Borr Drilling Limited – Announcement of new contracts and extensions for jack-up drilling rigs

OSLO, NORWAY, April 4, 2022 /PRNewswire/ — Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) is pleased to announce that it has been awarded new contracts and extensions for 5 of its jack-up drilling rigs of range. These allocations increase the company’s backlog by approximately 2,530 days, excluding option periods.

High-end jack-up drilling rig ‘Gunnlod’ secured contract with undisclosed operator in South East Asia. This contract should start in the direct continuity of his current contract. Work will involve 11 wells with an expected duration of 186 days plus options.

The premium jack-up drilling rig “Mist” has been optioned by PTTEP for a total term of approximately 3.5 months and is now expected to remain under contract with the client until in the fourth quarter of 2022.

High-end jack-up drilling rig ‘Saga’ secured contract with undisclosed operator in South East Asia. This contract will start as a direct continuation of its current contract and the work will cover a 1-well program with an expected duration of 45 days.

In addition, the Company has obtained long-term contracts in the Middle East with an undisclosed operator for 2 of its high-end jack-up rigs. The contracts have a firm term of 3 years plus options each and are expected to start in the second half of 2022.

These awards bring the company’s contracted fleet to 20 aircraft out of a total of 23 aircraft delivered.

Borr Drilling is maintaining constructive discussions with its lenders regarding the deferral or refinancing of its debt maturing in 2023 and expects these discussions to be successfully concluded no later than June 30, 2022.

Hamilton, Bermuda

April 4, 2022

Forward-looking statements

This press release contains forward-looking statements, which do not reflect historical facts and can be identified by words such as “expect”, “will” and similar expressions and include statements relating to drilling contracts and extensions and exercises of options, including the duration of such contracts and extensions and backlog, statements regarding its discussions with its creditors and the objective of completing such discussions in June 30, 2022, and other non-historical statements. These forward-looking statements are subject to risks, uncertainties, contingencies and other factors that 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 the backlog will not be realized, the number of rigs that will be in operation and the rates that are achieved, and risks related to discussions with creditors , including the risk that a refinancing will not be agreed on terms or if a refinancing is agreed, the terms of such refinancing, the risk that the terms of maturity extension and new drilling delivery dates agreed with the shipyard’s creditors are not fulfilled, including the condition that by June 30, 2022 Borr refinances the maturities of its other secured debt and convertible bonds until at least 2025, risks related to covenants on debt facilities and liquidity and the risk that Borr will not be able to refinance the maturities of its debt beyond 2023 and other risks and uncertainties described in the section titled “Risk Factors” in our most recent Annual Report on Form 20-F and other filings with the Securities and Exchange Commission. These 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 speak only as of the date of this release. We do not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:

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

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SOURCE Borr Drilling Limited

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