing Shares by buyers of the Bonds who wish to sell these Shares in short sales to purchasers procured by the Joint Bookrunners in order to hedge the market risk to which the buyers of Bonds are exposed with respect to the Bonds that they acquire (the “Concurrent Equity Offering”). The Joint Bookrunners will allocate certain portions of the Shares to Goldman Sachs International in such Concurrent Equity Offering to hedge the call spread referenced below. Any offer or sale of Shares in any Concurrent Equity Offering would be made (i) inside the United States to Qualified Institutional Buyers pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act of 1933 or (ii) in offshore transactions in reliance on Regulation S.

The Company intends to purchase from Goldman Sachs International a call option on the Shares to mitigate the economic exposure from a potential exercise of the conversion rights embedded in the Bonds. In addition, the Company will sell a call option on the Shares to Goldman Sachs International. It is anticipated that Goldman Sachs International and/or their affiliates will enter into transactions to hedge its or their position under the call options.

The Company and four of the Company’s major shareholders, Ubon Partners AS, Schlumberger Oilfield Holdings Limited, Drew Holdings Ltd. and Magni Partners (Bermuda) Ltd. (together, the “Lenders”) will enter into stock lending arrangements with a term of three years with DNB Markets on or around the date hereof in respect of 35,000,000 Shares in aggregate (representing approximately 7% of the Company’s issued share capital on the date hereof) for the purposes of facilitating investors’ hedging activities. The Lenders will be entitled to recall the Shares lent under their respective stock lending arrangements by providing written notice to DNB Markets in certain limited circumstances.

Citigroup Global Markets Limited, Clarksons Platou Securities AS, DNB Markets and Goldman Sachs International are acting as Joint Bookrunners in relation to the Offering.

For further information, please contact:

Rune Magnus Lundetræ

Chief Financial Officer

Tel: + 47 900 88 411

Important Note

NO ACTION HAS BEEN TAKEN BY THE COMPANY, THE JOINT BOOKRUNNERS OR ANY OF THEIR RESPECTIVE AFFILIATES THAT WOULD PERMIT AN OFFERING OF THE BONDS OR POSSESSION OR DISTRIBUTION OF THIS PRESS RELEASE OR ANY OFFERING OR PUBLICITY MATERIAL RELATING TO THE BONDS IN ANY JURISDICTION WHERE ACTION FOR THAT PURPOSE IS REQUIRED. PERSONS INTO WHOSE POSSESSION THIS PRESS RELEASE COMES ARE REQUIRED BY THE COMPANY AND THE JOINT BOOKRUNNERS TO INFORM THEMSELVES ABOUT, AND TO OBSERVE, ANY SUCH RESTRICTIONS.

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES. THIS PRESS RELEASE IS NOT AN OFFER TO SELL SECURITIES OR THE SOLICITATION OF ANY OFFER TO BUY SECURITIES, NOR SHALL THERE BE ANY OFFER OF SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER OR SALE WOULD BE UNLAWFUL.

THIS PRESS RELEASE AND THE OFFERING WHEN MADE ARE ONLY ADDRESSED TO, AND DIRECTED IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA (THE “EEA”) AT PERSONS WHO ARE “QUALIFIED INVESTORS” WITHIN THE MEANING OF ARTICLE 2(1)(E) OF THE PROSPECTUS DIRECTIVE (“QUALIFIED INVESTORS”). FOR THESE PURPOSES, THE EXPRESSION “PROSPECTUS DIRECTIVE” MEANS DIRECTIVE 2003/71/EC, AS AMENDED.

SOLELY FOR THE PURPOSES OF THE PRODUCT GOVERNANCE REQUIREMENTS CONTAINED WITHIN: (A) EU DIRECTIVE 2014/65/EU ON MARKETS IN FINANCIAL INSTRUMENTS, AS AMENDED (“MIFID II”); (B) ARTICLES 9 AND 10 OF COMMISSION DELEGATED DIRECTIVE (EU) 2017/593 SUPPLEMENTING MIFID II; AND (C) LOCAL IMPLEMENTING MEASURES (TOGETHER, THE “MIFID II PRODUCT GOVERNANCE REQUIREMENTS”), AND DISCLAIMING ALL AND ANY LIABILITY, WHETHER ARISING IN TORT, CONTRACT OR OTHERWISE, WHICH ANY “MANUFACTURER” (FOR THE PURPOSES OF THE MIFID II PRODUCT GOVERNANCE REQUIREMENTS) MAY OTHERWISE HAVE WITH RESPECT THERETO, THE BONDS HAVE BEEN SUBJECT TO A PRODUCT APPROVAL PROCESS, WHICH HAS DETERMINED THAT: (I) THE TARGET MARKET FOR THE BONDS IS ELIGIBLE COUNTERPARTIES AND PROFESSIONAL CLIENTS ONLY, EACH AS DEFINED IN MIFID II; AND (II) ALL CHANNELS FOR DISTRIBUTION OF THE BONDS TO ELIGIBLE COUNTERPARTIES AND PROFESSIONAL CLIENTS ARE APPROPRIATE. ANY PERSON SUBSEQUENTLY OFFERING, SELLING OR RECOMMENDING THE BONDS (A “DISTRIBUTOR”) SHOULD TAKE INTO CONSIDERATION THE MANUFACTURERS’ TARGET MARKET ASSESSMENT; HOWEVER, A DISTRIBUTOR SUBJECT TO MIFID II IS RESPONSIBLE FOR UNDERTAKING ITS OWN TARGET MARKET ASSESSMENT IN RESPECT OF THE BONDS (BY EITHER ADOPTING OR REFINING THE MANUFACTURERS’ TARGET MARKET ASSESSMENT) AND DETERMINING APPROPRIATE DISTRIBUTION CHANNELS.

THE TARGET MARKET ASSESSMENT IS WITHOUT PREJUDICE TO THE REQUIREMENTS OF ANY CONTRACTUAL OR LEGAL SELLING RESTRICTIONS IN RELATION TO ANY OFFERING OF THE BONDS.

FOR THE AVOIDANCE OF DOUBT, THE TARGET MARKET ASSESSMENT DOES NOT CONSTITUTE: (A) AN ASSESSMENT OF SUITABILITY OR APPROPRIATENESS FOR THE PURPOSES OF MIFID II; OR (B) A RECOMMENDATION TO ANY INVESTOR OR GROUP OF INVESTORS TO INVEST IN, OR PURCHASE, OR TAKE ANY OTHER ACTION WHATSOEVER WITH RESPECT TO THE BONDS.

THE BONDS ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO ANY RETAIL INVESTOR IN THE EEA. FOR THESE PURPOSES, A RETAIL INVESTOR MEANS A PERSON WHO IS ONE (OR MORE) OF: (I) A RETAIL CLIENT AS DEFINED IN POINT (11) OF ARTICLE 4(1) OF MIFID II; OR (II) A CUSTOMER WITHIN THE MEANING OF DIRECTIVE 2002/92/EC, WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT AS DEFINED IN POINT (10) OF ARTICLE 4(1) OF MIFID II. CONSEQUENTLY, NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO 1286/2014, AS AMENDED (THE “PRIIPS REGULATION”) FOR OFFERING OR SELLING THE BONDS OR OTHERWISE MAKING THEM AVAILABLE TO RETAIL INVESTORS IN THE EEA HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE BONDS OR OTHERWISE MAKING THEM AVAILABLE TO ANY RETAIL INVESTOR IN THE EEA MAY BE UNLAWFUL UNDER THE PRIIPS REGULATION.

IN ADDITION, IN THE UNITED KINGDOM THIS PRESS RELEASE IS BEING DISTRIBUTED ONLY TO, AND IS DIRECTED ONLY AT, QUALIFIED INVESTORS (I) WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED (THE “ORDER”) AND QUALIFIED INVESTORS FALLING WITHIN ARTICLE 49(2)(A) TO (D) OF THE ORDER, AND (II) TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS “RELEVANT PERSONS”). THIS PRESS RELEASE MUST NOT BE ACTED ON OR RELIED ON (I) IN THE UNITED KINGDOM, BY PERSONS WHO ARE NOT RELEVANT PERSONS, AND (II) IN ANY MEMBER STATE OF THE EEA OTHER THAN THE UNITED KINGDOM, BY PERSONS WHO ARE NOT QUALIFIED INVESTORS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS PRESS RELEASE RELATES IS AVAILABLE ONLY TO (A) RELEVANT PERSONS IN THE UNITED KINGDOM AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS IN THE UNITED KINGDOM AND (B) QUALIFIED INVESTORS IN MEMBER STATES OF THE EEA (OTHER THAN THE UNITED KINGDOM).

THE BONDS MAY BE OFFERED OR SOLD IN BERMUDA ONLY IN COMPLIANCE WITH THE PROVISIONS OF THE INVESTMENT BUSINESS ACT 2003 OF BERMUDA, AS AMENDED FROM TIME TO TIME. ADDITIONALLY, NON-BERMUDIAN PERSONS MAY NOT CARRY ON OR ENGAGE IN ANY TRADE OR BUSINESS IN BERMUDA UNLESS SUCH PERSONS ARE AUTHORISED TO DO SO UNDER APPLICABLE BERMUDA LEGISLATION. ENGAGING IN THE ACTIVITY OF OFFERING OR MARKETING THE BONDS IN BERMUDA TO PERSONS IN BERMUDA MAY BE DEEMED TO BE CARRYING ON BUSINESS IN BERMUDA.

A PROSPECTUS WILL NOT BE FILED IN CONNECTION WITH THE ISSUE AND OFFERING OF THE SECURITIES WITH THE REGISTRAR OF COMPANIES IN BERMUDA PURSUANT TO THE PROVISIONS OF PART III OF THE COMPANIES ACT 1981 OF BERMUDA, AS AMENDED. NEITHER THE REGISTRAR OF COMPANIES NOR THE BERMUDA MONETARY AUTHORITY ACCEPTS ANY RESPONSIBILITY FOR THE COMPANY’S FINANCIAL SOUNDNESS OR THE CORRECTNESS OF ANY OF THE STATEMENTS MADE OR OPINIONS EXPRESSED HEREIN.

ANY DECISION TO PURCHASE ANY OF THE BONDS SHOULD ONLY BE MADE ON THE BASIS OF AN INDEPENDENT REVIEW BY A PROSPECTIVE INVESTOR OF THE COMPANY’S PUBLICLY AVAILABLE INFORMATION. NEITHER THE JOINT BOOKRUNNERS NOR ANY OF THEIR RESPECTIVE AFFILIATES ACCEPT ANY LIABILITY ARISING FROM THE USE OF, OR MAKE ANY REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF, THIS PRESS RELEASE OR THE COMPANY’S PUBLICLY AVAILABLE INFORMATION. THE INFORMATION CONTAINED IN THIS PRESS RELEASE IS SUBJECT TO CHANGE IN ITS ENTIRETY WITHOUT NOTICE UP TO THE CLOSING DATE.

EACH PROSPECTIVE INVESTOR SHOULD PROCEED ON THE ASSUMPTION THAT IT MUST BEAR THE ECONOMIC RISK OF AN INVESTMENT IN THE BONDS OR THE ORDINARY SHARES TO BE ISSUED OR TRANSFERRED AND DELIVERED UPON CONVERSION OF THE BONDS AND NOTIONALLY UNDERLYING THE BONDS (TOGETHER WITH THE BONDS, THE “SECURITIES”). NONE OF THE COMPANY OR THE JOINT BOOKRUNNERS MAKE ANY REPRESENTATION AS TO (I) THE SUITABILITY OF THE SECURITIES FOR ANY PARTICULAR INVESTOR, (II) THE APPROPRIATE ACCOUNTING TREATMENT AND POTENTIAL TAX CONSEQUENCES OF INVESTING IN THE SECURITIES OR (III) THE FUTURE PERFORMANCE OF THE SECURITIES EITHER IN ABSOLUTE TERMS OR RELATIVE TO COMPETING INVESTMENTS.

THE JOINT BOOKRUNNERS ARE ACTING ON BEHALF OF THE COMPANY AND NO ONE ELSE IN CONNECTION WITH THE BONDS AND WILL NOT BE RESPONSIBLE TO ANY OTHER PERSON FOR PROVIDING THE PROTECTIONS AFFORDED TO CLIENTS OF THE JOINT BOOKRUNNERS OR FOR PROVIDING ADVICE IN RELATION TO THE SECURITIES.

EACH OF THE COMPANY, THE JOINT BOOKRUNNERS AND THEIR RESPECTIVE AFFILIATES EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO UPDATE, REVIEW OR REVISE ANY STATEMENT CONTAINED IN THIS PRESS RELEASE WHETHER AS A RESULT OF NEW INFORMATION, FUTURE DEVELOPMENTS OR OTHERWISE.

Borr Drilling Limited (BDRILL) – Completes the Paragon Rationalization

Hamilton, Bermuda 30 April 2018: Borr Drilling is today announcing that it has sold 14 old jack-up rigs en bloc to a non-drilling company. The rigs will be delivered to the new owner over the next 30 days. The disposal is expected to contribute up to USD16 million in profit to Borr’s Q2-2018 results.

13 of the rigs will be demobilised as drilling rigs and will be targeted for MOPU orientated work.  The remaining unit is allocated to development work for a specific life of field project. None of the rigs will re-enter the international jack-up drilling market post this transaction.

Borr Drilling has, since the conclusion of the Paragon transaction, actively tried to reduce the daily operating cost and capex linked to rigs which from a technical, economical or safety perspective are not feasible to return to revenue generating drilling activities. Since the beginning of the year Borr and Paragon have sold in total 26 rigs which will all leave the actively marketed jack-up fleet. The direct stacking cost for these 26 rigs was estimated to be around USD 35 million yearly which will be reduced to zero when the last rig is delivered within the next 30 days.

Out of the total delivered jack up fleet of 531 units, in total 244 units (46 %) were delivered prior to 1988.  In total 104 of these older units have been stacked for more than 1 year. The cost and investments required to bring old, unemployed rigs back to the drilling market cannot be defended from a financial, operational or safety point of view. Borr Drilling has executed its divestment strategy and will, after the rationalization of the fleet and delivery of the remaining 9 newbuilds, have 24 high spec jack-ups, making it the largest premium jack-up operator in the world. In addition, Borr Drilling owns 5 older jack-ups and 1 older North Sea semi-submersible all performing contractual obligations, and 2 older jack-ups unemployed in the North Sea Market.

The Board is impressed with the speed the Borr organisation has been able to integrate Paragon, rationalize the fleet and reduce the general overhead and daily operating cost.  At the same time the operation has remained strong, confirmed by an overall uptime of more than 98 % on the 8 units Borr has had in operation since the completion of the transaction.

CEO Svend Anton Maier says in a comment: “We have, over the last 17 months, been able to build a unique fleet of 24 high specification assets acquired at attractive prices funded by a strong combination of equity and attractive seller financing. We see clear signs that the tender activity in the market is increasing, to a large extent, driven by NOCs and major oil companies.  With the solid operational platform built both organically and through the Paragon acquisition, we are very well positioned for what we see as the start of the next upturn cycle in the jack-up market.”

Forward looking statements

This announcement may be deemed to include forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions. The forward looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Borr Drilling Limited believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. 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.

The information, opinions and forward looking statements contained in this announcement speak only as of the date hereof and are subject to change without notice.”

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

Borr Drilling Limited (BDRILL) – Purchase of own shares

Borr Drilling Limited («Borr») has today purchased 500,000 of its own shares from the Borr Group’s former CEO, Mr. Simon Johnson at a price of USD 4.65 per share. The purchase is a part of the terms agreed on for his resignation from his position in the Borr Group.

Following this, the Company holds 2,470,000 of its own shares in treasury.

Hamilton, Bermuda 11 April 2018

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (BDRILL) – Special General Meeting of Shareholders

A special general meeting of the shareholders in Borr Drilling Limited (the “Company”) convened in Hamilton, Bermuda on 5 April 2018 has resolved to increase the Company’s authorised share capital by USD 1,000,000 represented by 100,000,000 common shares of USD 0.01 par value.

Effective from the date hereof, the authorised share capital of the Company is USD 6,250,000 represented by 625,000,000 common shares of USD 0.01 par value.

The Board of Directors
Hamilton, Bermuda
5 April 2018

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

Borr Drilling Limited (BDRILL) Announces Expiration of Tender Offer for Shares of Paragon Offshore Limited

HAMILTON, BERMUDA; HOUSTON, TEXAS, USA, 27 March, 2018 – Borr Drilling Limited (“Borr”) and Paragon Offshore Limited (“Paragon”) announced today that Borr’s previously announced tender offer (the “Offer”) to purchase all of the outstanding shares of Paragon (the “Shares”) has expired. The Offer was made pursuant to the Tender Offer Agreement, dated as of 21 February 2018, by and between Paragon and Borr (the “Tender Offer Agreement”).

Computershare Trust Company, N.A., the depositary for the Offer has advised Borr that as of 6:00 PM Eastern time on Tuesday 27 March 2018, 4,987,754 Shares, representing more than 99% of the outstanding Shares, had been validly tendered, and not withdrawn, pursuant to the Offer. Such tendered shares are more than the 3,361,763 Shares, representing at least 67% of the outstanding Shares, that serve as a condition to Borr’s obligation to purchase Shares pursuant to the Offer.

All of the conditions to the Offer (other than those conditions which are only capable of being satisfied as of the settlement of the Offer) have been satisfied, including the completion of the Prospector Rig Acquisition (as defined and further described in the Tender Offer Agreement and Borr’s Offer to Purchase). The settlement to the Paragon shareholders who have tendered their Shares is expected to be completed on Thursday 29 March 2018, and the total per share consideration for the Paragon shareholders who have tendered their shares is $43.8843.

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements. Statements that are not strictly historical in nature, including statements regarding Borr’s and Paragon’s ability to close the Offer and the expected settlement date, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to risks associated with banking requirements, potential actions by regulatory authorities, and other third parties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those considered in this release.

About Borr

Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the Oslo Stock Exchange from 30 August, 2017. Borr owns and operates jack-up drilling rigs of modern and high specification designs and provides services focused on the shallow water segment to the offshore oil and gas industry worldwide. Borr’s fleet comprises 16 jack-up drilling rigs and 10 units under construction with deliveries scheduled from 2018 to 2020. Additional information is available at www.borrdrilling.com.

For additional information, contact:
Rune Magnus Lundetrae
Chief Financial Officer, Borr Drilling Management AS
+47 22 48 30 00

About Paragon

Paragon is a leading provider of standard specification offshore drilling services. Paragon’s current fleet includes 22 jackups, including two leased high specification heavy duty/harsh environment jackups, and one semisubmersible. Paragon’s primary business is to contract out its rigs, related equipment and work crews to conduct oil and gas drilling and workover operations for its exploration and production customers on a dayrate basis around the world. Paragon’s principal executive offices are located in Houston, Texas. Paragon is incorporated in the Cayman Islands with registration number MC-323580, and has its registered office at c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. Additional information is available at www.paragonoffshore.com.

For additional information, contact:
Lee M. Ahlstrom
Senior Vice President & Chief Financial Officer
+1.832.783.4040

Borr Drilling Limited (BDRILL) – Share capital increase

Bermuda 23 March 2018

Reference is made to Borr Drilling Limited’s (“Borr Drilling” or the “Company”) stock exchange notice dated 23 March 2018 relating to the successful completion of the USD 250 million equity offering (the “Equity Offering”).

The 46,707,500 new shares (the “Offer Shares”) allocated in Tranche 1 of the Equity Offering have been validly issued and will following delivery against payment tomorrow be fully paid. Following issuance of the Offer Shares, the Company will have a share capital of USD 5,250,000, divided into 525,000,000 shares, each with a nominal value of USD 0.01 per share.

The Offer Shares have been issued and are registered in the Norwegian Central Securities Depository (VPS) with the Company’s ISIN number (BMG 1466R1088). The Offer Shares will be delivered to the allocated subscribers in the Equity Offering tomorrow 27 March 2018 against payment and will be listed on Oslo Børs under the ticker BDRILL from and including tomorrow.

About Borr Drilling

Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the Oslo Stock Exchange from 30 August 2017. Borr owns and operates jack-up drilling rigs of modern and high specification designs and provides services focused on the shallow water segment to the offshore oil and gas industry worldwide. Borr’s fleet comprises 16 jack-up drilling rigs and 10 units under construction with deliveries scheduled from 2018 to 2020.

Additional information is available at www.borrdrilling.com 

Important note.

This announcement is not being made in or into the United States of America, Canada, Australia, Japan, Hong Kong or in any other jurisdiction where it would be prohibited by applicable law. This distribution does not constitute or form part of an offer or solicitation of an offer to purchase or subscribe for securities in the United States. The shares referred to herein will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration.

Borr Drilling Limited (BDRILL) Extends Tender Offer For All Outstanding Shares of Paragon Offshore Limited

• Borr extends Offer to 6:00 PM Eastern time on Tuesday 27 March 2018

• As of 5:00 PM Eastern time on Friday 23 March 2018, 4,985,957 Shares, representing over 99% of the outstanding Shares of Paragon, had been validly tendered and not withdrawn pursuant to the Offer

• All other terms and conditions of the Offer remain unchanged

HAMILTON, BERMUDA; HOUSTON, TEXAS, USA, 26 March, 2018 – Borr Drilling Limited (“Borr”) and Paragon Offshore Limited (“Paragon” or the “company”) announced today that Borr is extending its previously announced tender offer (the “Offer”) to purchase all of the outstanding shares of the company (the “Shares”). The Offer is being made pursuant to the Tender Offer Agreement, dated as of 21 February 2018, by and between Paragon and Borr (the “Tender Offer Agreement”). The Offer is now scheduled to expire at 6:00 PM Eastern time on Tuesday 27 March 2018, unless further extended or terminated pursuant to the terms of the Tender Offer Agreement and Borr’s Offer to Purchase. Upon expiration, payment for the Shares accepted for purchase under the Offer will occur as promptly as is practicable in accordance with applicable law.

Except for the extension of the Offer, all other terms and conditions of the Offer remain unchanged.

Computershare Trust Company, N.A., the depositary for the Offer, has advised Borr that, as of 5:00 PM Eastern time on Friday 23 March 2018, 4,985,957 Shares, representing over 99% of the outstanding Shares, had been validly tendered and not withdrawn pursuant to the Offer. Such tendered shares are more than the 3,361,763 Shares, representing at least 67% of the outstanding Shares, that serve as a condition to Borr’s obligation to purchase Shares pursuant to the Offer.

All of the conditions to the Offer (other than those conditions which are only capable of being satisfied as of the settlement of the Offer) have been satisfied except for the completion of the Prospector Rig Acquisition (as defined and further described in the Tender Offer Agreement and Borr’s Offer to Purchase), which Paragon is working diligently to complete promptly. The Offer will continue to be extended until all conditions are satisfied or waived, or until the Offer is terminated, in each case pursuant to the terms of the Tender Offer Agreement and Borr’s Offer to Purchase. Shareholders who have already tendered their Shares do not have to re-tender their Shares or take any other action as a result of the extension of the expiration date of the Offer.

How to Tender

Concurrently with the commencement of the Offer on 26 February 2018, Borr disseminated to Paragon’s members (the “Shareholders”) an Offer to Purchase which contains detailed information regarding the terms of the Offer, and Paragon disseminated to the Shareholders a Disclosure Statement which includes, among other things, the recommendation of the board of directors of Paragon that Shareholders tender their shares in the Offer.

Copies of the Offer to Purchase are available to Shareholders free of charge from Georgeson LLC, the information agent for the Offer. Georgeson LLC’s telephone number is (888) 505-9118.

The Offer to Purchase and Disclosure Statement are also publicly available on Paragon’s homepage at www.paragonoffshore.com and have also been posted to Paragon’s password protected website available to shareholders through its Intralinks site. If you are a shareholder but do not have access to the Intralinks site and would like to have access, please contact Paragon at the address provided below.

IMPORTANT INFORMATION FOR INVESTORS AND SHAREHOLDERS

This press release is neither an offer to purchase nor a solicitation of an offer to sell shares of Paragon. The solicitation and the Offer to buy Paragon’s shares is contained in the Offer to Purchase and related materials disseminated to shareholders.

The Offer to Purchase and related materials, including the Disclosure Statement, contain important information regarding, among other things, the terms and conditions of the Offer, that should be read carefully before any decision is made with respect to the Offer. The Offer to Purchase also contains contact information for the tender and information agents from whom more information regarding the Offer may be obtained.

 The Offer referred to in this press release is for the purchase of shares of Paragon Offshore Limited and is not an offer with respect to any securities of Paragon Offshore plc (in administration) (“Old Paragon”).

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements. Statements that are not strictly historical in nature, including statements regarding Borr’s and Paragon’s ability to satisfy the conditions precedent required to close the Offer and the expected expiration of the Offer, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to risks associated with the general nature of the oil and gas industry, potential actions by regulatory authorities, customers and other third parties, and other factors detailed in the “Risk Factors” section of Old Paragon’s annual report on Form 10-K for the fiscal year ended 31 December, 2016 and Paragon’s most recently published reports that are available on its website. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those considered in this release.

About Borr

Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the Oslo Stock Exchange from 30 August, 2017. Borr owns and operates jack-up drilling rigs of modern and high specification designs and provides services focused on the shallow water segment to the offshore oil and gas industry worldwide. Borr’s fleet comprises 16 jack-up drilling rigs and 10 units under construction with deliveries scheduled from 2018 to 2020. Additional information is available at www.borrdrilling.com.

For additional information, contact:

Svend Anton Maier
Chief Executive Officer, Borr Drilling Management DMCC
+ 971 4 448 7501

Rune Magnus Lundetrae
Chief Financial Officer, Borr Drilling Management AS
+47 22 48 30 00

About Paragon

Paragon is a leading provider of standard specification offshore drilling services. Paragon’s current fleet includes 22 jackups, including two leased high specification heavy duty/harsh environment jackups, and one semisubmersible. Paragon’s primary business is to contract out its rigs, related equipment and work crews to conduct oil and gas drilling and workover operations for its exploration and production customers on a dayrate basis around the world. Paragon’s principal executive offices are located in Houston, Texas. Paragon is incorporated in the Cayman Islands with registration number MC-323580, and has its registered office at c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. Additional information is available at www.paragonoffshore.com.

For additional information, contact:
Lee M. Ahlstrom
Senior Vice President & Chief Financial Officer
+1.832.783.4040

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

Release

Borr Drilling Limited (BDRILL) – Notice of Special General Meeting of Shareholders

Bermuda 23 March 2018

Borr Drilling Limited (the “Company”) announces that a Special General Meeting of the Shareholders of the Company will be held on 5 April 2018 at 10 a.m., at Thistle House, 4 Burnaby Street, Hamilton, Bermuda. A copy of the Notice of Special General Meeting will be sent out to the Company’s shareholders, and can be found on the Company’s website www.borrdrilling.com and enclosed to this press release.

The special general meeting is convened in order to consider a proposal by the board to increase the authorised share capital in the company by USD 1 million represented by 100 million shares.

The increase is required in order to enable the Board to issue new shares to complete the share issue announced on 23 March 2018, and to issue shares in response to future declarations of options by employees of the Company.

This will furthermore enable the Board to complete the equity financing of the Company. The authorisation of this capital is likely sufficient to equity fund the few remaining interesting investment opportunities the Board sees within the market for high specification jack-up rigs. This will complete the successful growth period of Borr Drilling Limited of acquiring a brand-new jack-up fleet consisting of 22 units built after 2011 at a significant discount to newbuilding prices.

Subsequent to this active acquisition period, focus will be on operation and marketing of our fleet and return of capital to the Company’s shareholders.

The Board of Directors

Borr Drilling Limited

Hamilton Bermuda

Forward looking statements

This announcement may be deemed to include forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions. The forward looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Borr Drilling Limited believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. 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. The information, opinions and forward looking statements contained in this announcement speak only as of the date hereof and are subject to change without notice.

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

Notice and Proxy SGM 5 April 2018

Borr Drilling Limited (BDRILL) – Equity offering successfully completed

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG, THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY, SELL OR SUBSCRIBE FOR ANY SECURITIES DESCRIBED HEREIN.  

Hamilton, Bermuda, 23 March 2018  

Reference is made to Borr Drilling Limited’s (“Borr Drilling” or the “Company”) stock exchange notice dated 22 March 2018 relating to the contemplated equity offering of up to USD 250 million (the “Equity Offering”) to finance the acquisition of Paragon Offshore Limited and general corporate purposes. 

Borr Drilling Limited is pleased to announce the successful completion of the Equity Offering through the subscription and allocation of 54,347,827 new shares (the “Offer Shares”), each at a subscription price of USD 4.60 per share, raising gross proceeds of USD 250 million. 

ABG Sundal Collier ASA, Clarksons Platou Securities AS, Danske Bank, DNB Markets, a part of DNB Bank ASA, Fearnley Securities AS, Skandinaviska Enskilda Banken AB (publ.) Oslo branch and Pareto Securities AS acted as as Joint Lead Managers and Bookrunners (the “Managers”) for the Equity Offering. 

Notification of the allocation is expected to be sent by the Managers today. 

The Equity Offering is divided into two tranches. Tranche 1 consists of 46,707,500 new shares (“Tranche 1”) and tranche 2 consists of 7,640,327 new shares (“Tranche 2”). All subscribers that are allocated shares, excluding companies that are close associates of Mr. Tor Olav Trøim and Ubon Partners AS, will receive shares that have equal settlement as Tranche 1 of the Equity Offering and the Company, and companies that are close associates of Mr. Tor Olav Trøim and the Managers may enter into a share-lending agreement to enable such settlement.

The date for settlement of Tranche 1 of the Equity Offering is expected to be on or about 27 March 2018 (the “Settlement Date”). The Offer Shares in Tranche 1 are tradable on the Settlement Date.

Completion of the Tranche 2 of the Equity Offering is subject to the approval by the extraordinary general meeting to be held on or about 5 April 2018 (“EGM”). Settlement of Tranche 2 is expected shortly after approval of the increase in the authorized share capital by the EGM. The shares issued in Tranche 2 will be tradable after approval of a listing prospectus by the Norwegian Financial Supervisory Authority.

Following completion of the Equity Offering, the Company’s outstanding and issued share capital will increase by USD 543,478.27 to USD 5,326,403.27, divided on 532,640,327 shares with a nominal value of USD 0.01 per share. 

Additional information about Borr Drilling can be found at www.borrdrilling.com. 

Questions should be directed to:  Rune Magnus Lundetræ, Deputy CEO and Chief Financial Officer Phone: +47 22 48 30 00 

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

About Borr Drilling

Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the Oslo Stock Exchange from 30 August 2017. Borr owns and operates jack-up drilling rigs of modern and high specification designs and provides services focused on the shallow water segment to the offshore oil and gas industry worldwide. Borr’s fleet comprises 16 jack-up drilling rigs and 10 units under construction with deliveries scheduled from 2018 to 2020. Additional information is available at www.borrdrilling.com Important noteThis announcement is not being made in or into the United States of America, Canada, Australia, Japan, Hong Kong or in any other jurisdiction where it would be prohibited by applicable law. This distribution does not constitute or form part of an offer or solicitation of an offer to purchase or subscribe for securities in the United States. The shares referred to herein will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration.

Borr Drilling Limited (BDRILL) – Contemplated Equity Offering of up to USD 250 million

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY, SELL OR SUBSCRIBE FOR ANY SECURITIES DESCRIBED HEREIN.

Hamilton, Bermuda, 22 March 2018

Reference is made to the stock exchange notice dated 22 February 2018 from Borr Drilling Limited (“Borr Drilling” or the “Company”) related to the binding tender agreement to offer to purchase all outstanding shares in Paragon Offshore Limited (“Paragon”) (the “Tender Offer”). As announced by the Company on 27 February 2018, the offer period for the Tender Offer expires on 24 March 2018 and the Tender Offer is expected to close on or about 27 March 2018, subject to satisfactory fulfilment or waiver of the conditions to the Tender Offer.

Borr Drilling is contemplating to offer up to 54,347,827 new shares (the “Offer Shares”), representing 11.4 per cent of the outstanding shares of the Company. The subscription price will be USD 4.60 per share (the “Subscription Price”), raising gross proceeds of up to USD 250 million (the “Equity Offering”). The net proceeds from the Equity Offering will be used to secure financing for the acquisition of Paragon and for general corporate purposes.

The Company has retained ABG Sundal Collier ASA, Clarksons Platou Securities AS, Danske Bank, DNB Markets, a part of DNB Bank ASA, Fearnley Securities AS, Skandinaviska Enskilda Banken AB (publ.) Oslo branch and Pareto Securities AS as Joint Lead Managers and Bookrunners (the “Managers”) for the Equity Offering.

Companies that are close associates of Mr. Tor Olav Trøim have agreed to subscribe for shares equivalent to USD 20 million. Ubon Partners AS, partly owned by member of the Board of Directors Fredrik Halvorsen, has agreed to subscribe for shares equivalent to USD 10 million.

The application period opens today at 16:30 CET/11:30am EST on 22 March 2018 and ends at 08:00 CET/3.00am EST on 23 March 2018. The Company may at its own discretion extend or shorten the application period at any time and for any reason.

The minimum application and allocation amount in the Equity Offering has been set to the USD equivalent of EUR 100,000. The Company may, at its sole discretion, allocate an amount below EUR 100,000 to the extent applicable exemptions from relevant prospectus and registration requirements are available.

Allocation of the Offer Shares will be determined at the end of the application period, and final allocation will be made by the Company’s Board of Directors at its sole discretion. Notification of the allocation is expected to be sent by the Managers on or about 23 March 2018.

The Equity Offering will be divided into two tranches. Tranche 1 will consist of up to 46,707,500 new shares (“Tranche 1”) and a tranche 2 that will consist of up to 7,640,327 new shares (“Tranche 2”). All subscribers that are allocated shares, excluding companies that are close associates of Mr. Tor Olav Trøim and Ubon Partners AS, will receive shares that have equal settlement as Tranche 1 of the Equity Offering and the Company, companies that are close associates of Mr. Tor Olav Trøim and the Managers may enter into a share-lending agreement to enable such settlement.

The date for settlement of Tranche 1 of the Equity Offering is expected to be on or about 27 March 2018 (the “Settlement Date”). The Offer Shares in Tranche 1 are tradable on the Settlement Date.

Settlement of Tranche 2 is expected shortly after approval of the increase in the authorised share capital of the Company by the extraordinary general meeting to be held on or about 5 April 2018 (the “EGM”). The shares issued in Tranche 2 will be tradable after approval of a listing prospectus by the Norwegian Financial Supervisory Authority.

Completion of Tranche 1 of the Equity Offering is subject to approval by the Board of Directors pursuant to the authorised share capital, while the completion of the Tranche 2 of the Equity Offering is subject to the approval by the EGM.

The Company and the Managers reserve the right, at any time and for any reason, to cancel and/or modify the terms of the Equity Offering.

The share issuance will be carried out as a private placement and the Board of Directors of the Company is of the opinion that this is in the best interest of the Company and its shareholders. The Board of Directors has taken into consideration, among other things, the fact that the Equity Offering will provide the financing required to secure the acquisition of Paragon and raise capital more quickly and, at an attractive price, compared to a rights issue.

The Equity Offering is directed towards investors subject to applicable exemptions from relevant prospectus requirements, (i) outside the United States in reliance on Regulation S under the US Securities Act of 1933 (the “US Securities Act”) and (ii) in the United States to “qualified institutional buyers” as defined in Rule 144A under the US Securities Act as well as to major U.S. institutional investors under SEC Rule 15a-6 to the United States Exchange Act of 1934.

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

About Borr Drilling

Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the Oslo Stock Exchange from 30 August 2017. Borr owns and operates jack-up drilling rigs of modern and high specification designs and provides services focused on the shallow water segment to the offshore oil and gas industry worldwide. Borr’s fleet comprises 16 jack-up drilling rigs and 10 units under construction with deliveries scheduled from 2018 to 2020. Additional information is available at www.borrdrilling.com

Important note

This announcement is not being made in or into the United States of America, Canada, Australia, Japan, Hong Kong or in any other jurisdiction where it would be prohibited by applicable law. This distribution does not constitute or form part of an offer or solicitation of an offer to purchase or subscribe for securities in the United States. The shares referred to herein will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration.

Borr Drilling Limited (BDRILL) – Paragon Transaction

Hamilton, Bermuda, March 22, 2018

The Paragon acquisition gives Borr Drilling Limited (“Borr”) a solid operational platform that matches well with the first class assets Borr have acquired over the last 15 months. The plan for the amalgamation of the two companies will lead to significant cost reduction and give Borr a strong operational platform in the market for high spec units in the North Sea. With the 5-year track record we gain with this transaction, we are well positioned to win work with key jack-up clients, like Saudi Aramco, ADNOC and Pemex. The lay-up cost linked to the old part of the Paragon fleet will be dramatically reduced and several of these units are currently negotiated for sale to non-drilling purposes. The Borr organization see no economic incentive to reactivate the legacy assets in Paragon and they are thereby defined as non-core.

In connection with the Paragon transaction, the Board and CEO Simon Johnson have agreed that his contract as CEO will be terminated. Mr. Johnson, who has been in the company since August 2017, will assist in the integration of Paragon and will subsequently leave the company. The Board wants to thank Mr. Johnson for his contribution in the build up period of Borr. The Board has decided to promote Mr. Svend Anton Maier as interim CEO with immediate effect. Mr. Maier has been the Chief Operating Officer in Borr since its inception in December 2016 and has successfully been responsible for building the asset base in the company and commencing operations for several of the rigs.

“The Board is excited about the significant improvement in tender activity in the jack-up drilling market over the recent months. The Paragon transaction gives us an operational platform to continue to develop Borr as the leading jack-up drilling operator. Borr has since its inception grown the owned fleet of high spec. jack-ups from 2 to 24. The Board is proud of the efforts and professionalism the organization has shown in order to accommodate such growth. We have used the last 18 months of weakness in the drilling market to build a unique fleet of new assets acquired at the right price. These efforts will give Borr the position as the leading jack-up operator into the next cycle. We have explored a lot of different opportunities, but see today few additional assets to be acquired. Borr is now close to the finish line building the leading jack-up drilling company both in terms of operations and assets. We are encouraged that this coincides with a large pick-up in tendering activity” says chairman Tor Olav Troim.

The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda

Forward looking statements
This announcement may be deemed to include forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions. The forward looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Borr Drilling Limited believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. 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. The information, opinions and forward looking statements contained in this announcement speak only as of the date hereof and are subject to change without notice.

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