Borr Drilling Limited Tender Offer and Consent Solicitation for Notes Due 2028 and 2030

Borr Drilling Limited has commenced tender offers to purchase for cash its outstanding 10.000% Senior Secured Notes due 2028 (the "2028 Notes") and 10.375% Senior Secured Notes Due 2030 (the "2030 Notes"). The company is offering a total consideration for the 2028 Notes determined by a fixed spread over a U.S. Treasury reference security, and a total consideration of $1,060.00 per $1,000 original principal amount for the 2030 Notes. These offers are contingent upon the completion of a financing transaction involving the issuance of new Senior Secured Notes due 2032 and 2034, expected to yield at least $1.6 billion. The tender offers are also accompanied by a consent solicitation to amend the indenture governing the notes, which would, among other things, disapply restrictive covenants and release liens on collateral. Holders must consent to proposed amendments to tender their notes. The tender offers and consent solicitations are subject to conditions, including the financing condition, and are set to expire on June 24, 2026, with an early tender/consent deadline of June 8, 2026.