Borr Drilling Ltd.

09/02/2021 | Press release | Distributed by Public on 09/02/2021 02:32

Borr Drilling Limited – Announcement of Letter of Award for jack-up drilling rig

Borr Drilling Limited (NYSE and OSE: 'BORR') is pleased to announce it has secured a Letter of Award ('LOA') for the premium jack-up drilling rig 'Mist' from an undisclosed operator in Southeast Asia. The program is expected to commence in November 2021 with a duration of seven months plus options. The net start-up cash cost for the rig is expected to be $1.75 million. This LOA, which is expected to be converted into a contract shortly, will increase the company's contracted fleet to 15 rigs.

Hamilton, Bermuda

02 September 2021

Questions should be directed to:

Magnus Vaaler, Chief Financial Officer, +44 1224 289208

Forward looking statements:

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as 'expected', 'will' and similar expressions and include statements relating to the commencement and duration of contracts of rigs, start-up cash costs and other non-historical matters. Such forward-looking statements are subject to risks, uncertainties and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein and other factors described in the section entitled 'Risk Factors' in our prospectuses and filings with the Securities and Exchange Commission. 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.