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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.

Registered office

Borr Drilling Limited

S.E. Pearman Building, 2nd Fl,
9 Par-la-Ville Road,
Hamilton HM11,
Bermuda

London office

Borr Drilling Management (UK) Ltd.
70 Victoria Street
6th Floor, The Zig Zag Building
London SW1E 6SQ
United Kingdom

Aberdeen office

Regional office

Pavilion 4
Westpoint Business Park
Prospect Road, Westhill
Aberdeen AB32 6FE
United Kingdom

+44 (0) 1224 289200

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