Borr Drilling Limited Q4 2019 results presentation28 February 2019

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Highlights Q4 and full year 2019 3 Total operating revenues of $92.9 million, net loss of $69.3 million and Adjusted EBITDA of $1.8 million for the fourth quarter of 2019Total operating revenues of $334.1 million, net loss of $308.1 million and Adjusted EBITDA of $(2.6) million for the full year 2019Net loss includes includes $16.4 million accounting loss in equity method investments.Sold marketable securities, resulting a total realised loss of $15.4 million, and improving the liquidity position by $27.1 millionAgreed amendments in bank loan covenants to adjust minimum book equity ratio from 40% to 33.3% and the minimum free liquidity covenant from 4.0% to 3.0% of net interest bearing debt Entered into a new $100 million financing arrangement for the newbuild jack-up rig Tivar, scheduled to be delivered from the yard in July 2020, maturing December 31, 2021. As part of the Tivar agreement, the delivery of the rigs Vale and Var are expected in Q1 2022 The Company uses certain financial information calculated on a basis other than in accordance with accounting principles generally accepted in the United States (US GAAP) including Adjusted EBITDA. Adjusted EBITDA as used herein represent net loss less: depreciation and impairment of non-current assets, amortisation of contract backlog, net financials, gain from bargain purchase and income tax expense. Adjusted EBITDA is included as a supplemental disclosure because the Company believes that the measure provides useful information regarding the Company’s operational performance.

Key Financials Q4 2019 4 Income Statement USDm FY 2019 Q4 2019 Q3 2019 Operating revenues 334.1 92.9 102.7 Gain on disposals 6.4 2.6 - Rig operating and maintenance expenses (307.9) (81.6) (87.9) Depreciation (101.4) (27.1) (25.8) Impairment (11.4) - - Amortisation of contract backlog (20.2) (1.6) (4.1) G&A (50.4) (15.4) (10.9) Total operating expenses (491.2) (125.7) (128.7) Operating loss (150.7) (30.2) (26.0) Loss from equity method investments (18.0) (16.4) (1.6) Financial income (expenses) (128.1) (18.0) (47.8) Loss before income taxes (296.9) (64.6) (75.4) Tax (11.2) (4.7) (3.8) Net loss (308.1) (69.3) (79.2) Comments Q4 2019 Revenues decreased quarter on quarter mainly due to less operating daysRig operating and maintenance expenses decreased due to: Lower amortisation of mobilisation costs of $4.1millionAmortization of contract backlog relates to acquired contracts from the Paragon transactionG&A increased by $4.5 million mainly due to one-off feesLoss from equity method investments related mainly to an unplanned geological event in our IWS joint venture in Mexico Total financial expenses, main itemsNet interest expense of $23.6 million Mark-to-market gains of $7.5 million on forward contractsRealised loss from sale of debt securities of $15.4 million since purchase, loss during the quarter was $3.4 millionMark-to-market gain of $1.9 million on the Call Spread derivative related to the convertible bonds

Key Financials Q4 2019 5 Balance Sheet Key Numbers USDm Q4 2019 Q3 2019 Q4 2018 Total assets 3,280.0 3,199.5 2,913.7 Total liabilities 1,994.9 1,848.6 1,380.2 Total equity 1,285.1 1,350.9 1,533.5 Cash and cash equivalents 59.1 39.5 27.9 Restricted cash 69.4 77.1 63.4 Comments Q4 2019 Total assets increased by US$80.5 million due to delivery of one newbuild, “Hermod”, offset by depreciationTotal liabilities increased by US$146.3 million, mainly attributable to $90.1 million in long-term debt for the delivery of Hermod$30.0 million drawdown in bank debt$12.7 million in liabilities from equity method investmentsTotal available free liquidity (excluding restricted cash) was $94.1 million, including undrawn amounts under credit facilities of $35.0 million.

Fleet Status Report February 2020 6 Contractual Developments Other Fleet Updates * Includes Eir, which is under sales agreement, expected to be concluded early 2020, subject to conditions Time Rig Client Contract Status Oct-19 Galar Pemex Contract: Q1 2020 to Q2 2021 Oct-19 Njord Pemex Contract: Q1 2020 to Q2 2021 Nov-19 Saga Eni Contract: Q1 2020 to Q2 2020 Nov-19 B152 ADOC/ADNOC 9 Months Contract Extension from Nov 30 Dec-19 Prospector 5 CNOOC Contract: Q3 2020 to Q3 2021 Jan-20 Idun JVPC Contract: Q1 2020 to Q3 2020 Dec-19 Prospector 5 Neptune 2 Months Contract Extension from Dec 31 Jan-20 Prospector 5 Perenco Contract: Q1 2020 to Q3 2020 Jan-20 Mist ROC Oil LOA: Q2 2020 to Q4 2020

From 0 to 19 rigs in operations – achieved critical mass in all regions 7 Growth from 1 to 19 rigs after 26 months in operations 19 operating rigs Mar-20 1 operating rigDec -17 99.0% technical utilization in 2019

Jack-up demand growing – shallow water has lowest break even cost 8 US onshore rig count Floater rig count Jack-up rig count Source: Bloomberg and IHS, Rystad -15% +6% +27% Break-even USD55/bbl Break-even USD45-50/bbl Break-even USD18-40/bbl

Jack-up demand growing – shallow water has faster payback 9 Jack-up demand is mainly brownfield Core countries are drilling significantly more today Source: IHS Petrodata, DNB Markets, Borr Drilling # Jack-ups Outstanding and expected tenders Brownfield Greenfield Exploration Greenfielddevelopment Infill drilling Workover P&A 3% 2% 6 months 3 months 2 years 3 years 7 years 3-4 years 1 year 6 months Time to first oil

Modern replacing standard rigs – Borr very well positioned 10 Marketed Utilization continues to trend upwards… Modern JU availability is tight … while market bifurcation continues to play out Source: IHS, Borr Drilling Marketed Utilization (%) Modern (>=2000) Standard (<2000) Average 234 113 193 223 + 49% -49% Supply and Demand matrix Modern rigs # of rigs Total fleet 305 Not marketed 16 Marketed fleet 289 Marketed utilisation 91% Contracted fleet 263 166 130

Available modern rig capacity largely depleted – Borr very well positioned 11 Visible incremental demand Borr controls > 1/3 of available capacity Only 12 rigs with same standard as the Borr rigs left # units stranded in yards down 87 Middle East 19 Mexico 10 South-east Asia 7 West Africa 3 India 2 Rest of the world ? Total >41

Industry backlog and contract length increasing – dayrate increases to continue 12 Trailing 12 months contracted days back at 2013 peak Average contract length past 2013 peak IHS

Forward utilisation now at 2012 levels 13 Forward utilisation all jack-ups Forward utilisation premium jack-ups Average 6 month forward utilisation 59%Average 1 year forward utilisation 51%Average 2 year forward utilisation 39%2012: Premium JU day-rate USD151k/day

Jack-up market approaching inflection point of utilisation and dayratesBorr very well positioned in all key operating regions2020 focus on strengthening balance sheet and cashflow building on:Activity having reached critical massStringent rig activation criteriaTight control on cost and working capitalStrategic and opportunistic asset salesAiming for positive operating income and operating cashflow for 2020 Summary 14