Borr Drilling Limited - Announcement of new contract

HAMILTON, Bermuda, April 10, 2023 /PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE: BORR) (OSE: BORR) is pleased to announce that its premium jack-up rig "Hild" has been awarded a contract from an undisclosed customer for work in Latin America. The contract duration covers a firm term of 725 days and is expected to commence in Q3 2023, following the conclusion of the rig's ongoing activation. The estimated contract value is US$123 million, including mobilization and demobilization fees.

Following this award, all of the Company's 22 delivered units are now contracted or committed, with no open availability until late Q3 2023. Amidst an improving market, the Company remains optimistic about recontracting opportunities for its premium fleet.

Hamilton, Bermuda

10 April 2023

Forward looking statements

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as "expect", "estimate" and similar expressions and include statements relating to rig contracting including the duration and value of such contracts and backlog, and other non-historical statements. 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 actual performance under drilling contracts, the risk that backlog may not be realized, the number of rigs that will be in operation and rates that are achieved, and other risks and uncertainties described in the section entitled "Risk Factors" in our most recent annual report on Form 20-F and other 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.

CONTACT:

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

SOURCE Borr Drilling Limited

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