Author: Montaag

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

Q1 2018 Consolidated Financial Statements

Borr Q1 2018 BoD Report

Hamilton, Bermuda, 22 November 2017, Borr Drilling Limited (“Borr Drilling” or the “Company”) announces its third quarter unaudited results for the period ended 30 September 2017.

Highlights

• Letter of commitment received from Total E&P Nigeria Limited for work in Nigeria.
• Completed the listing on Oslo Stock Exchange 30 August 2017
• In September 2017 the contract with BW Energy Dussafu, a subsidiary of BW Offshore, for a drilling campaign offshore Gabon was signed.

Subsequent events

• On 6 October 2017, Borr Drilling and Schlumberger signed an enhanced collaboration agreement.
• On 6 October 2017, the Company signed a master agreement with PPL setting forth the terms pursuant to which PPL agreed to sell six premium jack-up drilling rigs and three premium jack-up drilling rigs under construction
• On 8 October 2017, the Company concluded a private placement of 162,500,000 new shares at a subscription price of US$ 4.00 raising gross proceeds to the Company of US$ 650 million
• In November 2017 the contract with Total in Nigeria was concluded and fully executed
• In November 2017 the Company took delivery of the first new build jack-up drilling rig from PPL

Management Discussion and analysis

Consolidated Statement of Operations (Financial Performance & Operating Results)

Three months ended 30 September 2017

No operating revenues were reported for the three months ended 30 September 2017. The project commencement for Total E&P Nigeria Limited, previously scheduled for the third quarter of 2017, was delayed by the operator and will commence operations in late November 2017. The drilling campaign for BW Energy Dussafu is scheduled to start in January 2018.

Total operating expenses were US$24.9 million for the three months ended 30 September 2017. Total operating expenses consists of rig operating and maintenance expenses, depreciation and amortization and general and administrative expenses.

Total rig operating and maintenance expenses were US$9.4 million for the three months ended 30 September 2017. These costs relate to stacking costs for our jack-up drilling rig fleet and re-activation costs for the rigs scheduled for new contracts.

Total depreciation and amortization was US$8.0 million for the three months ended 30 September 2017. This relates to depreciation charges for our jack-up drilling fleet.

Total general and administrative expenses were US$7.5 million for the three months ended 30 September 2017. US$2.5 million is non-cash costs related to employee benefit programs. The remaining US$5.0 million is linked to salaries, consulting fees, professional fees and one-off costs associated with the Oslo Stock Exchange listing.

Total general and administrative expenses excluding one-off costs were approximately US$4 million in the quarter.

Consolidated Balance Sheet

The Company has total assets of US$1,008.2 million as of September 30, 2017, (31 December 2016: US$158.1 million). The increase in total assets of the Company is primarily driven by cash and cash equivalents from the proceeds from the private placement in March 2017 and the acquisition of ten jack-up drilling rigs from Transocean Inc., and the completed asset acquisition of the two Hercules jack-up drilling rigs.

As of 30 September 2017, equity was US$916.6 million which corresponds to an equity ratio of 90.9 percent. As of 31 December 2016, equity was US$157.8 million which corresponds to an equity ratio of 99.8 percent.

Total liabilities as of 30 September 2017, were US$91.6 million (31 December 2016: US$0.2 million). The increase is mainly attributable to trade payable and accruals and a US$71.4 million non-current liability related to the onerous contract position of the five newbuilding contracts acquired from Transocean Inc.

Consolidated Statement of Cash Flows

Net cash flow generated from operating activities was negative US$17.7 million for the three months ended 30 September 2017.

Net cash flow used in investing activities was US$26.4 million for the three months ended 30 September 2017. The investments activities mainly relate to purchase of securities issued by a rig company for approximately US$21.3 million.

Net cash flow used in financing activities was US$8.4 million during the three months ended 30 September 2017 and relate to purchase of treasury shares.

As of 30 September 2017, the Company’s cash and cash equivalents amounted to US$141.2 million (31 December 2016: US$138.1 million).

Outstanding shares

As of 30 September 2017 common shares in Borr Drilling totalled 315,792,500 shares. The Company issued 162,500,000 new shares in October, taking the total count to 478,292,500 shares. Additionally, the Board has approved up to 10 million options to be used as a long-term incentive program for the Company’s employees.

On 6 October 2017 the Company issued a further 4,736,887 warrants (“Warrants”) to Schlumberger as a consequence of signature of an enhanced collaboration agreement between the Company and Schlumberger.

Immediately thereafter, the Company agreed to repurchase all of the 9,473,774 Warrants held by Schlumberger at a price of US$ 0.50 per Warrant, US$ 4.7 million in total. Consequently, all Warrants were then cancelled.

Operations and corporate development

During the quarter the company completed the listing process and started trading on the Oslo Stock Exchange on August 30, 2017. Borr Drilling will, as of 1 December 2017, be included in the OSEBX index.

On 6 October 2017 Borr and Schlumberger signed an enhanced collaboration agreement. The agreement forms an important milestone in the relationship and provides further detail around the structure and operation of this groundbreaking relationship. The two parties continue to work on a number of fronts to challenge traditional business models in the industry. The target is to offer a more flexible and efficient service to our customers.

Also on 6 October 2017 the Company signed a master agreement with PPL to purchase a total of 9 premium jack-up drilling rigs with deliveries from November 2017 into Q2 2019. All rigs are of the BMC Pacific Class 400 design. The first unit has been named “Galar” and was delivered in accordance with plan on 15 November 2017. The Board is pleased with the agreement with PPL and Borr´s growing fleet of 22 premium jack-up rigs following this transaction.

To finance the purchase, Borr completed an equity issue on 8 October 2017 raising gross proceeds of US$ 650 million. In addition, debt financing for all remaining payments to the yards was secured at attractive terms. The structure and terms of the PPL transaction attracted significant interest from a broad range of investors.

The total fleet count is currently 26 rigs.The Board consider the four older units that are cold stacked in Scotland to be non-core. More specifically, we are not actively marketing these units for drilling contracts at present given the capital investment needed to reactivate the assets and

the current day rate levels in this segment of the market. Given the significant over supply present in the market, further consolidation and scrapping of older units is needed and anticipated.

Subsequent to the third quarter, the Company realized a gain of approximately US$ 15 million on forward contracts to purchase shares in Atwood Oceanics which, due to a merger, was converted to a forward contract for Ensco shares. The Board was pleased to see that the merger between Ensco and Atwood was completed and believe this to be part of the necessary consolidation of our fragmented industry.

The Ensco position has subsequently been reduced, however Borr intends to continue to look for opportunistic equity and debt investments within our core markets. A critical criteria will be attractive valuation of underlying assets.

Contracts

The Company executed a contract with Total E&P Nigeria Limited for upcoming work in Nigeria during the quarter. Together with the contract already in place with BW Energy Dussafu, this pivotal contract with one of the most important procurers of jackup rig time reflects Borr’s growing acceptance in the marketplace.

Market

The overall jack-up market continues to show healthy tendering activity and the company is optimistic about a further increase in utilization levels going into 2018. Over the past year, Independent Cantilever (IC) jack-up rig count in our key markets (West Africa, South East Asia and Middle East) has increased by 11%. Supported by strong current tendering activity in these regions, including several multi-year opportunities, the company expect the positive trend to continue.

Customer preference for modern rigs has continued throughout the year with third quarter rig count for IC jack-ups that are less than 10 years old rising by more than 10% since the start of the year. Utilization is at the highest levels experienced since third quarter 2015. For IC jack-ups older than 10 years, the rig count is down by 7% since the beginning of 2017.

Announced attrition of jack-ups remains low with 11 jack-ups being retired in 2017, and a total of 44 removed from service since the start of the downturn. However, of the 150 jack-ups built prior to 2000 that are sitting idle, 91 have been idle for more than 2 years. The Company believe that many of these rigs require meaningful capital investment in order to return to the market, and should be considered uncompetitive and are unlikely to be reactivated without a significant improvement in day rates.

Outlook

During the quarter the company has made progress in several areas that are important to the positioning of Borr for the anticipated recovery in the offshore drilling market.

A new organisation with a total of 35 very experienced people has been established with head office in Dubai. The Board is excited to see the experience, dedication and enthusiasm shown by the new organisation in their effort to establish Borr as the leading premium Jack-up operator. Borr’s focus will be on delivering a superior drilling service to the counterparties who contract with us.

The Company continues to look for accretive assets deals that fit well with the current fleet. The purchase prices of premium jack-up rigs have risen continuously since our first acquisition late last year and the market shows potential for further improvement. Borr is positioning as a consolidator in the market, but will also be disciplined with respect to purchase price and quality of assets considered for acquisition.

The fleet has already reached the critical size necessary to achieve operational synergies and market presence. The target for the Board and management is to otimize long term returns to our current shareholders. An efficiently priced Borr equity is an absolute condition for further fleet expansion.

The level of market activity continues to improve for the premium jackup segment. We see tendering activity and utilisation in our segments continuing to develop positively with the assistance of small but directional increases in the underlying commodity price. Tendering in this phase of the market cycle can be time consuming and the visibility of opportunities, whilst improving, is developing from a challenging base. We anticipate additional backlog to be added in coming months based on the tenders we are currently participating in and/or through the projects we are developing with our industrial partners. However Borr intends to be a rational market participant and will remain focussed on opportunities that generate positive cash returns after activation investments and preserve upside in what is considered to be an improving environment. Increased free cashflow generation and anticipated growth in capital expenditure budgets across our international client base should lead to improvements in industry activity levels.

The Board is proud of what the Borr organisation has achieved and the assets acquired to date.

A unique fleet of the most modern jack-ups has been developed at historically low prices. A low cost structure combined with a strong balance sheet positions Borr preferentially relative to its competitors.

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.

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.”

About Borr Drilling

Borr Drilling Limited is an international drilling contractor to the offshore oil and gas industry. Incorporated in Bermuda in 2016, the Company’s services are focused on the shallow water segment. The Company is the owner of a fleet of 13 jack-up drilling rigs, further, the Company has thirteen jack-up drilling rigs on order with deliveries scheduled from 2018 to 2020.

Borr Drilling Q3 2017 BoD Report – PDF

Borr Drilling Consolidated Financial Statements Q3 2017 – PDF

21 November 2017
The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda

Questions should be directed to:
Simon Johnson: Chief Executive Officer, Borr Drilling Management DMCC
+ 971 4 448 7501

Rune Magnus Lundetræ: Chief Financial Officer, Borr Drillling Management AS
+47 23 48 30 00

Borr Drilling Limited (“Borr Drilling” or the “Company”) will release its preliminary financial results for the third quarter of 2017 on Wednesday, November 22, 2017.

Borr Drilling plans to host a conference call and webcast for all shareholders and interested parties on Wednesday, November 22, 2017 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:

1. Webcast
   Click the “Webcast” link on www.borrdrilling.com.
2. Conference Call

PARTICIPANTS DIAL IN TELEPHONE NUMBERS
International/UK local:                                      +44 (0) 20 3427 1902
Norway:                                                                  +47 23 50 04 86
US Toll:                                                                    +1 212 444 0481

Participants will be asked for their full name & Conference ID. The Conference ID is 5357766.

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.

Please download the presentation material from www.borrdrilling.com in order to follow the presentation slides while listening to the conference.

REPLAY DETAILS

Replay Access Number:                                       5357766#
International Dial In/UK Local #:              + 44 (0) 20 7660 0134
Norway Dial In #:                                           + 47 23 50 00 77
USA Toll #:                                                  + 1 (0) 719 457 0820

Participant list information required: Full Name & Company

November 20, 2017
Hamilton, Bermuda

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

 

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.

Borr Drilling Limited – Equity offering successfully completed

Hamilton, Bermuda, 9 October 2017

Reference is made to Borr Drilling Limited’s (“Borr Drilling” or the “Company”) stock exchange notices dated 6 October 2017 relating to the contemplated USD 650 million equity offering to partly finance nine jack-up rigs to be acquired from PPL Shipyard Pte Limited (“PPL”). 

Borr Drilling Limited is pleased to announce that the conditions precedent to the agreement with PPL have been satisfied following the successful completion of the equity offering through the subscription and allocation of 162,500,000 new shares (the “Offer Shares”), each at a subscription price of USD 4.00 per share, raising gross proceeds of USD 650 million (the “Equity Offering”). The Equity Offering was substantially oversubscribed. Borr Drilling and PPL will proceed with the sale and purchase of the nine jack-up rigs.   

ABG Sundal Collier ASA, Clarksons Platou Securities AS, DNB Markets, a part of DNB Bank ASA, Fearnley Securities AS, Pareto Securities AS, Skandinaviska Enskilda Banken AB (publ.), Oslo branch and Sparebank 1 Markets AS acted as Joint Lead Managers and Bookrunners (the “Managers”) for the Equity Offering.

Schlumberger Oilfield Holdings Limited (“Schlumberger”) and companies associated with Mr Tor Olav Trøim have, based on pre- subscription agreements, been allocated a participation in the Equity Offering in the amount of USD 50 million and USD 25 million,  respectively.

Borr Drilling and Schlumberger have also cancelled the existing warrant program consisting of 9,473,774 warrants.

Notification of the allocation is expected to be sent by the Managers today. Payment and delivery of allocated new shares to the investors is expected to take place on 11 October 2017. The new shares will be issued on a separate ISIN and listed on Merkur Market on or about 11 October 2017. These shares are expected to be converted to the Company’s original ISIN number and be listed and tradable on Oslo Børs on or about 20 October 2017, subject to approval of a listing prospectus (the “Prospectus”) by the Norwegian Financial Supervisory Authority (“NFSA”).

Following completion of the Equity Offering, the Company’s outstanding and issued share capital will increase by USD 1,625,000 to USD 4,782,925, divided on 478,292,500 shares with a nominal value of USD 0.01 per share.

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

About Borr Drilling
Borr Drilling is an international drilling contractor that owns and operates jack-up rigs of modern and high-specification designs providing drilling services to the oil and gas exploration and production industry worldwide in water depths up to approximately 400 feet. With a low cost base, a strong and experienced organisational culture, combined with a unique capital structure, Borr Drilling is built to make a difference.

Additional information about Borr Drilling can be found at www.borrdrilling.com.

Questions should be directed to:
Simon Johnson, Chief Executive Officer
Phone: + 971 4 448 7501

Rune Magnus Lundetræ, Deputy CEO and Chief Financial Officer
Phone: +47 23 48 30 00

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.

Forward looking statements
This distribution may be deemed to include forward-looking statements, such as the intention to issue the Offer Shares, the terms of the Equity Offering and the use of proceeds of the Offer Shares. Forward-looking statements are typically identified by words or phrases, such as “expect”, “intends”, “will” and similar expressions. Forward-looking statements are the Company’s current estimates or expectations of future events or future results. Actual results could differ materially from those indicated by these statements because the realisation of those results is subject to many risks and uncertainties, including market and financial risks. All forward-looking statements included in this release are based on information available at the time of the release, and neither the Company nor the Managers assume any obligation to update any forward-looking statement.

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.

Borr Drilling Limited – Contemplated equity offering of up to USD 650 million

Hamilton, Bermuda, 6 October 2017

Reference is made to the stock exchange notice dated 6 October 2017 from Borr Drilling Limited (“Borr Drilling” or the “Company”) relating to the signing of a Master Agreement for the acquisition of nine premium jack-up rigs from PPL Shipyard Pte Limited (“PPL”).

Borr Drilling is contemplating to offer up to 162,500,000 new shares (the “Offer Shares”), representing 51.5 per cent of the outstanding shares of the Company. The subscription price will be USD 4.00 per share (the “Subscription Price”), raising gross proceeds of up to USD 650 million (the “Equity Offering”) in order to partly secure the financing for the acquisition of the jack-up rigs from PPL and for general corporate purposes.

The Company has retained ABG Sundal Collier ASA, Clarksons Platou Securities AS, DNB Markets, a part of DNB Bank ASA, Fearnley Securities AS, Pareto Securities AS, Skandinaviska Enskilda Banken AB (publ.), Oslo branch and Sparebank 1 Markets AS as Joint Lead Managers and Bookrunners (the “Managers”) for the Equity Offering.

Companies that are close associates of Mr. Tor Olav Trøim have in total subscribed for shares equivalent to USD 35 million and will be allocated shares equivalent to at least USD 25 million. Schlumberger Oilfield Holdings Limited (“Schlumberger”) has subscribed for shares equivalent to USD 65 million and will be allocated shares equivalent to at least USD 50 million. Subject to completion of the Equity Offering, Borr Drilling and Schlumberger has negotiated a cancellation of the existing warrant program consisting of 9,473,774 warrants.

The application period opens today at 16:30 CET/10:30am EST on 6 October and ends at 08:00 CET/2.00am EST on 9 October 2017. 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 9 October 2017.

The settlement date is expected to be on or about 11 October. The allocated shares will be delivered to the applicant’s VPS account as soon as practicable after full payment has been received and the Board of Directors of the Company has resolved to issue the shares, expected on or about 11 October 2017.

The Offer Shares will be issued on a separate ISIN and listed on Merkur Market on or about 11 October 2017. These shares are expected to be converted to the Company’s original ISIN number and be listed and tradable on Oslo Børs on or about 20 October 2017, subject to approval of a listing prospectus (the “Prospectus”) by the Norwegian Financial Supervisory Authority (“NFSA”).

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 the newbuildings from PPL more quickly and at an attractive price compared to a rights issue.

The 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.

Contact information for the Managers:

ABG Sundal Collier ASA
Telephone: +47 48 01 61 27

Clarkson Platou Securities AS
Telephone: +47 22 01 63 01

DNB Markets
Telephone: +47 24 16 92 26

Fearnley Securities AS
Telephone: +47 22 93 60 00

Pareto Securities AS
Telephone: +47 22 87 87 02

Skandinaviska Enskilda Banken AB (publ.), Oslo branch
Telephone: +47 22 82 70 00

Sparebank 1 Markets AS
Telephone: +47 24 14 74 70

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

About Borr Drilling
Borr Drilling is an international drilling contractor that owns and operates jack-up rigs of modern and high-specification designs providing drilling services to the oil and gas exploration and production industry worldwide in water depths up to approximately 400 feet. With a low cost base, a strong and experienced organisational culture, combined with a unique capital structure, Borr Drilling is built to make a difference.

Additional information about Borr Drilling can be found 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.

Forward looking statements
This distribution may be deemed to include forward-looking statements, such as the intention to issue the Offer Shares, the terms of the Equity Offering and the use of proceeds of the Offer Shares. Forward-looking statements are typically identified by words or phrases, such as “expect”, “intends”, “will” and similar expressions. Forward-looking statements are the Company’s current estimates or expectations of future events or future results. Actual results could differ materially from those indicated by these statements because the realisation of those results is subject to many risks and uncertainties, including market and financial risks. All forward-looking statements included in this release are based on information available at the time of the release, and neither the Company nor the Managers assume any obligation to update any forward-looking statement.

Hamilton, Bermuda, 6 October 2017

Borr Drilling Limited (“Borr Drilling” or the “Company”) today announces the signing of a Master Agreement for the acquisition of nine premium jack-up rigs from PPL Shipyard Pte Limited (“PPL”). The acquisition will increase the Borr Drilling fleet to a total of 26 jack-up rigs once all rigs under construction have been delivered and 22 of the rigs are built after 2000. 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.

The acquired rigs have been built or are under construction at PPL’s yard and are of a well-known design consistent with the Company’s existing fleet. A large fleet of similarly designed rigs facilitates operational excellence and cost synergies. Seven out of the nine rigs have drilling packages from Cameron (a Schlumberger Limited company) while all nine rigs have Cameron BOP’s.

Total consideration for the transaction is expected to be approximately USD 1.3 billion. Borr Drilling has secured optional delivery financing of the Rigs of approximately USD 0.8 billion on attractive terms. The lender is entitled to a limited market based mechanism based on uplift in market value, less capital cost of the acquired rigs from 6 October 2017 until the repayment date of the financing.

Borr Drilling will take delivery of the first of the rigs in Q4 2017 with the remaining rigs being delivered quarterly thereafter until the last rig is delivered in Q1 2019. Borr Drilling has agreed to pay a pre-delivery instalment of approximately USD 500 million in the short term while the remaining purchase price is payable on delivery of each individual rig, which is fully financed by the delivery financing. Completion of the transaction with PPL is subject to equity financing being secured by the Company.

Please see attached an updated company presentation with details about the acquisition:

Presentation

About Borr Drilling
Borr Drilling is an international drilling contractor that owns and operates jack-up rigs of modern and high-specification designs providing drilling services to the oil and gas exploration and production industry worldwide in water depths up to approximately 400 feet. With a low cost base, a strong and experienced organisational culture, combined with a unique capital structure, Borr Drilling is built to make a difference.

Additional information about Borr Drilling can be found at www.borrdrilling.com.

Questions should be directed to:
Simon Johnson, Chief Executive Officer
Phone: + 971 4 448 7501

Rune Magnus Lundetræ, Deputy CEO and Chief Financial Officer
Phone: +47 23 48 30 00

Borr Drilling Management DMCC and Schlumberger signed today an agreement to offer integrated, performance-based drilling contracts in the offshore jack-up market by leveraging the Schlumberger global foot print, infrastructure and technical expertise and Borr Drilling’s modern jack-up fleet.

The combination of the Borr rigs with the Schlumberger integrated offering is the next step in delivering safe, reliable and efficient drilling operations to our customers through commercially aligned business models.

Borr Drilling CEO Simon Johnson commented, “The collaboration with Schlumberger is a key enabler to successfully execute our strategy and deliver a truly differentiated offering to our customers, using innovative business models.”

The companies will also explore opportunities to work together in areas such as training, technology projects, and performance optimization.

About Borr
Borr Drilling Limited is a public limited liability Company incorporated under the laws of Bermuda with registration number 51741.

The company is listed on the Oslo Stock Exchange (OSE) under the ticker “BDRILL”.  The company has one class of share.

Please find a summary of legal key information for shareholders in Borr Drilling Limited below. The overview is based on relevant legislation. Borr Drilling Limited follows Oslo Børs’ recommendation on reporting investor information.

HAMILTON, BERMUDA, SEPTEMBER 12, 2017 –

BORR DRILLING LIMITED (“BORR”) HAS ACCEPTED A LETTER OF INTENT FROM BW ENERGY DUSSAFU B.V. (“BWE”), A SUBSIDIARY OF BW OFFSHORE, FOR A DRILLING CAMPAIGN OFFSHORE GABON.

BORR’S PREMIUM, HIGH-SPECIFICATION JACK-UP NORVE WILL BE UTILISED TO DRILL AND COMPLETE TWO SUBSEA DEVELOPMENT WELLS.  THE PROGRAM HAS AN ESTIMATED DURATION OF 140-160 DAYS AND IS SCHEDULED TO COMMENCE IN JANUARY 2018.

THE NORVE, A BMC PACIFIC CLASS 400 JACK-UP CONSTRUCTED AT PPL SHIPYARD IN SINGAPORE,WAS ACQUIRED BY BORR IN MAY 2017.  THIS MODERN UNIT CAN OPERATE IN WATER DEPTHS UP TO 400FT AND HAS OFFLINE CAPABILITIES. THE NORVE IS EXPECTED TO MOBILISE FROM LIMBE, CAMEROON, IN DECEMBER 2017 TO ITS FIRST DRILLING LOCATION OFFSHORE GABON.

SIMON JOHNSON, BORR CEO COMMENTED, “WE ARE DELIGHTED TO RECEIVE THIS LETTER OF INTENT  FROM BW ENERGY DUSSAFU B.V.  BORR HAS SECURED ITS SECOND COMMITMENT IN AS MANY MONTHS, UNDER CHALLENGING MARKET CONDITIONS.  THIS FIXTURE DEMONSTRATES OUR CUSTOMER’S CONFIDENCE IN BORR’S PREMIUM ASSETS AND HIGHLY CAPABLE ORGANISATION.  WE LOOK FORWARD TO FINALISING THIS CONTRACT AND WORKING WITH BWE TO DELIVER EXCELLENT OPERATIONAL PERFORMANCE AND HIGH-QUALITY WELLS.”

Hamilton, Bermuda, August 31, 2017, Borr Drilling Limited (“Borr Drilling” or the “Company”) today announces its second quarter
unaudited results for the period ended June 30, 2017.

Highlights
– Completion of the acquisition of 10 high-specification jack-up rigs and 5 newbuilds from Transocean on May 31, 2017
– Amended the terms of the newbuilding contracts with Keppel Fels with respect to price and delivery dates

Subsequent events
– Letter of commitment received from Total E&P Nigeria Limited for work in Nigeria
– Simon Johnson appointed the new CEO
– On August 21, 2017, the Company acquired more than 5% of the outstanding shares in Atwood Oceanics Inc.taking its total holding to 9,7% of the company
– Completed the listing on Oslo Stock Exchange August 30, 2017
– Changes to the Board of Directors

Please see attachments for further information:
Consolidated Financial statements Q2 2017.pdf
Board of Directors Report Q2 2017.pdf

August 31, 2017
The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda

Questions should be directed to:
Simon Johnson: Chief Executive Officer, Borr Drilling Management DMCC
+ 971 4 448 7501

Rune Magnus Lundetræ: Deputy CEO and Chief Financial Officer, Borr Drillling Management AS
+47 23 48 30 00

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.

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.

Hamilton, Bermuda, 29 August 2017: Reference is made to the stock exchange announcement on 23 August 2017 regarding Borr Drilling Limited’s (“Borr Drilling”) submission of an application for listing of Borr Drilling’s shares on Oslo Børs and the stock exchange announcement published on28 August 2017 regarding the Board of Oslo Børs’ approval for listing of the Borr Drilling’s shares on Oslo Børs.

The Financial Supervisory Authority of Norway has approved the prospectus dated 29 August 2017 (the “Prospectus”) which has been prepared in connection with the listing of Borr Drilling’s shares on Oslo Børs under ticker code “BDRILL”.

The Prospectus will, subject to regulatory restrictions in certain jurisdictions, be available at the following website: www.borrdrilling.com. Hard copies of the Prospectus may be obtained free of charge at the offices of Borr Drilling at Klingenberggata 4, N-0160 Oslo, Norway, or by contacting the financial advisor (as defined below).

Trading in the Borr Drilling shares on Oslo Børs is expected to commence on or about 30 August 2017.

DNB Markets, a part of DNB Bank ASA, is acting as financial advisor to Borr Drilling in relation to the listing (the “Financial Advisor”).

For further information, please contact:
Rune Magnus Lundetræ, CFO
E-mail: rmlundetrae@borrdrilling.com
Mobile: +47 900 88 411

About Borr Drilling
Borr Drilling Limited is an international drilling contractor to the offshore oil and gas industry. Incorporated in Bermuda in 2016, the company’s services are focused on the shallow water segment. The company is the owner of a fleet of 12 jack-up drilling rigs, further, the company has five jack-up drilling rigs on order with deliveries scheduled from 2018 to 2020.

http://www.newsweb.no/newsweb/search.do?messageId=433690

The Annual General Meeting of the Shareholders of Borr Drilling Ltd. (the “Company”) will be held at Thistle House, 4 Burnaby Street, Hamilton HM11, Bermuda on the 25^th of August, 2017 at 09.00 AM for the following purposes:

• Confirmation of notice and quorum.
• Presentation of the Independent Auditors’ Report and financial statements for the period ended December 31^st
• Election of Directors.
• Fixing the Directors’ remuneration for 2017/18.
• Election of Auditor.
• Increase in the Company’s authorised capital.
• Amendments to the Company’s Bye-laws.

The full text of the Bye-laws showing the Board’s proposals and the Independent Auditor’s Report and financial statement are available on the Company’s homepage — www.borrdrilling.com together with the complete notice of the meeting.

Amended and Restated Bye-laws of Borr Drilling Limited

Borr Drilling Limited – Notice of AGM

Borr Drilling Ltd FY 2016 Annual Report

For further information, please contact:

Rune Magnus Lundetræ, CFO
e-mail: rmlundetrae@borrdrilling.com
Mobile: +47 900 88 411

Hamilton, Bermuda
10 August 2017

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

Hamilton, Bermuda, AUGUST 4, 2017. Borr Drilling Limited (“Borr Drilling” or the “Company”) today announces that the Board of Directors of the Company has resolved to apply for a listing of its shares on Oslo Børs in the second half of August 2017. The target for the listing is to increase public awareness of the company, improve the liquidity in the trading of the shares, and prepare the Company for further growth through asset acquisitions and M&A transactions.  The first day of trading of the shares on Oslo Børs will be following the receipt of relevant approvals from Oslo Børs and approval of a prospectus by the Norwegian Financial Supervisory Authority. Further announcements relating to the process, including the first day of trading will be made in due course. It is however expected that such a process can be completed well within Q3 2017. In connection with the listing process there will be a call for an extraordinary AGM in order to get approval for updating the Byelaws. DNB Markets, a part of DNB Bank ASA, is acting as financial advisor to Borr Drilling in relation to the listing.

http://www.vpff.no/NOTC/NOTC-nyheter

HAMILTON, BERMUDA, JULY 28, 2017 – THE COMPANY (“BORR DRILLING” OR THE “COMPANY”) IS PLEASED TO ANNOUNCE THAT IT HAS APPOINTED SIMON JOHNSON AS THE NEW CEO OF BORR DRILLING LTD.

MR JOHNSON MOST RECENTLY SERVED AS SENIOR VICE PRESIDENT – MARKETING & CONTRACTS AT NOBLE CORPORATION. MR JOHNSON WILL START AUGUST 1ST. HE WILL BE BASED IN DUBAI AND WILL LEAD BORR’S EFFORTS TO BECOME A WORLD CLASS DRILLING COMPANY, WITH FOCUS ON EFFICIENT AND SAFE OPERATION OF MODERN HIGH QUALITY JACK-UP ASSETS, SUPPORTED BY A STRONG FINANCIAL POSITION.

SINCE ACQUIRING THE TWO HERCULES JACK-UPS IN DECEMBER 2016, THE COMPANY HAS COMPLETED THE ACQUISITION OF 15 ADDITIONAL JACK-UP DRILLING RIGS. THIS GROWTH, TOGETHER WITH AN OUTLOOK FOR MORE M&A ACTIVITY, PLACE BORR IN A UNIQUE POSITION WITH A LOW ASSET ACQUISITION COST AND LOW OPERATING COST VERSUS OUR COMPETITORS.

SVEND ANTON MAIER WILL CONTINUE TO BE CHIEF OPERATING OFFICER. RUNE MAGNUS LUNDETRÆ WILL BE DEPUTY CHIEF EXECUTIVE OFFICER AND CFO.

CHAIRMAN OF THE BOARD ERLING LIND SAID “WE ARE DELIGHTED TO HAVE SIMON JOIN OUR MANAGEMENT TEAM AS WE TRANSITION FROM A STARTUP TO A FULLY-FLEDGED ORGANIZATION. HE WILL BRING VALUABLE INDUSTRY KNOWLEDGE, COMMERCIAL INSIGHT AND INTERNATIONAL CUSTOMER RELATIONSHIPS TO THE TABLE AT A CRITICAL JUNCTURE IN THE COMPANY’S DEVELOPMENT”.

MR JOHNSON STATED “I AM EXCITED TO JOIN BORR AND WORK WITH RUNE MAGNUS AND SVEND AND THE REST OF THE BORR ORGANIZATION TO BUILD A WORLD CLASS DRILLING COMPANY. WE FACE A CHALLENGING INDUSTRY OUTLOOK BUT I AM ENCOURAGED BY OUR GROWING FLEET, THE SUPPORT OF OUR INVESTORS AND THE OPPORTUNITIES THAT LIE IN FRONT OF US. BORR DRILLING IS A GROWTH PLATFORM THAT WILL CONTINUE TO PROVIDE MUCH NEEDED DYNAMISM IN THE OFFSHORE DRILLING SECTOR.”

THE BOARD RECOGNIZE THE CONTRIBUTION OF RUNE MAGNUS LUNDETRÆ WHO HAS SUCCESSFULLY ACTED AS THE COMPANY’S CEO SINCE START UP, AND HAS VOLUNTARILY STEPPED ASIDE IN ORDER TO STRENGTHEN THE COMPANY’S EXPERIENCE WITH PARTICULAR FOCUS ON CUSTOMER ORIENTATION.

http://www.vpff.no/NOTC/NOTC-nyheter

HAMILTON, BERMUDA, JULY 11, 2017 – BORR DRILLING LIMITED (“BORR”), IN CONJUNCTION WITH THE NIGERIAN PARTNER COMPANY VALIANT ENERGY SERVICES WEST AFRICA LIMITED (“VALIANT”), HAS RECEIVED A LETTER OF COMMITMENT FROM TOTAL E&P NIGERIA LIMITED, FOR EMPLOYMENT OF ITS PREMIUM JACK-UP, FRIGG. THE PROJECT WILL BE EXECUTED WITH NIGERIAN PARTNER.

THE COMMITMENT IS FOR A FIRM ONE (1) YEAR PERIOD WITH POSSIBLE EXTENSION, COMMENCING IN THE THIRD QUARTER OF 2017.

THE FRIGG IS A KFELS SUPER A CLASS HIGH-SPECIFICATION JACK-UP, WHICH ENTERED INTO SERVICE IN 2013. THE UNIT, CAPABLE OF OPERATING IN WATER DEPTHS UP TO 400FT AND DRILLING TO DEPTHS OF 35,000FT, IS ONE OF TWO PREMIUM JACK-UPS ACQUIRED BY BORR IN JANUARY THIS YEAR.

RUNE MAGNUS LUNDETRÆ, BORR CEO COMMENTED, “WE ARE PROUD TO HAVE SECURED OUR FIRST COMMITMENT WITH A SUPERMAJOR. WE HAVE DURING OUR FIRST 180 DAYS OF OPERATION RECRUITED A HIGHLY COMPETENT ORGANISATION, BUILT A SOLID MANAGEMENT SYSTEM AND WORLD CLASS OPERATIONAL SYSTEMS AND PROCEDURES. WE ARE PLEASED THAT THESE EFFORTS ARE NOW RECOGNISED BY TOTAL E&P NIGERIA AND WE ARE LOOKING FORWARD TO ESTABLISHING OUR PRESENCE AS THE LEADING OPERATOR OF HIGH SPECIFICATION JACK UPS IN THE YEARS TO COME.

http://www.vpff.no/NOTC/NOTC-nyheter

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

HAMILTON, BERMUDA, MARCH 27, 2017 – REFERENCE IS MADE TO THE PRESS RELEASE PUBLISHED 21 MARCH 2017 REGARDING THE COMPLETION OF THE EQUITY OFFERING. ALL SHARES WILL BE DELIVERED TO THE SUBSCRIBERS TODAY, AND AS A CONSEQUENCE BE TRADABLE FROM AND INCLUDING TODAY.

THE COMPANY WILL AS A RESULT OF THIS AND EXERCISE OF 9,687,500 WARRANTS HAVE 315,792,500 ISSUED SHARES, EACH WITH A PAR VALUE OF USD 0.01, CONSTITUTING A SHARE CAPITAL OF USD 3,157,925

http://www.vpff.no/NOTC/NOTC-nyheter

DET ER FORETATT ENDRINGER I BORR DRILLING LIMITED (ISIN:BMG575071086, TICKER BORR). AKSJEBEHOLDNINGEN ER ØKET FRA 77 505 000 TIL 315 792 500. EMISJONSVERDIEN ER ØKET FRA 1 308 975 000 TIL 9 383 110 973.

http://www.vpff.no/NOTC/NOTC-nyheter

HAMILTON, BERMUDA, MARCH 21, 2017
REFERENCE IS MADE TO THE ANNOUNCEMENT MADE ON MARCH 20, 2017 CONCERNING A CONTEMPLATED EQUITY OFFERING OF UP TO 228,600,000 NEW SHARES IN BORR DRILLING LIMITED (“BORR DRILLING” OR THE “COMPANY”).
THE COMPANY IS PLEASED TO ANNOUNCE THAT IT HAS RECEIVED BINDING ORDERS FOR SUBSCRIPTION OF 228,600,000 SHARES AT THE PRICE OF US$ 3.50 PER SHARE, CORRESPONDING TO GROSS PROCEEDS OF APPROX. US$ 800 MILLION (THE “EQUITY OFFERING”) WITH THE SUPPORT FROM NEW AND EXISTING INVESTORS. THE EQUITY OFFERING WAS SIGNIFICANTLY OVERSUBSCRIBED.

NET PROCEEDS FROM THE EQUITY OFFERING WILL BE USED TO SECURE THE FUNDING OF THE ACQUISITION OF TRANSOCEAN’S JACK-UP FLEET, IN ACCORDANCE WITH THE LOI ANNOUNCED ON 20 MARCH 2017.

ALLOCATIONS WILL BE SENT OUT TODAY BY THE MANAGERS. SETTLEMENT DATE IS SET TO MARCH 27, 2017. THE NEW SHARES TO BE ISSUED IN THE EQUITY OFFERING WILL BE LISTED ON NOTC AS SOON AS PRACTICALLY POSSIBLE, EXPECTED ON OR ABOUT 28 MARCH 2017.

CLARKSONS PLATOU SECURITIES AS, DNB MARKETS AND FEARNLEY SECURITIES AS ACTED AS JOINT LEAD MANAGERS AND BOOKRUNNERS FOR THE EQUITY OFFERING.

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

http://www.vpff.no/NOTC/NOTC-nyheter

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

HAMILTON, BERMUDA, MARCH 20, 2017 – BORR DRILLING LIMITED IS PLEASED TO ANNOUNCE THAT IT IS RAISING USD 800 MILLION IN NEW EQUITY CONSISTING OF 228,600,000 NEW SHARES (THE “NEW SHARES”) AT A PRICE OF USD 3.5 PER SHARE (THE “EQUITY OFFERING”).

THE EQUITY OFFERING HAS INITIALLY TAKEN PLACE THROUGH AN ACCELERATED BOOKBUILDING PROCESS FROM A LIMITED NUMBER OF INVESTORS FOLLOWING THE EXECUTION OF WALL CROSSING AGREEMENTS.

THE BOOK IS NOW COVERED, BUT A SPECIAL TRANCHE OF THE USD800M HAS BEEN RESERVED IN ORDER TO ALLOW FOR NEW AND EXISTING SHAREHOLDERS TO PARTICIPATE. THE BOOK WILL ON THIS BASIS REMAIN OPEN UNTIL 12 AM (EDT) ON MONDAY 20 MARCH 2017.

NOTIFICATION OF ALLOTMENT OF THE NEW SHARES WILL BE SENT TO THE APPLICANTS ON OR ABOUT TUESDAY 21 MARCH 2017.

THE PROCEEDS OF THE EQUITY OFFERING WILL BE USED TO SECURE THE FUNDING OF THE ACQUISITION OF TRANSOCEAN’S JACK-UP FLEET, IN ACCORDANCE WITH THE LOI ANNOUNCED THIS MORNING.

CLARKSONS PLATOU SECURITIES AS, DNB MARKETS AND FEARNLEY SECURITIES AS HAVE BEEN RETAINED AS JOINT LEAD MANAGERS AND BOOKRUNNERS FOR THE EQUITY OFFERING.

http://www.vpff.no/NOTC/NOTC-nyheter

HAMILTON, BERMUDA, MARCH 20, 2017 – BORR DRILLING LIMITED IS PLEASED TO ANNOUNCE THE SIGNING OF A LETTER OF INTENT WITH TRANSOCEAN FOR THE ACQUISITION OF 15 HIGH-SPECIFICATION JACK-UP RIGS. THE TRANSACTION CONSISTS OF TRANSOCEAN’S ENTIRE JACK-UP FLEET, COMPRISING 10 RIGS IN TRANSOCEAN’S FLEET AND 5 NEW-BUILDS UNDER CONSTRUCTION AT KEPPEL FELS LIMITED.

TOTAL CONSIDERATION FOR THE TRANSACTION IS EXPECTED TO BE APPROXIMATELY USD 1.35 BN AND INCLUDES REMAINING CONTRACT BACKLOG AND REMAINING YARD INSTALMENTS TO KEPPEL FELS FOR THE FIVE NEW-BUILDS. THE BOARD OF DIRECTORS OF KEPPEL FELS HAS PRE-APPROVED THE NOVATION OF THE NEW-BUILDING CONTRACTS.

A DEPOSIT HAS IN LINE WITH WHAT HAS BEEN AGREED BETWEEN THE PARTIES BEEN PAID FROM BORR TO TRANSOCEAN. BORR HAS SECURED FINANCING FOR THE TRANSACTION THROUGH A PRIVATE PLACEMENT OF EQUITY SECURITIES. THE TRANSACTION IS SUBJECT TO THE PARTIES EXECUTING DEFINITIVE AGREEMENTS AND SATISFYING FORMAL CLOSING CONDITIONS, INCLUDING A FINAL APPROVAL FROM THE BOARDS OF DIRECTORS OF BOTH COMPANIES. THE COMPLETION OF THE TRANSACTION IS EXPECTED TO TAKE PLACE BEFORE THE END OF MAY 2017.

http://www.vpff.no/NOTC/NOTC-nyheter

Hamilton, Bermuda, March 15, 2017 – Borr Drilling Limited (“Borr Drilling or the Company”), advises that a Special General Meeting will be held on Friday March 24, 2017. A copy of the Notice of Special General Meeting is attached to this press release.

Notice of EGF Borr Drilling Limited 2017 15.3

Hamilton, Bermuda, January 24, 2017 – Borr Drilling Limited announced today that it has completed the delivery of the Frigg (formerly Hercules Resilience) and the Ran (formerly Hercules Triumph) from Hercules Offshore.

The two rigs are KFELS Super A class design, built at Keppel, Singapore, in 2013.

Hamilton, Bermuda, December 19, 2016 – Borr Drilling Limited (“Borr Drilling or the Company”), formerly Magni Drilling Limited, is pleased to announce the successful completion of its USD155 million equity issue at USD2/share. The private placement was completed with support from renowned institutional investors and private capital with significant experience and successful track record from investing in the drilling industry. The proceeds from the placement will be used to finance the acquisition of two modern jack-ups rigs from Hercules Offshore, the Hercules Resilience and Hercules Triumph. The total consideration for the two rigs is USD130 million.
Borr Drilling’s ambition is to acquire and operate modern drilling assets purchased at a significant discount to the new build cost price. The industry continues to experience significant overcapacity and historical low activity level. We are building a platform with modern equipment, an experienced management team and a robust capital structure in order to be able to capitalise on the opportunities that will arise in this market environment.
Effective today, Mr Rune Magnus Lundetræ will join the Company as Chief Executive Officer and Mr Svend Anton Maier will join the Company as Chief Operating Officer.
“Through the acquisition of the two Super A class jack-ups, we have executed a very attractive entry into the drilling industry at close to historical low valuations. We believe Borr Drilling can serve as an effective operational platform to further drive and execute distressed asset investments to capitalise on the low assets prices and continued volatility in the offshore industry” Mr Lundetræ comments.
Borr Drilling will start trading on the Norwegian OTC list Monday December 19.
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