Borr Drilling Limited – Announces Market Offering of up to $40 Million

HAMILTON, Bermuda, July 6, 2021 /PRNewswire/ –Borr Drilling Limited (the “Company”) (NYSE: BORR) (OSE: BORR) today announces that it has established an “at-the-market program” and entered into an equity distribution agreement with Clarkson’s Platou Securities , Inc., as our sales agent, dated July 6, 2021 under which we may from time to time offer and sell up to $40 million of our common stock to list on the New York Stock Exchange.

Subject to the terms of the Equity Distribution Agreement, the Company may offer and sell its common stock at any time and from time to time through Clarksons Platou Securities, Inc. as her sales agent. The sales agent may act as agent or principal on our behalf to purchase shares of our common stock. Sale of our common stock, if applicable, may be made in brokerage ordinary 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 a sales agent. The securities may be sold at market prices in effect at the time of sale, at prices related to such prevailing market prices or at negotiated prices. No ordinary shares will be offered or sold on the Oslo Stock Exchange.

The Board does not expect to sell shares under the ATM program at this time, but the facility is designed to provide flexibility to the Company going forward, even as markets improve.

The Company intends to use any proceeds from these sales for general corporate purposes, including but not limited to payments for our debt obligations, including future payments to our creditors in exchange for possible concessions or extensions to current facilities, capital expenditures, including costs associated with with activations and reactivations of commissioned drilling platforms, or financing of our working capital.

This press release does not constitute an offer to sell or a solicitation of an offer to purchase any securities, nor will there be any sale of the securities in any jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The common stock will be offered and sold in accordance with 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 company’s offices at SE Pearman Building, 2nd Floor, 9 Par-la-Ville Road, Hamilton HM11 Bermuda, Note: Investor Relations.

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

About Borr Drilling Limited

Borr Drilling Limited is an international drilling contractor established in: Bermuda in 2016 and listed on the Oslo Stock Exchange on August 30, 2017 and on the New York Stock Exchange at July 31, 2019 under the ticker “BORR”. The company owns and operates jack-up platforms with modern and high-quality designs and provides services aimed at the shallow water segment to the offshore oil and gas industry worldwide. 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 improve the markets”, or other similar expressions. These forward-looking statements include statements about plans and with respect to our “at-the-market program” and the statement that the Board of Directors does not currently expect to sell common stock under the “at-the-market program” at this time . timing, statements regarding the use of the proceeds of the sales and other non-historical statements.

The forward-looking statements in this press release are subject to significant risks, uncertainties, contingencies and factors that could cause our actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including risks related to the execution of the at-the-market program, including the timing and amount of any purchases made under such program, the use of returns 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 in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to publicly update or revise 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 direction
Borr Drilling Limited
Hamilton, Bermuda

Contact:
Magnus Vaaler: CFO, +47 22483000

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SOURCE Borr Drilling Limited