Exhibit 99.2
Borr Drilling Limited Investor Presentation7 July 2021
Forward looking statements 2 This presentation includes forward looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties. All statements other than statements of historical facts are forward-looking statements. You can identify these
forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. These forward-looking statements include statements about
plans, objectives, goals, strategies, future events or performance outlook, prospects, potential, indicative scenarios and trends, including contract backlog and contracting activity, growing backlog, estimated liquidity runway until 2023
maturities, estimated cash breakeven operations, expected market recovery and growth potential, expected strong pick-up in demand and improving visibility for 2022 and projected utilisation, improving liquidity, path to recovery in rates and
projections in rates, statements about the global fleet of jackup rigs including supply and demand trends, upside projected demand and potential and expected drivers, demand forecast and upside potential, worldwide market balance and demand
forecast, newbuild orderbook, expected tenders, OPEC ramp up, expected drivers and returns in the jackup drilling market, recovering activity, agreement to sell of shares in Mexico IWS and purchase of shares in drilling JVs, illustrative cash
breakeven, debt profile and liquidity improvement and ambition to further extend, illustrative cash flow potential and implied EV and related assumptions, improving macro fundamentals driven by expected oil price and world economic recovery,
expected to drive further improvements in jackup utilization and day rate recovery, strong outlook creating significant upside potential for Borr Drilling’s available rigs and increased collections in Mexico YTD improving the Company’s
liquidity and runway and other non-historical statements. The forward-looking statements included in this presentation, are subject to significant risks, uncertainties, contingencies and factors that are that may cause our actual results,
performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Numerous factors that could cause our actual results, level of activity, performance or achievements to differ materially
from the statements expressed or which could be implied by these forward-looking statements include: risks relating to our industry and business and liquidity, the risk of delays in payments to our Mexican JVs and consequent payments to us, the
risk that our customers do not comply with their contractual obligations, including payment or approval of invoices, risks relating to industry conditions and trends and tendering activity, oil price trends, supply and demand trends in the
jackup industry, risks relating to our liquidity, risks that the expected liquidity improvements do not materialize and other risks relating to our liquidity requirements, risks relating to cash flows from operations, the risk that we may be
unable to raise necessary funds through issuance of additional debt or equity or sales of assets, risks relating to our loan agreements, including the agreement we have reached with our secured lenders, and other debt instruments including
risks relating to our ability to comply with covenants and obtain any necessary waivers and the risk of cross defaults, risks relating to our ability to meet our debt obligations and obligations under rig purchase contracts and our other
obligations as they fall due, risks relating to our leverage and debt maturities including the risk that we may be unable to refinance or extend debt maturities as they fall due, risks relating to future financings including the risk that
future financings may not be completed when required and future equity financings will dilute shareholders and the risk that the foregoing would result in insufficient liquidity to continue our operations, meet our debt and other payment
obligations or to operate as a going concern and other risks described in our most recent Annual Report on Form 20-F and other filings with the US Securities and Exchange Commission (SEC), future annual reports on Form 20-F and any other
document that is, or may be, filed with the SEC. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements made in this presentation
speak only as of the date of this presentation. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the
date hereof or to reflect the occurrence of unanticipated events. The foregoing factors that could cause our actual results to differ materially from those contemplated in any forward-looking statement included in this presentation should not
be construed as exhaustive. New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or
combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.
Introduction 3 * Including cash distributions from Mexico JVs Large modern Jack-up rig fleet13
active rigs10 rigs available 5 rigs under construction Estimated liquidity runway until 2023 debt maturitiesBased on 13 active rigsSettling Mexico JV divestituresCollections remaining on track Worldwide operationsNorth Sea, West AfricaAsia,
Mexico Unique debt structureShipyard largest lendersLow cash interest costFirst debt maturity Q1 2023 Cash break-even from operationsWith 13 active rigs we estimate cash break even from operations*Cash position end of Q1 2021 $49M
Growing backlogAdded $458M YTD 2021at average day-rate over $85K
Modern fleet with global footprint and customer base 4 Global Presence Customer base Source: Company
data 4 5 5 5 13 Contracted 10 Available 5 UnderConstruction 6 4 3 2 1 2 28 Total rigs
Well positioned and ready to benefit from the expected market recovery 5 Significant growth potential
remains Strong track record of operation and activations 15 available units Technical Utilization(%) New Build Activations 5 Rigs 4 Rigs 1 Rig # rigs
The strength of Jack-up drilling 6 Drivers & Returns In previous cycles Majors/Super Majors set
the paceThis cycle, the National Oil Companies are expected to set the pace – particularly for the Jack-up market – they are the largest customer baseNOC plans are less investor sentiment dependent Cashflow at current oil prices is strong and a
necessity for many governments’ budgetsThe energy transition, over time, could diminish the value of large hydrocarbon resources – there is an added incentive to produce at today’s strong prices rather than in the future at an unknown volume
and price. Customer base centered around NOC Growth in key markets Source: IHS Petrodata, Borr Drilling 13 353 Demand+110 rigs+200% # rigs
Oil macro is improving for shallow water 7 Oil price has recovered ($/brl) US shale shows discipline
(BHI oil rig count) Inventories drawing significantly Sources: Bloomberg, Baker Hughes, SB1 Markets Stock draws (mbrl/d)assuming no OPEC increase Large stock draws and inventories below 5 year average – room for OPEC production to grow –
OPEC production is mainly onshore and shallow water (jack-ups) – break-evens typically $15-40/brl Oil price up 20% vs 2019 US Rig count down 50% vs 2019
2021 strong pick-up in demand – improving visibility for 2022 8 Source: IHS Petrodata, Company
data Significant upside potentialMiddle EastAnticipated additional demand of rig acquisitions and contracts of 30+ units(2022 / 2023)ONGC Incremental demand of 3 to 5 rigs (2022 / 2023)IranAdditional 16 rigs required to reach pre-sanctions
activity levels (2015)Potential incremental demand for 40+ rigs Marketed utilisation of >90% based on projected demand – day-rates increasing 40+ rigspotential incremental demand # rigs
Path to recovery in rates 9 Current utilization levels last seen in May 2019 Source: IHS Petrodata,
IC jacku-ps only, Company analysis Avg. Brent$68.4/bbl In 8 months:Utilization +7%Contracted Fleet +31 Modern RigRates ~$100k Avg. Brent$63.9/bbl Modern RigRates >$100k? projection # rigs Marketed utilisation
Activity recovering – Borr Drilling with strong increase in backlog 10 YTD May’21 industry fixtures1
already surpassed 2020FY levels Borr active in contracting2 Source: IHS Petrodata, IC jackups only adjusted with Company data (contracts data).* As of May 25th, 20211 In rig years, fixtures include new mutual, priced option and mutual option
transactions (excludes related party contracts ADNOC, CNOOC/COSL and ARAMCO/ARO)2 Includes new contracts, extensions, options and LOI/LOAs; Contracted Fleet = average contracted rig count 2021YTD; Days fixed pr rig End May 2021
Newbuild orderbook all but gone – Borr controlling 25% of remaining supply 11 The market has absorbed
a majority of newbuilds Competitive newbuilds at only 20 units Source: IHS Petrodata, Artic Offshore, Fearnley Offshore and Company adjustments Borr has contracts for 5 of these units giving access to 25% of supply A significant amount of
rigs have already been put to work # rigs # rigs Committed byAramco and ADNOC
Streamlining Mexico operations and improving liquidity 12 Prior to sale of shares in IWS After sale of
shares in IWS Drilling JVsPerfomex I & II49% - Borr 5 rigs – bareboat contracts IWS JVsOpex/Akal49% - Borr 5 rigs – dayrate contractsavg. dayrate $94,000 until Dec 2022 Integrated well services contractsThe two IWS JV’s provide
turn-key well construction services to Pemex. To date they delivered 21 wells to Pemex adding 125,000 bbl/day of production Drilling JVsPerfomex I & II51% - Borr IWS JVsOpex/Akal0% - Borr Borr will sell its 49% shareholding in the two
IWS JV’s, and release gross $28 million in cash Borr will obtain 2% additional shareholding in the Drilling JVs
($m in 2021) # rigs working Day-rate equivalent 8 13 18 23 Idun, Saga, Gunnlod, P1, P5,
Norve, Natt, Skald + Galar, Gersemi, Grid, Odin, Njord + Groa, Gerd, Ran, Frigg, Mist +Gyme, Thor, Hermod, Heimdal, Hild $70k/day ($75) ($41) $5 $51 $80k/day ($49) $2 $64 $126 $90k/day ($23) $45 $123 $202
$100k/day $3 $87 $182 $277 Attractive cost structure 13 Illustrative scenarios of operating cash break-even1 in 2021 at different activity levels 1) Assumes $32m in SG&A normalised cost, $16m in capex and LTM (excluding any
activation costs), $55m in cash interest (incl. deferred interest for bank loans of ~$8m from 2020 into 2021 + $6m PPL interest), $6m hold cost/cost cover to Keppel. Stacking cost of $6k/day. Opex of $45k/day. 4% cash revenue tax, 95% economic
utilisation # rigs outside Mexico # current contracted rigs # activated warmstacked rigs # delivered rigs
Extending debt maturity and capex through the anticipated trough of the cycle 14 Pre May 2020 – Debt
profile Current debt profile No scheduled debt amortisation before 2023 >$1bn in accumulated liquidity improvement until 2023 achievedAmbition to further address the debt maturities to the benefit of all stakeholders $m $m $m
Debt levels in perspective 15 Assumptions Illustrative $k/day implied cost of debt Based on Q1 2021
numbers, including Back-end fee on loans to yards and long term accrued interestBased on depreciated value over 30 yearsInterest rate used 5% (corresponds with average interest rate for the company of 4.8% in Q1 2021, and 4.9% in 2020)Opex of
$50k/day also estimated to cover a rig’s portion of G&A/overheads Average debt per delivered rig $85 millionAverage debt including undelivered rigs with newbuild capex commitment is $93 millionAverage age of delivered fleet is 4.5 years,
including five undelivered rigs, 3.7 yearsAssuming the useful life of a rig at 30 years, we calculate the amortisation per day by depreciating the debt to zero over the remaining assumed lifeDaily interest rate is calculated on the 2021 debt
levels at 5%The quality and age of the assets, in combination with the low cash interest cost, is a competitive advantage for Borr Drilling Cost of Borr Drilling debt based on current interest rates and amortisation to zero is only ~$20k/day
per rig Average contracted YTD 2021 $86k/day Average last 20 years $140k/day $k/day
Illustrative Cash Flow Potential 16 “EBITDA” at various dayrate levels in Borr Drilling *Assumes
$50k/day in operating costs to also cover rig’s portion of G&A/overheads 15y average Peak Potential at different dayrate levels with28 rigs $280m $476m $868m $1,960m
In conclusion 17 Flexible debt structure – proven track-record on extending maturities Incremental
demand and subsequent day-rate increases creating significant upside for our 10 idle rigs Clear runway to first debt maturities in 2023 with continued activity of 13 rigs and collections remaining on track Youngest fleet – strong operations
team – first class operational performance Robust backlog increase in 2021 of $458m as of end of May – operationally cash breakeven with 13 active rigs
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