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, 29 September 2020

Borr Drilling Limited ("Borr Drilling" or the "Company") (NYSE: "BORR", OSE:
"BDRILL") is pleased to announce that its bank syndicate and Hayfin have agreed
to provide the Company with extra liquidity of approximately USD 12 million
through a combination of PIK interest and deferral of funding of restricted cash
accounts during the next 12 months. The Company has decided to lower the amount
to be raised in the contemplated equity offering to USD 25-30 million, which
combined with the lenders' concession will provide Borr Drilling with sufficient
liquidity.

Based on commitments from investors, the equity offering is covered and is
expected to close around 7PM CET/1PM EST today, Tuesday 29 September.

Due to the market volatility and unfavorable price indication for the
convertible bond, the Board of Directors has decided not to proceed with the
proposed buy back of a portion of its convertible bond.

CEO Patrick Schorn commented as follows: "With the additional concessions from
the lenders, management remains confident in the run-way being built. In total,
the liquidity provided to the Company by the combination of equity and lender
concessions is in excess of USD700m during 2021 and 2022. Immediately after
closing of this equity transaction, we will start working with the yards to
agree terms to further strengthen the liquidity runway."

Completion of the equity offering is subject to (i) the Board of Directors
resolving to consummate the equity offering and finally allocate the offer
shares and (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 on Oslo Stock Exchange.
It is expected that the offer shares will be settled on or about 5 October 2020.
The concessions from the banks and Hayfin are subject to satisfactory
documentation and similar concessions from the yards, as previously disclosed in
the investor presentation published by the Company on 22 September 2020.

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
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, concessions from lenders including the agreement
to defer interest payments statements about additional runway and liquidity
provided plan to work with yards to improve liquidity, conditions relating to
completion 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 the
Company's ability to complete the contemplated 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.

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