Adjustment Information Relating to Potential Subsequent Offering

Source: www.gulfoilandgas.com 9/30/2020, Location: South America

Reference is made to Borr Drilling Limited’s stock exchange announcements of 30 September, 2020, relating to the successfully completed equity offering through the subscription and allocation of 51,886,793 new depositary receipts (the “Equity Offering”), and the announcement of a potential subsequent offering on 23 September 2020 (the “Subsequent Offering”).

The subscription price in the Equity Offering has been revised to USD 0.53 per share (depository receipt to be listed on Oslo Stock Exchange) and the subscription price in any Subsequent Offering (if later resolved) will be amended accordingly. In accordance with the continuing obligations for companies listed on the Oslo Stock Exchange, the following updated key information is given with respect to the potential Subsequent Offering:

Date of announcement of the potential Subsequent Offering: 22 September 2020

Last day of trading including rights to receive subscription rights: 22 September 2020

First day of trading excluding rights to receive subscription rights: 23 September 2020

Record date: 24 September 2020

Date of approval: Currently not resolved (see “Other information” below) v Maximum number of new depository receipts: 10,000,000

Subscription price: USD 0.53 per depository receipt (adjusted from USD 0.70 as stated in the release of 23 September 2020)

Other information: The Subsequent Offering is subject to completion of the Equity Offering, Board approval, SGM approval, publication of an offering and listing prospectus (the “Offering Prospectus”) approved by the Norwegian FSA and the prevailing market price of the Company’s depository receipts, and will be directed towards holders of OSE depository receipts who: (i) hold OSE depository receipts at the end of trading on OSE on 22 September 2020, as registered in the VPS as of 24 September 2020, (ii) are not allocated Offer Shares in the Equity Offering, and (iii) are not resident in a jurisdiction where such offering would be unlawful or, for jurisdictions other than Norway, would require any prospectus, filing, registration or similar action (the “Eligible Shareholders”). The Eligible Shareholders will be granted non-transferable subscription rights. The subscription period for the Subsequent Offering is expected to commence following publication of the Offering Prospectus, estimated to be at the end of October 2020. All terms subject to adjustments.

The shares referred to herein have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration.


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