Borr Drilling Ltd

Liquidity Updates

In June 2026, the Company’s wholly owned subsidiary Borr IHC Limited, and its direct subsidiary, Borr Finance LLC, issued, at par, $2,035.0 million aggregate principal amount of senior secured notes in two series, consisting of (i) $1,100.0 million aggregate principal amount of 8.750% senior secured notes due 2032 (the “2032 Notes”) and (ii) $935.0 million aggregate principal amount of 9.000% senior secured notes due 2034 (the “2034 Notes”, and together with the 2032 Notes, the “New Notes”). The New Notes are secured on a senior basis by most of the rigs and certain other assets of the Company and the subsidiary guarantors and mature in January 2032 and January 2034, respectively. In connection with the offering, the Company repurchased and redeemed the remaining aggregate principal amount of its Senior Secured Notes due 2028 and 2030 (the “2028 Notes” and “2030 Notes”, respectively).

In April 2026, the Company completed an offering of $300.0 million aggregate principal amount of convertible senior notes due 2033 (the “Convertible Notes”). The Convertible Notes are senior, unsecured obligations of the Company and mature in May 2033. They bear interest at a rate of 3.5% per annum, which is payable semi-annually, beginning in November 2026. The Convertible Notes are convertible into the Company’s common shares, cash, or a combination of shares and cash, at the Company’s election. The initial conversion rate is 125 common shares per $1,000 in principal amount of Convertible Notes, which is equivalent to an initial conversion price of $8.00 per common share. The conversion rate is subject to adjustment upon the occurrence of certain events. In connection with the offering, the Company repurchased $195.2 million aggregate principal amount of its convertible bonds, which mature in February 2028 (the “Convertible Bonds due 2028”).

New Joint Venture Rig Acquisition

On July 29, 2026, BC Ventures Limited, a newly established 50/50 joint venture between subsidiaries of the Company and a subsidiary of its long-term well construction partner (the “New JV”) completed the acquisition of five jack-up rig owning entities, which own five jack-up drilling rigs that are currently operating or stacked in Mexico (the “New JV Rig Acquisition”).

The aggregate purchase price for the New JV Rig Acquisition was $287.0 million, of which $237.0 million was financed through a seller’s credit and $50.0 million was paid in cash at completion, of which the Company contributed $25.0 million. The seller’s credit has a 2.5 year maturity from the closing date and is secured by, among other things, a first priority lien on the five acquired jack-up rigs.

Listing on the Oslo Stock Exchange

On December 19, 2025, our shares were listed on the Euronext Growth Oslo under the symbol “BORR”, and the Company concluded its up-listing to the main market on the Oslo Stock Exchange (“OSE”) on May 21, 2026.