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.

https://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---approval-of-prospectus,c3274205

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