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Borr Drilling Ltd.

03/15/2019 | Press release | Distributed by Public on 03/15/2019 01:36

Borr Drilling Limited (BDRILL) – Contract Award for Two Premium Jack-up Rigs in Mexico

Borr Drilling Limited ('Borr' and the 'Company') is pleased to announce that one of its subsidiaries, in partnership with OPEX Perforadora S.A. de C.V., has received an official award from Petroleos Mexicanos ('PEMEX') for the delivery of offshore wells in Mexico

Under this award, Borr will deliver a total of 9 offshore development wells to our customer under an integrated services model. The scope of services will include the deployment of two of the Company's premium new build jack-ups, the 'Grid' and 'Gersemi', both of PPL 400 design which are built to meet the requirements of PEMEX, for period estimated to be around 18 months and expected commencement in mid-2019. Further, under this project, Borr will leverage on its strategic collaboration with our partner and main shareholder, Schlumberger, to provide comprehensive oilfield services and deliver an end-to-end well solution to our customer.

Hamilton, Bermuda

15 March 2019

Questions should be directed to:

Svend Anton Maier: Chief Executive Officer, Borr Drilling Management DMCC

+ 971 4 448 7501

Rune Magnus Lundetræ: Chief Financial Officer, Borr Drilling Management DMCC

+ 971 58 864 3915 / +47 90088411

Forward looking statements

This announcement includes forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as 'anticipate', 'believe', 'continue', 'estimate', 'expect', 'intends', 'may', 'should', 'will' and similar expressions and include expectations regarding industry trends including activity levels in the jack-up rig industry, trends in oil prices, the suitability of our fleet in the existing environment, utilization levels, delivery of newbuilds, and contract backlog, expected business environment in 2019 including expected offshore spending, expected contracting and operation of our rigs in 2019 and expectation of contracting at favourable rates, expected funding needs, execution of the indicative funding term sheet and entrance into the credit facility and other non-historical statements. The forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Borr Drilling Limited believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. 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. In addition to the important factors and matters discussed elsewhere in this report, important factors that, in our view could cause actual results to differ materially from those discussed in the forward looking statements are included in our most recent annual report.

The information, opinions and forward-looking statements contained in this announcement speak only as of the date hereof and are subject to change without notice.

About Borr Drilling Limited

Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the Oslo Stock Exchange from August 30, 2017. The Company owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow water segment to the offshore oil and gas industry worldwide.

Please visit our website at: www.borrdrilling.com