6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________________________________________

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

August 11, 2022

___________________________

Commission File Number: 001-39007

____________________________________________

Borr Drilling Limited

____________________________________________

S.E. Pearman Building

2nd Floor 9 Par-la-Ville Road

Hamilton HM11 Bermuda

+1 (441) 542-9234

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F Yes ☒ No ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Yes ☐ No ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Yes ☐ No ☒

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Included in this Report on Form 6-K is our Unaudited Interim Financial Report for the six months ended June 30, 2022.

The information contained in this Report on Form 6-K is hereby incorporated by reference into the Company's registration statements on Form F-3 (Registration Number 333-254525 and Registration Number 333-266328) which were filed with the U.S. Securities and Exchange Commission (the "Commission") on March 19, 2021 and July 26, 2022, respectively, and into each prospectus outstanding under the foregoing registration statements, to the extent not superseded by documents or reports subsequently filed or furnished by the Company under the Securities Act of 1922, or the Securities Exchange Act of 1934.

Exhibits

99.1 Unaudited Interim Financial Report for the six months ended June 30, 2022

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Borr Drilling Limited
	(Registrant)
	By:	/s/ Magnus Vaaler
	Name:	Magnus Vaaler
August 11, 2022	Title:	Principal Financial Officer

UNAUDITED INTERIM FINANCIAL REPORT

Forward-Looking Statements

This report and any other written or oral statements made by us in connection with this report may include forward-looking statements that involve risks and uncertainties. All statements other than statements of historical facts are forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995.

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, trends, market outlook, contract backlog, expected contracting and operation of our jack-up rigs, drilling contracts and contract terms including day-rates, statements with respect to our ATM program, expectations with respect to contracting available rigs (including warm stacked rigs), tender activity and new tenders, plans regarding rig deployment, statements with respect to newbuilds, including expected delivery dates, statements with respect to our joint ventures ("JV's"), statements relating to sales of rigs and expected sale proceeds including statements with respect to the letter of intent to sell three of our rigs under construction, industry trends, including activity levels in the jack-up rig and oil industry, demand for and expected utilization of rigs, statements with respect to the agreements in principle reached with our shipyard creditors and our other secured creditors and the conditions thereunder and plans to enter into long-form documentation to give effect to such agreements, which are currently in high-level form, statements relating to the equity raise we priced and the statements in this report under the heading “Going Concern Assumption” in the following operating and financial review and prospects discussion and “Going concern" in Note 1 of the Unaudited Consolidated Financial Statements.

The forward-looking statements in this document are based upon current expectations and various assumptions, many of which are based, in turn, upon further assumptions. These statements involve significant risks, uncertainties, contingencies and factors that are difficult or impossible to predict and are beyond our control, and 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 results, level of activity, performance or achievements expressed or implied by these forward-looking statements include: risks relating to our industry and business, including risks relating to industry conditions and tendering activity, the risk of delays in payments to our JVs and consequent payments to us, the risk that our customers do not comply with their contractual obligations, risks relating to our liquidity, including the risk that we may not be able to meet our liquidity requirements from cash flows from operations and through issuance of additional debt or equity or sale of assets, risks relating to our loan agreements, and risks related to our debt instruments and rig purchase and finance contracts, 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 or refinance our significant debt obligations including debt maturities and obligations under rig purchase and finance contracts and our other obligations as they fall due, risks relating to the agreements we have reached with our lenders to refinance our debt, including, the risk that we may not be able to meet the conditions to the agreements in principle with our secured creditors or execute long-form documentation for such agreements in principle and risks relating to the final terms of such long-form documentation that we may and expect to enter into to give effect to the refinancing, risks relating to the intended sales of rigs and the letter of intent to sell three newbuilds under construction, including the risks that we may not be able to complete the sale on intended terms at all, risks relating to the equity raise we recently priced including risks relating to the conditions to closing of the equity raise, 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 or to operate as a going concern, risks relating to our newbuild purchase and financing agreements and our exercise of the right to take early delivery of two rigs from Keppel, risks related to climate change, including climate-change or greenhouse gas related legislation or regulations and the impact on our business from climate-change related physical changes or changes in weather patterns, and the potential impact on the demand for oil and gas, risks relating to the military action in the Ukraine and its impact on our business, and other risks described in Part. I of "Item 3.D. Risk Factors" of our most recent Annual Report on Form 20-F and other filings with the U.S. Securities and Exchange Commission.

The foregoing factors that could cause our actual results to differ materially from those contemplated in any forward-looking statement included in this report should not be construed as exhaustive. Any forward-looking statements that we make in this report speak only as of the date of such statements and we caution readers of this report not to place undue reliance on these forward-looking statements. Except as required by law, we undertake no obligation to update or revise any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made.

Exhibit 99.1

Management Discussion and Analysis of Financial Condition and Results of Operation

The following is a discussion of our financial condition and results of operations for the six months ended June 30, 2022 and 2021. Unless the context indicates otherwise, the "Company," the "Registrant," "we," "us," "our," and words of similar nature, all refer to Borr Drilling Limited or any one or more of its consolidated subsidiaries. Unless otherwise indicated, all references to "USD" and "$" in this report are to U.S. dollars. You should read the following discussion and analysis together with the financial statements and related notes included elsewhere in this report. For additional information relating to our operating and financial review and prospects, including definitions of certain terms used herein, please see our annual report on Form 20-F for the year ended December 31, 2021, which was filed with the Commission on April 11, 2022.

Overview

We are an offshore shallow-water drilling contractor providing worldwide offshore drilling services to the oil and gas industry. Our primary business is the ownership, contracting and operation of jack-up rigs for operation in shallow-water areas (i.e., in water depths up to approximately 400 feet), including the provision of related equipment and work crews to conduct oil and gas drilling and workover operations for exploration and production customers.

Recent and Other Developments

See below a description of certain developments that have occurred since June 30, 2022:

Equity Offering

On August 10, 2022, the Company announced it prices a public equity offering of $250.0 million (plus an additional $25.0 million that we may issue and sell upon the exercise of the underwriters' options) of its common shares with proceeds being used to consummate a refinancing with its lenders under its Syndicated Facility, New Bridge Facility, Hayfin Facility and shipyard delivery financing arrangements with Keppel and PPL ("secured lenders"), and for general corporate purposes. Closing of the offering is subject to increasing the Company's authorized share capital and the Company entering into binding term sheets or other binding agreements with (or obtaining commitments from) all applicable secured lenders, no later than August 16, 2022.

Stock Option Grants

On August 11, 2022, the Board of Directors of the Company has resolved to grant 4 million options under the Company's approved share option scheme to certain of its employees. The grant is to become effective on September 1, 2022, following a planned Special General Meeting and increase in the approved share capital. Each share option gives the right to subscribe for one share of the Company. The options will vest over a three-and-a-half year period and have strike prices as follows:

•One third will vest on March 1, 2024 and will have a strike price of $4.00;

•One third will vest on March 1, 2025 and will have a strike price of $4.75; and

•One third will vest on March 1, 2026 and will have a strike price of $5.50.

In addition, the Company's Chief Executive Officer has been awarded 0.5 million Performance Stock Units that will all cliff vest on September 1, 2025 subject to certain performance criteria linked to the Company's closing share price.

Operating and Financial Review

Set forth below is selected financial information for the six months ended June 30, 2022 and 2021.

	Six months ended June 30,
In $ millions	2022	2021	Change	% Change
Total operating revenues	187.3	103.2	84.1	81	%
Gain on disposal	0.7	0.7	—	—	%
Rig operating and maintenance expenses	(121.1)	(96.2)	(24.9)	26	%
Depreciation of non-current assets	(59.0)	(54.8)	(4.2)	8	%
Impairment of non-current assets	(124.4)	—	(124.4)	100	%
General and administrative expenses	(18.8)	(19.5)	0.7	(4)	%
Total operating expenses	(323.3)	(170.5)	(152.8)	90	%
Operating Loss	(135.3)	(66.6)	(68.7)	103	%
Other non-operating income	2.0	—	2.0	100	%
Income from equity method investments	—	10.3	(10.3)	(100)	%
Total financial expenses, net	(72.2)	(56.7)	(15.5)	27	%
Loss before income taxes	(205.5)	(113.0)	(92.5)	82	%
Income tax expense	(11.1)	(1.3)	(9.8)	754	%
Net loss	(216.6)	(114.3)	(102.3)	90	%

Six months ended June 30, 2022 compared with the six months ended June 30, 2021

Net loss increased by $102.3 million to $216.6 million for the six months ended June 30, 2022 compared to $114.3 million in the same period in 2021. The increase in net loss is primarily a result of the following:

Total operating revenues: Total operating revenues increased by $84.1 million to $187.3 million for the six months ended June 30, 2022 compared to $103.2 million for the same period in 2021. The increase is a result of an increase in dayrate revenue of $54.2 million, of which $52.7 million of the increase is a result of an increase in the number of rigs in operation, as well as an increase of $29.9 million in related party revenue. The increase in related party revenue is driven by an increase in bareboat revenues relating to our related party joint ventures. The value of these contracts is based on residual profits and the increase is therefore a result of improved cumulative rig profitability.

Gain on disposal: Gain on disposal remained consistent at $0.7 million for the six months ended June 30, 2022 compared to $0.7 million for the same period in 2021. The gain on disposal for the six months ended June 30, 2022 relates to the sale of scrap assets. The gain on disposal for the six months ended June 30, 2021 relates to the sale of scrap assets of $0.8 million, offset by the loss on sale of the jack-up rig "Balder" of $0.1 million.

Rig operating and maintenance expenses: Rig operating and maintenance expenses increased by $24.9 million to $121.1 million for the six months ended June 30, 2022 compared to $96.2 million for the same period in 2021. The increase is primarily a result of an increase in the number of rigs in operation.

Depreciation of non-current assets: Depreciation of non-current assets increased by $4.2 million to $59.0 million for the six months ended June 30, 2022 compared to $54.8 million for the same period in 2021. The increase is primarily a result of an increase in the depreciable cost base due to an increase in additions to jack-up rigs.

Impairment of non-current assets: Impairment of non-current assets for the six months ended June 30, 2022 related to the impairment of advance payments and capitalized interest on the newbuilding jack-up rigs "Tivar", "Huldra" and "Heidrun" following an impairment review as a result of the Company entering into a letter of intent during the six months ended June 30, 2022 to sell the newbuilding rigs.

General and administrative expenses: General and administrative expenses decreased by $0.7 million to $18.8 million for the six months ended June 30, 2022 compared to $19.5 million for the same period in 2021. The decrease is comprised of various insignificant movements associated with routine corporate activities.

Other non-operating income: Other non-operating income was $2.0 million for the six months ended June 30, 2022 compared to nil for the same period in 2021. Other non-operating income for the six months ended June 30, 2022 relates to income recognized in connection with an amendment to a historical agreement to recycle one of our jack-up rigs.

Income from equity method investments: Income from equity method investments decreased by $10.3 million to nil for the six months ended June 30, 2022 compared to $10.3 million for the same period in 2021. The overall decrease is primarily a result of a $8.2 million decrease in equity income from the Opex and Akal joint ventures ("IWS JVs"). On August 4, 2021, the Company sold its 49% interest in each of the IWS JV's and as such, no equity income from the IWS JVs was recognized during the six months ended June 30, 2022.

Total financial expenses, net: Total financial expenses, net, increased by $15.5 million to $72.2 million for the six months ended June 30, 2022 compared to $56.7 million for the same period in 2021. The overall increase is principally due a $12.0 million increase in interest expense and a $7.4 million increase in other financial items, primarily as a result of an increase in yard cost cover relating to newbuild rigs not yet delivered. These increases to total financial expenses, net, were offset by a $3.9 million increase in interest income from our JV's.

Income tax expense: Income tax expense increased by $9.8 million to $11.1 million for the six months ended June 30, 2022 compared to $1.3 million for the same period in 2021. The overall increase is principally due to a $3.3 million increase in corporate income tax expense as a result of increased operations in Africa and an increase of $1.1 million as a result of increased operations in Asia, as well as a $3.1 million increase as a result of increased withholding tax on bareboat revenue in Mexico. In addition, $2.8 million of the increase is a result of a withholding tax credit which was recognized in the six months ended June 30, 2021 which has no comparable credit in the six months ended June 30, 2022.

Adjusted EBITDA: Adjusted EBITDA increased by $65.4 million to $58.4 million for the six months ended June 30, 2022 compared to $7.0 million (loss) for the same period in 2021. Adjusted EBITDA is a non-GAAP measure. We present Adjusted EBITDA because we believe this measure increases comparability of total business performance from period to period and against the performance of other companies. Set forth below is a reconciliation of Adjusted EBITDA to net loss for the periods presented. See "Non-GAAP Financial Measures".

	Six months ended June 30,
In $ millions	2022	2021	Change	% Change
Net loss	(216.6)	(114.3)	(102.3)	90	%
Depreciation of non-current assets	59.0	54.8	4.2	8	%
Impairment of non-current assets	124.4	—	124.4	100	%
Other non-operating income	(2.0)	—	(2.0)	100	%
Income from equity method investments	—	(10.3)	10.3	(100)	%
Total financial expenses, net	72.2	56.7	15.5	27	%
Income tax	11.1	1.3	9.8	754	%
Amortization of deferred mobilization and contract preparation costs	16.8	7.5	9.3	124	%
Amortization of deferred mobilization and demobilization revenue	(6.5)	(2.7)	(3.8)	141	%
Adjusted EBITDA	58.4	(7.0)	65.4	934	%

Liquidity and Capital Resources

Historically, we have met our liquidity needs principally from proceeds from equity offerings and our convertible bonds, available funds under our financing arrangements, including the shipyard delivery financing arrangements relating to our newbuild rigs and sales of non-core assets.

On December 28, 2021, the Company conducted a private placement of $30.0 million by issuing 13,333,333 new depository receipts (representing the same number of shares) at a subscription price of $2.25 per depository receipt. On January 31, 2022, the equity offering was settled and the Company's issued number of shares increased to 150,551,508 common shares.

In addition, during the six months ended June 30, 2022, the Company sold and issued 2,350,000 shares under our ATM program, raising gross proceeds of $8.9 million and net proceeds of $8.8 million, with compensation paid by the Company to Clarksons Securities of $0.1 million.

As of June 30, 2022, we had cash and cash equivalents of $29.7 million and restricted cash of $8.1 million. Since June 30, 2022, through to July 31, 2022, in addition to net cash generated (and used in) operations, $8.0 million was used in relation to capital expenditures costs associated with activation, reactivation and mobilization of jack-up rigs.

Borrowing Activities

As of June 30, 2022, we had principal debt outstanding of $1,862.5 million, of which $1,603.3 million matures in 2023. In July 2022, we announced that we had reached agreements in principle with our secured creditors to extend the debt maturing in 2023 to 2025, subject to the respective boards' and credit committees' approvals and binding documentation. As part of these agreements, we contemplate the following, referred to collectively as "the refinancing":

Syndicated Facility and New Bridge Facility

As of June 30, 2022 we had an aggregate of $303.0 million principal outstanding under these facilities. The principal amount under these facilities excludes $7.0 million drawn under the guarantee tranche of the Syndicated Facility. Subsequent to June 30, 2022, the facility principal increased by $7.5 million as a result of a back-stop fee payable for a commitment received for a $107.5 million back-stop facility which would be secured by three out of eight rigs in the facility. In addition, we have received commitment for a new $150.0 million secured facility with DNB Bank ASA, to be secured by five of the eight rigs that currently secure the facilities. While we have the option to draw down on both facilities, we contemplate a repayment of $160.5 million outstanding under the facility using a portion of the proceeds of the August Equity Offering, cancelling $7.0 million of the guarantee tranche and replacing it with cash collateral and refinancing the remaining $150.0 million with the $150.0 million facility from DNB Bank ASA. This will leave the remaining three rigs unencumbered.

We have received extensions of covenant waivers to implement the Refinancing, which waivers extend to August 10, 2022 and are then automatically extended to (i) August 18, 2022 if we enter into binding term sheets or other binding agreements in respect of the Refinancing by August 10, 2022 and (ii) to September 15, 2022 if we receive on or prior to August 18, 2022 commitments (subject only to completion of the transaction contemplated by the Refinancing term sheets) for the issuance of additional ordinary shares with gross proceeds of at least $150 million. We believe that this waiver has been automatically extended as a consequence of the execution of the underwriting agreement for the August Equity Offering.

Hayfin Facility

As of June 30, 2022, we had $197.0 million principal outstanding under our Hayfin Facility, maturing in January 2023. Our agreements in principle, as part of the refinance, contemplate an extension of the maturity of the facility to January 2025 and repayment of $45.0 million of this facility in 2022. The repayment of $45.0 million contemplates the use of $30.0 million from the proceeds of the August Equity Offering and a further payment of $15.0 million by the end of 2022. The facility is secured by three rigs.

PPL Facilities

As of June 30, 2022, we had $753.3 million principal outstanding under our PPL Facilities, maturing in July 2023, including $29.3 million in back-end fees and accrued interest estimated at $83.0 million. These facilities are secured by nine rigs. Our agreements in principle, as part of the refinancing contemplates (i) the deferral of maturities from 2023 to 2025, (ii) scheduled repayments through the term of the facility, and (iii) the sale by November 15, 2022 of the rig “Gyme”, which is currently financed by PPL, which is warm stacked and has not been activated or contracted previously. If the sale price is lower than an agreed minimum price of $120 million, the Company is required to cover any shortfall in the repayment below the minimum price. The proceeds from the sale are to be applied to repay principal, back-end fee and accrued interest for the rig, and any excess amounts received by PPL are to be applied to the accrued interest for the eight other rigs which are financed by PPL. The agreement in principle also contemplates applying 20% of future equity offerings (excluding the August Equity Offering) to pay down this facility, to be applied first to accrued interest.

Keppel Facilities

As of June 30, 2022, we had $272.2 million principal outstanding under our Keppel Facilities, which have maturities in October 2025, January 2026 and April 2026, including back-end fees at repayment of $13.5 million. These facilities are secured by three rigs. Our agreements in principle, as part of the refinance, do not contemplate any amendments to these facilities.

Cash Flows

The table below sets forth cash flow information for the periods presented.

	Six months ended June 30,
In $ millions	2022	2021	Change	% Change
Net cash used in operating activities	(23.2)	(27.6)	4.4	(16)	%
Net cash used in investing activities	(22.7)	(4.0)	(18.7)	468	%
Net cash provided by financing activities	37.7	44.8	(7.1)	(16)	%
Net (decrease)/increase in cash and cash equivalents and restricted cash	(8.2)	13.2	(21.4)	(162)	%
Cash and cash equivalents and restricted cash at beginning of period	46.0	19.2	26.8	140	%
Cash and cash equivalents and restricted cash at end of period	37.8	32.4	5.4	17	%

Net cash used in operating activities decreased by $4.4 million to $23.2 million for the six months ended June 30, 2022 compared to $27.6 million for the same period in 2021, primarily due to the timing of working capital movements.

Net cash used in investing activities of $22.7 million for the six months ended June 30, 2022 relates to additions to jack-up rigs, primarily as a result of activation and reactivation costs, offset by $0.7 million in proceeds received from the sale of other assets.

Net cash used in investing activities of $4.0 million for the six months ended June 30, 2021 is comprised of $7.7 million in additions to jack-up rigs as a result of activation costs. This was partially offset by;

•$1.5 million in net distributions from our equity method investments as a result of the return of previous shareholder funding;

•$1.4 million in proceeds from the sale of the jack-up rig "Balder"; and

•$0.8 million in proceeds from the sale of other assets.

Net cash provided by financing activities of $37.7 million for the six months ended June 30, 2022 is a result of the proceeds, net of transaction costs, from our equity offering which closed in January 2022 as well as from the sale of shares under our ATM program.

Net cash provided by financing activities of $44.8 million for the six months ended June 30, 2021, is a result of the proceeds, net of transaction costs, from our January 2021 equity offering.

Cash interest paid was $22.1 million for the six months ended June 30, 2022 and $23.2 million for the same period in 2021 and is included in net cash used in operating activities.

Going Concern Assumption

We have incurred significant losses since inception and will be dependent on additional financing in order to fund our losses expected in the next 12 months, meet our existing capital expenditure commitments and our substantial debt maturities in 2023.

Our establishment of the ATM program and the equity raise in December 2021 have improved our liquidity situation, however, our ability to continue as a going concern is dependent on a continuing improvement in the jack-up drilling market and securing our rigs on accretive contracts, in addition to being able to defer or refinance our debt maturities to at least 2025 and raise additional equity. While we have priced a $250 million equity offering in August, the closing of the offering is subject to various closing conditions. In addition, while we have agreements in principle in place with all our secured creditors, these agreements remain subject to approvals and binding documentation to extend all maturities to at least 2025. As such, we have concluded that a substantial doubt exists over our ability to continue as a going concern. The financial statements included in this report do not include any adjustments that might result from the outcome of this uncertainty.

Refer to Note 1 of our Unaudited Consolidated Financial Statements included herein for our going concern assessment.

Non-GAAP Financial Measures

In addition to disclosing financial results in accordance with U.S. GAAP, this report contains references to the non-GAAP financial measure, Adjusted EBITDA. We believe that this non-GAAP financial measure provides useful supplemental information about the financial performance of our business, enables comparison of financial results between periods where certain items may vary independent of business performance, and allows for greater transparency with respect to key metrics used by management in operating our business and measuring our performance.

The non-GAAP financial measure should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP. Non-GAAP measures are not uniformly defined by all companies and may not be comparable with similarly titled measures and disclosures used by other companies.

Non-GAAP Measure	Closest Equivalent to GAAP Measure	Definition	Rationale for Presentation of this non-GAAP Measure
Adjusted EBITDA	Net loss attributable to shareholders of Borr Drilling Limited	Net loss adjusted for: depreciation of non-current assets; impairment of non-current assets; other non-operating income; income from equity method investments; total financial expenses, net; amortization of mobilization and contract preparation costs; amortization of mobilization and demobilization revenue; and income tax expense.	Increases the comparability of total business performance from period to period and against the performance of other companies by excluding the results of our equity investments, removing the impact of unrealized movements and removing the impact of depreciation, financing and tax items.

We believe that Adjusted EBITDA improves the comparability of period-to-period results and is representative of our underlying performance, although Adjusted EBITDA has significant limitations, including not reflecting our cash requirements for capital or deferred costs, rig reactivation costs, newbuild rig activation costs contractual commitments, taxes, working capital or debt service. Non-GAAP financial measures may not be comparable to similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under U.S. GAAP.

Borr Drilling Limited

Index to the Unaudited Consolidated Financial Statements

	Page
Unaudited Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021	1
Unaudited Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021	2
Unaudited Consolidated Statements of Cash Flows for the three and six months ended June 30, 2022 and 2021	3
Unaudited Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2022 and 2021	4
Notes to the Unaudited Consolidated Financial Statements	5

Borr Drilling Limited

Unaudited Consolidated Statements of Operations

(In $ millions except share and per share data)

	Notes	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
Operating revenues
Dayrate revenue	4	87.7	49.4	151.0	96.8
Related party revenue	4, 19	17.6	5.4	36.3	6.4
Total operating revenues		105.3	54.8	187.3	103.2
Gain on disposal		0.7	0.8	0.7	0.7
Operating expenses
Rig operating and maintenance expenses		(65.5)	(47.4)	(121.1)	(96.2)
Depreciation of non-current assets	13	(29.5)	(26.4)	(59.0)	(54.8)
Impairment of non-current assets	12	(124.4)	—	(124.4)	—
General and administrative expenses		(9.6)	(7.8)	(18.8)	(19.5)
Total operating expenses		(229.0)	(81.6)	(323.3)	(170.5)
Operating loss		(123.0)	(26.0)	(135.3)	(66.6)
Other non-operating income		2.0	—	2.0	—
(Loss) / income from equity method investments	6	(1.1)	(5.7)	—	10.3
Financial income (expenses), net
Interest income		3.9	—	3.9	—
Interest expense, net of amounts capitalized		(30.5)	(23.9)	(57.7)	(45.7)
Other financial expenses, net	7	(10.3)	(5.3)	(18.4)	(11.0)
Total financial expenses, net		(36.9)	(29.2)	(72.2)	(56.7)
Loss before income taxes		(159.0)	(60.9)	(205.5)	(113.0)
Income tax (expense) / credit	8	(6.3)	1.0	(11.1)	(1.3)
Net loss attributable to shareholders of Borr Drilling Limited		(165.3)	(59.9)	(216.6)	(114.3)
Total comprehensive loss attributable to shareholders of Borr Drilling Limited		(165.3)	(59.9)	(216.6)	(114.3)
Basic and diluted loss per share	9	(1.09)	(0.44)	(1.45)	(0.86)
Weighted-average shares outstanding	9	152,284,619	137,218,175	149,051,857	133,181,777

The accompanying notes are an integral part of these Unaudited Consolidated Financial Statements.

1

Borr Drilling Limited

Unaudited Consolidated Balance Sheets

(In $ millions)

	Notes	June 30, 2022	December 31, 2021
ASSETS		Unaudited	Audited
Current assets
Cash and cash equivalents		29.7	34.9
Restricted cash	10	1.4	3.3
Trade receivables		33.4	28.5
Prepaid expenses		11.2	6.6
Deferred mobilization and contract preparation costs	5	20.4	17.2
Accrued revenue	5	47.8	20.2
Due from related parties	19	67.1	48.6
Other current assets	11	21.4	16.9
Total current assets		232.4	176.2
Non-current assets
Non-current restricted cash	10	6.7	7.8
Property, plant and equipment		3.3	3.7
Newbuildings	12	11.1	135.5
Jack-up rigs	13	2,704.9	2,730.8
Equity method investments	6	19.4	19.4
Other non-current assets	14	12.7	6.9
Total non-current assets		2,758.1	2,904.1
Total assets		2,990.5	3,080.3
LIABILITIES AND EQUITY
Current liabilities
Trade payables		45.3	34.7
Accrued expenses	15	155.8	60.9
Short-term debt	16	1,642.7	—
Other current liabilities	17	40.5	22.3
Total current liabilities		1,884.3	117.9
Non-current liabilities
Long-term accrued interest and other items		22.9	70.1
Long-term debt	16	281.8	1,915.9
Other non-current liabilities		18.7	15.2
Onerous contracts		71.3	71.3
Total non-current liabilities		394.7	2,072.5
Total liabilities		2,279.0	2,190.4

Shareholders’ Equity
Common shares of par value $0.10 per share: authorized 180,000,000 (2021:180,000,000) shares, issued 152,901,508 (2021: 137,218,175) shares and outstanding 152,495,175 (2021: 136,811,842) shares	21	15.4	13.8
Treasury shares		(13.7)	(13.7)
Additional paid in capital		2,014.6	1,978.0
Accumulated deficit		(1,304.8)	(1,088.2)
Total equity		711.5	889.9
Total liabilities and equity		2,990.5	3,080.3

The accompanying notes are an integral part of these Unaudited Consolidated Financial Statements.

2

Borr Drilling Limited

Unaudited Consolidated Statements of Cash Flows

(In $ millions)

	Notes	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
Cash Flows from Operating Activities
Net loss		(165.3)	(59.9)	(216.6)	(114.3)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash compensation expense related to stock options		0.2	0.2	0.5	0.9
Depreciation of non-current assets	13	29.5	26.4	59.0	54.8
Impairment of non-current assets	12	124.4	—	124.4	—
Gain on disposal of assets	13	(0.7)	(0.8)	(0.7)	(0.7)
Amortization of deferred finance charges	7	1.6	1.9	3.2	3.0
Effective interest rate adjustments	16	2.8	0.7	5.9	1.7
Loss/(income) from equity method investments	6	1.1	5.7	—	(10.3)
Deferred income tax	8	1.1	(0.5)	1.0	(0.8)
Change in assets and liabilities:
Amounts due to/from related parties		(7.4)	0.1	(18.5)	4.7
Accrued expenses		24.8	(0.9)	85.6	0.3
Long-term accrued interest		(3.1)	15.7	(47.2)	31.8
Other current and non-current assets		(28.5)	(6.5)	(52.1)	0.6
Other current and non-current liabilities		11.0	7.0	32.3	0.7
Net cash used in operating activities		(8.5)	(10.9)	(23.2)	(27.6)
Cash Flows from Investing Activities
Purchase of plant and equipment		(0.4)	—	(0.4)	—
Proceeds from sale of fixed assets		0.7	0.8	0.7	2.2
Investments in equity method investments	6	—	(1.6)	—	1.5
Additions to jack-up rigs		(15.9)	(4.9)	(23.0)	(7.7)
Net cash used in investing activities		(15.6)	(5.7)	(22.7)	(4.0)
Cash Flows from Financing Activities
Proceeds from share issuance, net of issuance cost	21	3.6	—	37.7	44.8
Net cash provided by financing activities		3.6	—	37.7	44.8
		—	—	—	—
Net (decrease)/increase in cash, cash equivalents and restricted cash		(20.5)	(16.6)	(8.2)	13.2
Cash, cash equivalents and restricted cash at the beginning of the period		58.3	49.0	46.0	19.2
Cash, cash equivalents and restricted cash at the end of the period		37.8	32.4	37.8	32.4
Supplementary disclosure of cash flow information
Interest paid, net of capitalized interest		(15.0)	(13.7)	(22.1)	(23.2)
Income taxes paid, net		(5.0)	1.6	(6.6)	0.8

(In $ millions)	June 30, 2022	December 31, 2021
Cash and cash equivalents	29.7	34.9
Restricted cash	1.4	3.3
Non-current restricted cash	6.7	7.8
Total cash and cash equivalents and restricted cash	37.8	46.0

The accompanying notes are an integral part of these Unaudited Consolidated Financial Statements.

3

Borr Drilling Limited

Unaudited Consolidated Statements of Changes in Shareholders’ Equity

(In $ millions except share data)

	Number of outstanding shares	Common shares	Treasury shares	Additional paid in capital	Accumulated deficit	Total equity
Balance as at December 31, 2020	109,429,495	11.0	(26.2)	1,947.2	(895.2)	1,036.8
Issue of common shares	27,058,824	2.8	—	43.2	—	46.0
Equity issuance costs	—	—	—	(1.2)	—	(1.2)
Share-based compensation	275,131	—	10.4	(9.7)	—	0.7
Total comprehensive loss	—	—	—	—	(54.4)	(54.4)
Balance as at March 31, 2021	136,763,450	13.8	(15.8)	1,979.5	(949.6)	1,027.9
Share-based compensation	—	—	—	0.2	—	0.2
Total comprehensive loss	—	—	—	—	(59.9)	(59.9)
Balance as at June 30, 2021	136,763,450	13.8	(15.8)	1,979.7	(1,009.5)	968.2
	Number of outstanding shares	Common shares	Treasury shares	Additional paid in capital	Accumulated deficit	Total equity
Balance as at December 31, 2021	136,811,842	13.8	(13.7)	1,978.0	(1,088.2)	889.9
Issue of common shares	14,840,323	1.5	—	33.7	—	35.2
Equity issuance costs	—	—	—	(1.1)	—	(1.1)
Share based compensation	—	—	—	0.3	—	0.3
Total comprehensive loss	—	—	—	—	(51.3)	(51.3)
Balance as at March 31, 2022	151,652,165	15.3	(13.7)	2,010.9	(1,139.5)	873.0
Issue of common shares	843,010	0.1	—	3.6	—	3.7
Equity issuance costs	—	—	—	(0.1)	—	(0.1)
Share based compensation	—	—	—	0.2	—	0.2
Total comprehensive loss	—	—	—	—	(165.3)	(165.3)
Balance as at June 30, 2022	152,495,175	15.4	(13.7)	2,014.6	(1,304.8)	711.5

See accompanying notes that are an integral part of these Unaudited Consolidated Financial Statements

4

Borr Drilling Limited

Notes to the Unaudited Consolidated Financial Statements

Note 1 - General Information

Borr Drilling Limited was incorporated in Bermuda on August 8, 2016. We are listed on the Oslo Stock Exchange and on the New York Stock Exchange under the ticker BORR. Borr Drilling Limited is an international offshore drilling contractor providing services to the oil and gas industry. Our primary business is the ownership, contracting and operation of modern jack-up drilling rigs for operations in shallow-water areas (i.e., in water depths up to approximately 400 feet), including the provision of related equipment and work crews to conduct drilling of oil and gas wells and workover operations for exploration and production customers. As of June 30, 2022, we had a total of 23 jack-up rigs, including five rigs which were "warm stacked", and had agreed to purchase five additional premium jack-up rigs under construction. Of our total fleet of 28 jack-up drilling rigs (including newbuilds under construction), five jack-up drilling rigs are scheduled for delivery in 2023.

On June 26, 2022, we entered into a letter of intent for the sale of three premium jack-up rigs under construction. Upon conclusion of the sale of these rigs, our fleet will be composed of 23 jack-up rigs and two premium jack-up rigs under construction scheduled for delivery in 2023 (which we have agreed in principle with the yard to extend to 2025, as discussed below), for a total of 25 jack-up drilling rigs.

As used herein, and unless otherwise required by the context, the terms “Company,” “Borr”, “we,” “Group,” “our” and words of similar nature refer to Borr Drilling Limited and its consolidated companies. The use herein of such terms as “group”, “organization”, “we”, “us”, “our” and “its”, or references to specific entities, is not intended to be a precise description of corporate relationships.

Going concern

The unaudited consolidated financial statements have been prepared on a going concern basis.

We have incurred significant losses since inception and will be dependent on additional financing in order to fund our losses expected in the next 12 months, meet our existing capital expenditure commitments and our substantial debt maturities in 2023.

We have principal debt of $1,862.5 million of which $1,603.3 million matures in 2023. In July 2022, we announced that we had reached agreements in principle with our secured creditors to extend the debt maturing in 2023 to 2025, subject to the respective boards' and credit committees' approvals and binding documentation. As part of these agreements, we contemplate to repay the $310.5 million outstanding on our $450 million Syndicated Facility and $100 million New Bridge Facility collateralized by eight rigs and replace it with a (i) $150 million bilateral facility provided by the existing lender in the facilities DNB Bank ASA, secured by five rigs and (ii) a repayment of the remaining balance with the proceeds of the August Equity Offering. We have also received a commitment from a syndicate of existing lender which would make available a $107.5 million facility secured by three rigs, if required, pursuant to a conditional backstop agreement, however the Company does not expect to utilize this facility, given the size of the offering we have priced.

In addition, the agreements in principle contemplate a $45.0 million pay down of the Hayfin Facility ($30 million upon completion of an equity financing and the remaining $15 million by the end of 2022). The agreements in principle with our secured creditors provide for amending the maturity date of all secured debt to 2025 and also provide for certain payments to PPL and Keppel upon completion of the contemplated August Equity Raise. The agreement with Keppel also contemplates a deferral of the delivery dates for two newbuild rigs and an agreement by Keppel to the sale of the other three newbuild rigs we have agreed to purchase. These agreements are still subject to the creditors board’s approvals and binding documentation and the final terms may be different.

On August 10, 2022 the Company announced that it had priced a public equity offering of $250 million of its common shares with proceeds being used to consummate the refinancing described above, with its lenders under its Syndicated Facility, New Bridge Facility, Hayfin Facility and shipyard delivery financing arrangements with Keppel and PPL and for general corporate purposes. Closing of the offering is subject to increasing the Company's authorized share capital and the Company entering into binding term sheets or other binding agreements with (or obtaining commitments from) all applicable secured lenders, no later than August 16, 2022.

Furthermore, on June 27, 2022, we announced we have entered into a letter of intent for the sale of three newbuilding jack-ups for $320.0 million, subject to various conditions, including entering into an agreement to give effect to the LOI. Negotiations continue under the LOI with the intention that the final proceeds from the sale would be used to pay the delivery installments of the three newbuilding jack-up rigs and further eliminate the associated activation costs that would have applied in the future.

We have received extensions of covenant waivers to implement the Refinancing, which waivers extend to August 10, 2022 and are then automatically extended to (i) August 18, 2022 if we enter into binding term sheets or other binding agreements in respect of the Refinancing by August 10, 2022 and (ii) to September 15, 2022 if we receive on or prior to August 18, 2022 commitments (subject only to completion of the transaction contemplated by the Refinancing term sheets) for the issuance of additional ordinary shares with gross proceeds of at least $150 million. We believe that this waiver has been automatically extended as a consequence of the execution of the underwriting agreement for the August Equity Offering.

In July 2021, we established an ATM program under which we may offer and sell from time to time up to $40.0 million of our common shares to be listed on the New York Stock Exchange. As at July 31, 2022, we have sold 2,350,000 shares, raising $8.8 million in net proceeds under the ATM program. On December 28, 2021, as contemplated by the December 2021 agreements in principle with the shipyard creditors, outlined above, the Company launched a private placement which closed in January 2022, raising net proceeds of $28.9 million.

The sale of shares under our ATM program and equity raise have improved our liquidity situation, however, our ability to continue as a going concern is dependent on a continuing improvement in the jack-up drilling market and securing our rigs on accretive contracts, in addition to being able to defer or refinance our debt maturities to at least 2025, complete the August Equity Raise and enter into a definitive sales agreement

5

for the sale of the three newbuilding rigs noted above. While we have agreements in principle in place with all the secured creditors to extend the majority of secured debt to 2025, these agreements remain subject to approvals and binding documentation to extend all maturities to at least 2025. In addition, while we have priced our August Equity Raise in the amount of $250.0 million, the closing of the offering is subject to various closing conditions. As such, we have concluded that a substantial doubt exists over our ability to continue as a going concern. The financial statements included in this report do not include any adjustments that might result from the outcome of this uncertainty.

We will continue to explore additional financing opportunities and strategic sale of a limited number of modern jack-ups or joint ventures in order to further strengthen the liquidity of the Company. While we have confidence that these actions will enable us to better manage our liquidity position, and we have a track record of delivering additional financing and selling rigs and joint ventures, there is no guarantee that any additional financing or sale measures will be concluded successfully.

Note 2 - Basis of Preparation and Accounting Policies

Basis of preparation

The unaudited consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The unaudited consolidated financial statements do not include all of the disclosures required under U.S. GAAP in the annual consolidated financial statements, and should be read in conjunction with our audited annual financial statements for the year ended December 31, 2021, which are included in our annual report on Form 20-F for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission on April 11, 2022. The consolidated balance sheet data for December 31, 2021 was derived from our audited annual financial statements. The amounts are presented in millions of United States dollars ("U.S. dollar" or "$"), unless otherwise stated. The financial statements have been prepared on a going concern basis and in management's opinion, all adjustments necessary for a fair statement are reflected in the interim periods presented.

On December 14, 2021, the Board of Directors approved a 2-to-1 reverse share split of the Company’s shares. Upon effectiveness of the Reverse Split, every two shares of the Company’s issued and outstanding common shares, par value $0.05 per share was combined into one issued and outstanding common share, par value $0.10 per share. Unless otherwise indicated, all share and per share data in these unaudited consolidated financial statements have been adjusted to give effect of our Reverse Share Split and is approximate due to rounding.

Significant accounting policies

The accounting policies adopted in the preparation of the unaudited consolidated financial statements for the six months ended June 30, 2022 are consistent with those followed in preparation of our annual audited consolidated financial statements for the year ended December 31, 2021.

Use of estimates

The preparation of financial statements in accordance with U.S. GAAP requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Note 3 - Recently Issued Accounting Standards

Adoption of new accounting standards

In August 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-06 Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40). The amendments simplify the issuer’s accounting for convertible instruments and its application of the equity classification guidance. The new guidance eliminates some of the existing models for assessing convertible instruments, which results in more instruments being recognized as a single unit of account on the balance sheet and expands disclosure requirements. The new guidance simplifies the assessment of contracts in an entity’s own equity and existing EPS guidance in ASC 260. These amendments are effective from January 1, 2022. There was no impact resulting from these amendments on our unaudited consolidated financial statements or related disclosures as presented in this interim set of accounts for the six months ended June 30, 2022.

In May 2021, the FASB issued ASU 2021-04 Earnings Per Share (Topic 260), Debt— Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging —Contracts in Entity’s Own Equity (Subtopic 815-40). The amendments clarify the issuer's recognition and measurement considerations resulting from exchanges or modifications to freestanding instruments (written call options) classified in equity. Such exchanges or modifications are treated as adjustments to the cost to raise debt, to the cost to raise equity or as share based payments (ASC 718) when issued to compensate for goods or services. If not treated as costs of debt funding, equity funding or share-based payments, it results in an adjustment to EPS/net income (loss). These amendments are effective from January 1, 2022. There was no impact resulting from these amendments on our unaudited consolidated financial statements or related disclosures as presented in this interim set of accounts for the six months ended June 30, 2022.

In July 2021, the FASB issued ASU 2021-05 Leases (Topic 842) - Lessors - Certain leases with Variable Lease Payments. The amendments affect lessors with lease contracts that have variable lease payments that do not depend on a reference index or a rate and would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing leases. The new guidance amends the lease classification requirements where lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if certain criteria are met. When a lease is classified as operating, the lessor does not recognize a net

6

investment in the lease, does not recognize the underlying asset, and, therefore, does not recognize a selling profit or loss. These amendments are effective from January 1, 2022. There was no impact resulting from these amendments on our unaudited consolidated financial statements or related disclosures as presented in this interim set of accounts for the six months ended June 30, 2022.

In November 2021, the FASB issued ASU 2021-10 Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The amendments in this Update require the following annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy: (i) information about the nature of the transactions and the related accounting policy used to account for the transactions, (ii) the line items on the balance sheet and income statement that are affected by the transactions, and the amounts applicable to each financial statement line item and (iii) significant terms and conditions of the transactions, including commitments and contingencies. These amendments are effective from January 1, 2022. There was no impact resulting from these amendments on our unaudited consolidated financial statements or related disclosures as presented in this interim set of accounts for the six months ended June 30, 2022.

Accounting pronouncements that have been issued but not yet adopted

Standard	Description	Date of Adoption	Effect on our Consolidated Financial Statements or Other Significant Matters
ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers	The amendments in this Update require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. The amendments in this Update improve comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of, and after, a business combination. The amendments improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination.	January 1, 2023	Under evaluation
ASU 2022-01 Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method	The amendments clarify the accounting for, and promote consistency in, the reporting of hedge basis adjustments applicable to both a single hedged layer and multiple hedged layers as follows: 1) An entity is required to maintain basis adjustments in an existing hedge on a closed portfolio basis (that is, not allocated to individual assets). 2) An entity is required to immediately recognize and present the basis adjustment associated with the amount of the de-designated layer that was breached in interest income. In addition, an entity is required to disclose that amount and the circumstances that led to the breach. 3) An entity is required to disclose the total amount of the basis adjustments in existing hedges as a reconciling amount if other areas of GAAP require the disaggregated disclosure of the amortized cost basis of assets included in the closed portfolio. 4) An entity is prohibited from considering basis adjustments in an existing hedge when determining credit losses.	January 1, 2023	Under evaluation
ASU 2022-02 Financial Instruments—Credit Losses (Topic 326)	The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the Current Expected Credit Losses (CECL) model and enhance the disclosure requirements for loan refinancing and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write offs for financing receivables and net investment in leases by year of origination in the vintage disclosures.	January 1, 2023	Under evaluation

As of August 11, 2022, the FASB have issued further updates not included above. We do not currently expect any of these updates to have a material impact on our consolidated financial statements and related disclosures either on transition or in future periods.

Note 4 - Segment Information

During the three and six months ended June 30, 2022, we had a single reportable segment: our operations performed under out dayrate model (which includes rig charters and ancillary services).

During the three and six months ended June 30, 2021, we had two operating segments: operations performed under our dayrate model (which includes rig charters and ancillary services) and operations performed under the Integrated Well Services ("IWS") model. IWS operations were performed by our joint venture entities Opex and Akal.

7

On August 4, 2021, the Company executed a Stock Purchase Agreement for the sale of the Company's 49% interest in each of Opex and Akal, representing the Company's disposal of the IWS operating segment (see Note 6 - Equity Method Investments).

Our Chief Operating Decision Maker (our Board of Directors) reviews financial information provided as an aggregate sum of assets, liabilities and activities that exist to generate cash flows, by our operating segments.

The following presents financial information by segment for the three months to June 30, 2022:

(In $ millions)	Dayrate	Reconciling Items (1)	Consolidated total
Dayrate revenue	139.3	(51.6)	87.7
Related party revenue	—	17.6	17.6
Gain on disposal	—	0.7	0.7
Rig operating and maintenance expenses	(115.9)	50.4	(65.5)
Depreciation of non-current assets (1)	(29.1)	(0.4)	(29.5)
Impairment of non-current assets	(124.4)	—	(124.4)
General and administrative expenses (1)	—	(9.6)	(9.6)
Income from equity method investments	—	(1.1)	(1.1)
Operating (loss)/income including equity method investment	(130.1)	6.0	(124.1)
Total assets	3,226.5	(236.0)	2,990.5

The following presents financial information by segment for the three months ended June 30, 2021:

(in $ millions)	Dayrate	IWS	Reconciling Items (1)	Consolidated total
Dayrate revenue	49.4	85.6	(85.6)	49.4
Related party revenue	5.4	—	—	5.4
Intersegment revenue	43.1	—	(43.1)	—
Gain on disposal	—	—	0.8	0.8
Rig operating and maintenance expenses	(83.3)	(56.0)	91.9	(47.4)
Intersegment expenses	—	(43.1)	43.1	—
Depreciation of non-current assets (1)	(26.1)	—	(0.3)	(26.4)
General and administrative expenses (1)	—	—	(7.8)	(7.8)
Income from equity method investments	—	—	(5.7)	(5.7)
Operating loss including equity method investment	(11.5)	(13.5)	(6.7)	(31.7)
Total assets	3,346.3	589.5	(793.6)	3,142.2

The following presents financial information by segment for the six months to June 30, 2022:

(In $ millions)	Dayrate	Reconciling Items (1)	Consolidated total
Dayrate revenue	254.8	(103.8)	151.0
Related party revenue	—	36.3	36.3
Gain on disposal	—	0.7	0.7
Rig operating and maintenance expenses	(222.2)	101.1	(121.1)
Depreciation of non-current assets (1)	(58.2)	(0.8)	(59.0)
Impairment of non-current assets	(124.4)	—	(124.4)
General and administrative expenses (1)	—	(18.8)	(18.8)
Income from equity method investments	—	—	—
Operating (loss)/income including equity method investment	(150.0)	14.7	(135.3)

The following presents financial information by segment for the six months to June 30, 2021:

8

(in $ millions)	Dayrate	IWS	Reconciling Items (1)	Consolidated total
Dayrate revenue	96.8	245.1	(245.1)	96.8
Related party revenue	6.4	—	—	6.4
Intersegment revenue	75.7	—	(75.7)	—
Gain on disposal	—	—	0.7	0.7
Rig operating and maintenance expenses	(161.7)	(154.0)	219.5	(96.2)
Intersegment expenses	—	(75.7)	75.7	—
Depreciation of non-current assets (1)	(54.0)	—	(0.8)	(54.8)
General and administrative expenses (1)	—	—	(19.5)	(19.5)
Income from equity method investments	—	—	10.3	10.3
Operating (loss)/income including equity method investment	(36.8)	15.4	(34.9)	(56.3)

(1) General and administrative expenses and depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income / (loss) and are included in "Reconciling items." The full operating results included above for our equity method investments are not included within our consolidated results and thus are deducted under "Reconciling items" and replaced with our Income from equity method investments (see Note 6 - Equity Method Investments for additional information).

Geographic data

Revenues are attributed to geographical location based on the country of operations for drilling activities, and thus the country where the revenues are generated.

The following presents our revenues by geographic area:

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
South East Asia	39.1	21.4	69.9	48.3
West Africa	24.6	12.5	46.9	19.7
Mexico	17.5	3.4	36.4	3.8
Europe	19.0	17.5	29.0	31.4
Middle East	5.1	—	5.1	—
Total	105.3	54.8	187.3	103.2

Major customers

9

The following customers accounted for more than 10% of our dayrate and related party revenues:

	Three months ended June 30, 2022		Three months ended June 30, 2021		Six months ended June 30, 2022		Six months ended June 30, 2021
(In % of operating revenues)
PTT Exploration and Production Public Company Limited	14	%	12	%	16	%	24	%
Perfomex	9	%	8	%	11	%	2	%
CNOOC Petroleum Europe Limited	—	%	18	%	—	%	19	%
BWE Energy Gabon S.A.	—	%	13	%	—	%	7	%
JX Nippon Oil & Gas Exploration (Malaysia) Limited	—	%	12	%	—	%	6	%
Vestigo Petroleum Sdn. Bhd.	—	%	11	%	—	%	7	%
Total	23	%	74	%	27	%	65	%

Fixed Assets — Jack-up rigs (1)

The following presents the net book value of our jack-up rigs by geographic area:

	June 30, 2022	December 31, 2021
(In $ millions)
South East Asia	1,264.2	1,266.7
Mexico	631.9	645.7
West Africa	417.7	568.1
Europe	246.6	250.3
Middle East	144.5	—
Total	2,704.9	2,730.8

(1) The fixed assets referred to in the table above excludes assets under construction. Asset locations at the end of a period are not necessarily indicative of the geographical distribution of the revenues or operating profits generated by such assets during the associated periods.

Note 5 - Contracts with Customers

Contract Assets and Liabilities

Accrued revenue is classified as a current asset. When the right to consideration becomes unconditional based on the contractual billing schedule, accrued revenue is recognized. At the point that accrued revenue is billed, trade accounts receivable are recognized. Payment terms on invoice amounts are typically 30 days.

Deferred mobilization and contract preparation revenue include payments received for mobilization as well as rig preparation and upgrade activities, which are allocated to the overall performance obligation and recognized ratably over the initial term of the contract.

The following presents our contract assets and liabilities from our contracts with customers:

10

	June 30, 2022	December 31, 2021
(In $ millions)
Accrued revenue (1)	47.8	20.2
Current contract assets	47.8	20.2
Non-current accrued revenue (2)	1.0	—
Non-current contract asset	1.0	—
Total contract asset	48.8	20.2
Current deferred mobilization, demobilization and contract preparation revenue (3)	(14.4)	(3.9)
Current contract liability	(14.4)	(3.9)
Non-current deferred mobilization, demobilization and contract preparation revenue (4)	(5.9)	(2.5)
Non-current contract liability	(5.9)	(2.5)
Total contract liability	(20.3)	(6.4)

(1) Accrued revenue includes $0.9 million pertaining to the current portion of deferred demobilization revenue.

(2) Non-current accrued revenue pertains to the non-current portion of deferred demobilization revenue and is included in "Other non-current assets" in our Unaudited Consolidated Balance Sheets.

(3) Current deferred mobilization, demobilization and contract preparation revenue is included in "Other current liabilities" in our Unaudited Consolidated Balance Sheets.

(4) Non-current deferred mobilization, demobilization and contract preparation revenue is included in "Other non-current liabilities" in our Unaudited Consolidated Balance Sheets.

Total movement in our contract assets and contract liabilities balances during the six months ended June 30, 2022 are as follows:

(In $ millions)	Contract assets	Contract liabilities
Balance as of December 31, 2021	20.2	6.4
Performance obligations satisfied during the reporting period	46.9	—
Amortization of revenue	—	(6.5)
Unbilled demobilization revenue	1.9	—
Performance obligations to be satisfied over time	—	1.9
Unbilled mobilization revenue	—	9.4
Cash received, excluding amounts recognized as revenue	—	9.1
Cash received against the contract asset balance	(20.2)	—
Balance as of June 30, 2022	48.8	20.3

Timing of Revenue

The Company derives its revenue from contracts with customers for the transfer of goods and services, from various activities performed both at a point in time and over time.

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
(In $ millions)
Over time	102.0	52.3	179.6	97.0
Point in time	3.3	2.5	7.7	6.2
Total	105.3	54.8	187.3	103.2

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Contracts Costs

Deferred mobilization and contract preparation costs relate to costs incurred to prepare a rig for contract and delivery or to mobilize a rig to the drilling location. We defer pre‑operating costs, such as contract preparation and mobilization costs, and recognize such costs on a straight‑line basis, over the estimated firm period of the drilling contract. Costs incurred for the demobilization of rigs at contract completion are recognized as incurred during the demobilization process.

	June 30, 2022	December 31, 2021
(In $ millions)
Current deferred mobilization and contract preparation costs	20.4	17.2
Non-current deferred mobilization and contract preparation costs (1)	7.9	4.4
Total deferred mobilization and contract preparation asset	28.3	21.6

(1) Non-current deferred mobilization and contract preparation costs are included in "Other non-current assets" in our Unaudited Consolidated Balance Sheets

Deferred mobilization and contract preparation costs increased by $6.7 million during the six months ended June 30, 2022 to $28.3 million, from $21.6 million as of December 31, 2021 as a result of amortization during the period of $16.8 million, offset by $23.5 million in additional deferred costs primarily relating to the contract preparations of the rigs "Groa", "Ran", "Arabia I", "Thor" and "Natt".

Practical Expedient

We have applied the disclosure practical expedient in ASC 606-10-50-14A(b) and have not included estimated variable consideration related to wholly unsatisfied performance obligations or to distinct future time increments within our contracts, including dayrate revenue. The duration of our performance obligations varies by contract.

Note 6 - Equity Method Investments

During 2019 we entered into a joint venture with Proyectos Globales de Energia y Servicos CME, S.A. DE C.V. (“CME”) to provide integrated well services to Petróleos Mexicanos (“Pemex”). This involved Borr Mexico Ventures Limited (“BMV”) subscribing to 49% of the equity of Opex Perforadora S.A. de C.V. (“Opex”) and Perforadora Profesional AKAL I, SA de CV (“Akal”). CME’s wholly owned subsidiary, Operadora Productora y Exploradora Mexicana, S.A. de C.V. (“Operadora”) owned 51% of each of Opex and Akal. In addition, we provide five jack-up rigs on bareboat charters to two other joint venture companies, Perfomex and Perfomex II, in which we previously held a 49% interest with CME.

On August 4, 2021, the Company executed a Stock Purchase Agreement between BMV and Operadora for the sale of the Company's 49% interest in each of Opex and Akal joint ventures, as well as the acquisition of a 2% incremental interest in each of Perfomex I and Perfomex II joint ventures. The acquisition was completed on the same date.

Effective August 4, 2021, although we now hold a 51% equity ownership in Perfomex and Perfomex II, we have assessed whether the increased investments in the Perfomex ventures results in the need to consolidate these entities under US GAAP. The significant judgements are whether the joint ventures are variable interest entities (VIEs) and, if so, whether Borr is the primary beneficiary. We concluded that the joint ventures are VIEs; however, we do not have the power to direct the decisions which most significantly impact the economic performance of the joint ventures. As such, we are not considered to be the primary beneficiary of the variable interest entities and we continue to account for our interests in Perfomex and Perfomex II as equity method investments in accordance with ASC 323, Investment - Equity Method and Joint Ventures and record the investments in "Equity method investments" in the Consolidated Balance Sheets.

Prior to August 4, 2021, Opex and Akal contracted technical support services from BMV, management services from Operadora and well services from specialist well service contractors (including an affiliate of one of our shareholders Schlumberger Limited) and logistics and administration services from Logística y Operaciones OTM, S.A. de C.V, an affiliate of CME. This structure enabled Opex and Akal to provide bundled integrated well services to Pemex. The potential revenue earned was fixed under each of the Pemex contracts, while Opex and Akal managed the drilling services and related costs on a per well basis. Prior to the sale, we were obligated, as a 49% shareholder, to fund any capital shortfall in Opex or Akal should the Board of Opex or Akal make cash calls to the shareholders under the provisions of the Shareholder Agreements. On the date of sale, the outstanding funding provided to date was returned.

12

The below tables sets forth the results from these entities, on a 100% basis, for the three months to June 30, 2022 and 2021:

	Three months ended June 30, 2022		Three months ended June 30, 2021
In $ millions	Perfomex	Perfomex II	Perfomex	Perfomex II	Opex	Akal
Revenue	26.7	24.9	29.3	58.5	27.1	13.8
Operating expenses	(26.0)	(24.4)	(27.4)	(63.3)	(35.7)	(8.6)
Net income/(loss)	(2.7)	0.7	2.5	(1.5)	(16.3)	3.7

The below tables sets forth the results from these entities, on a 100% basis, for the six months to June 30, 2022 and 2021:

	Six months ended June 30, 2022		Six months ended June 30, 2021
In $ millions	Perfomex	Perfomex II	Perfomex	Perfomex II	Opex	Akal
Revenue	56.1	47.7	51.8	23.9	173.2	71.9
Operating expenses	(54.5)	(46.6)	(47.7)	(17.9)	(148.0)	(81.7)
Net income/(loss)	(1.4)	1.4	1.1	3.3	28.4	(9.8)

Revenue in Opex and Akal is recognized on a percentage of completion basis under the cost input method. The services Opex and Akal deliver are to a single customer, Pemex, and involve delivering integrated well services with payment upon the completion of each well in the contract. Revenue in Perfomex and Perfomex II is recognized on a day rate basis on contracts with Opex and Akal, consistent with our historical revenue recognition policies, with day rate accruing each day as the service is performed. We provide rigs and services to Perfomex and Perfomex II for use in their contracts with Opex and Akal, respectively. As of June 30, 2022, Perfomex I and Perfomex II had $106.7 million of receivables from Opex and Akal, of which $87.9 million were outstanding and $18.8 million were unbilled. As of December 31, 2021, Perfomex and Perfomex II had $86.8 million of receivables from Opex and Akal, of which $70.5 million were outstanding and $16.3 million were unbilled.

Summarized balance sheets, on a 100% basis of the Company's equity method investees are as follows:

	As at June 30, 2022		As at December 31, 2021
In $ millions	Perfomex	Perfomex II	Perfomex	Perfomex II
Cash	11.0	15.8	9.0	7.2
Total current assets	147.6	81.2	142.2	48.7
Total non-current assets	3.6	3.6	4.2	2.1
Total assets	151.2	84.8	146.4	50.8
Total current liabilities	138.3	78.4	132.1	45.8
Equity	12.9	6.4	14.3	5.0
Total Liabilities and Equity	151.2	84.8	146.4	50.8

The following presents our investments in equity method investments as at June 30, 2022:

In $ millions	Perfomex	Perfomex II	Borr Total
Balance as of January 1, 2022	16.9	2.5	19.4
Income on a percentage basis	(0.7)	0.7	—
Balance as of June 30, 2022 (1)	16.2	3.2	19.4

(1) As at June 30, 2022, the "Equity method investments" balance in the Unaudited Consolidated Balance Sheets includes $9.8 million in funding provided by shareholder loans to Perfomex.

13

Note 7 - Other Financial Expenses, net

Other financial expenses, net is comprised of the following:

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
(In $ millions)
Yard cost cover expense	(8.0)	(3.1)	(13.7)	(6.2)
Amortization of deferred finance charges	(1.6)	(1.9)	(3.2)	(3.0)
Bank commitment, guarantee and other fees	(0.4)	(1.3)	(1.2)	(2.0)
Foreign exchange gain/(loss)	0.1	(1.9)	(0.2)	(2.5)
Other financial (expense)/income	(0.4)	2.9	(0.1)	2.7
Total	(10.3)	(5.3)	(18.4)	(11.0)

Note 8 - Taxation

Borr Drilling Limited is a Bermuda company and is not required to pay taxes in Bermuda on ordinary income or capital gains under a tax exemption granted by the Minister of Finance in Bermuda until March 31, 2035. We operate through various subsidiaries in numerous countries throughout the world and are subject to tax laws, policies, treaties and regulations, as well as the interpretation or enforcement thereof, in jurisdictions in which we or any of our subsidiaries operate, were incorporated, or otherwise considered to have a tax presence. Our income tax expense is based upon our interpretation of the tax laws in effect in various countries at the time that the expense was incurred. For the three months ended June 30, 2022, our pre-tax loss is all attributable to foreign jurisdictions except for a $8.3 million pre-tax loss associated with Bermuda. For the three months ended 30 June, 2021, our pre-tax loss is all attributable to foreign jurisdictions except for a $32.9 million pre-tax loss associated with Bermuda. For the six months ended June 30, 2022, our pre-tax loss is all attributable to foreign jurisdictions except for a $18.9 million pre-tax loss associated with Bermuda. For the six months ended 30 June, 2021, our pre-tax loss is all attributable to foreign jurisdictions except for a $44.6 million pre-tax loss associated with Bermuda.

The change in the effective tax rate from period to period is primarily attributable to changes in the profitability or loss mix of our operations in various jurisdictions. As our operations continually change among numerous jurisdictions and methods of taxation in these jurisdictions vary greatly, there is little direct correlation between the income tax provision or benefit and income or loss before taxes. We used a discrete effective tax rate method to calculate income taxes.

Income tax (expense) / credit is comprised of the following:

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
(In $ millions)
Current tax	(7.4)	0.5	(12.1)	(2.1)
Change in deferred tax	1.1	0.5	1.0	0.8
Total	(6.3)	1.0	(11.1)	(1.3)

The deferred tax assets related to our net operating losses were primarily generated in the United Kingdom and will not expire. We recognize a valuation allowance for deferred tax assets when it is more likely than not that the benefit from the deferred tax asset will not be realized. The amount of deferred tax assets considered realizable could increase or decrease in the near term if estimates of future taxable income change.

Note 9 - Loss Per Share

The computation of basic loss per share (“EPS”) is based on the weighted average number of shares outstanding during the period. Diluted EPS

does not include the effect of the assumed conversion of potentially dilutive instruments which are 5,532,480 share options outstanding issued to

employees and directors as at June 30, 2022 and convertible bonds with a conversion price of $63.5892 for a total of 5,504,080 shares. Due to

our current loss-making position and the share price being less than the conversion price of the convertible bonds these are deemed to have an

anti-dilutive effect on our EPS.

14

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
Basic loss per share	(1.09)	(0.44)	(1.45)	(0.86)
Diluted loss per share	(1.09)	(0.44)	(1.45)	(0.86)
Issued ordinary shares at the end of the period	152,901,508	137,218,175	152,901,508	137,218,175
Weighted average numbers of shares outstanding for the period, basic and diluted	152,284,619	137,218,175	149,051,857	133,181,777

The effects of convertible bonds have been excluded from the calculation of diluted EPS for the three and six months ended June 30, 2022 and 2021 because the effects were anti-dilutive.

Note 10 - Restricted Cash

Restricted cash is comprised of the following:

	June 30, 2022	December 31, 2021
(In $ millions)
Restricted cash relating to the issuance of guarantees	6.7	10.0
Restricted cash relating to debt financings	1.1	1.1
Restricted cash relating to other	0.3	—
Total restricted cash	8.1	11.1
Less: amounts included in current restricted cash	(1.4)	(3.3)
Non-current restricted cash	6.7	7.8

Note 11 - Other Current Assets

Other current assets are comprised of the following:

	June 30, 2022	December 31, 2021
(In $ millions)
VAT and other tax receivable	9.6	8.0
Client rechargeables	7.0	2.6
Deferred financing fee	0.4	0.9
Right-of-use lease asset (1)	0.2	0.2
Other receivables	4.2	5.2
Total	21.4	16.9

(1) The right-of-use lease asset pertains to our office lease.

Note 12 - Newbuildings

The table below sets forth the carrying value of our newbuildings:

	June 30, 2022	December 31, 2021
(In $ millions)
Opening balance	135.5	135.5
Impairment	(124.4)	—
Total	11.1	135.5

No rigs were delivered in the six months ended June 30, 2022.

The remaining contracted installments as of June 30, 2022, payable on delivery, for the five Keppel newbuilds acquired in 2017 and 2018 are approximately $624.0 million. See Note 18 - Commitments and Contingencies.

15

Impairment

On June 27, 2022, the Company entered into a letter of intent for the sale of three newbuilding jack-up rigs for $320.0 million, subject to various conditions, including entering into an agreement to give effect to the LOI.

As a result of the potential sale of the three newbuilding rigs, we performed an impairment assessment and concluded that, based on management's best estimate as at June 30, 2022 of the most likely outcome, an impairment charge of $124.4 million was required to reflect the difference between the best estimate of the sales amount and the sum of the current capitalized cost and the expected cost to complete (level 3 fair value).

	June 30, 2022
(In $ millions)
Three newbuildings considered in the LOI carrying value	132.0
Estimated cost to complete and respective onerous contract, net	312.4
Total	444.4
Potential sale price	320.0
Impairment charge	(124.4)
Three newbuildings considered in the LOI fair value	7.6

Note 13 - Jack-Up Rigs

	June 30, 2022	December 31, 2021
(In $ millions)
Opening balance	2,730.8	2,824.6
Additions	32.3	23.8
Depreciation and amortization	(58.2)	(117.6)
Total	2,704.9	2,730.8

Depreciation of property, plant and equipment

In addition to the depreciation in the above table, we recognized a depreciation charge of $0.4 million and $0.8 million for the three and six months ended June 30, 2022 related to property, plant and equipment ($0.4 million and $0.9 million for the three and six months ended June 30, 2021).

Impairment

During the six months ended June 30, 2022, we considered whether indicators of impairment existed that could indicate that the carrying amounts of our jack-up rigs may not be recoverable as of June 30, 2022 and concluded that no such events or changes in circumstances have occurred to warrant a change in the assumptions utilized in the December 31, 2021 impairment tests of our jack-up rig fleet. We will continue to monitor developments in the markets in which we operate for indications that the carrying values of our long-lived assets are not recoverable.

16

Note 14 - Other Non-Current Assets

Other long-term assets are comprised of the following:

	June 30, 2022	December 31, 2021
(In $ millions)
Deferred mobilization and contract preparation costs (1)	7.9	4.4
Deferred tax asset	1.7	0.7
Right-of-use lease asset, non-current (2)	1.2	1.3
Deferred demobilization revenue (3)	1.0	—
Prepayments	0.5	0.1
VAT receivable	0.4	0.4
Total	12.7	6.9

(1) Non-current deferred mobilization and contract preparation costs relates to the non-current portion of contract mobilization and preparation costs for the jack-up rigs "Groa", "Skald" and "Arabia I" (see Note 5 - Contracts with Customers).

(2) The right-of-use lease asset pertains to our office lease.

(3) Non-current deferred demobilization revenue relates to demobilization revenue for one of our jack-up rigs, which will be billed upon contract completion.

Note 15 - Accrued Expenses

Accrued expenses are comprised of the following:

	June 30, 2022	December 31, 2021
(In $ millions)
Accrued interest	105.7	15.3
Accrued goods and services received, not invoiced	14.7	7.7
Accrued payroll and bonus	3.7	6.2
Other accrued expenses (1)	31.7	31.7
Total	155.8	60.9

(1) Other accrued expenses includes holding costs incurred with the shipyards, professional fees, management fees and other accrued expenses related to rig operations.

17

Note 16 - Debt

Short-term debt is comprised of the following:

	Principal Amount
(In $ millions)	June 30, 2022	December 31, 2021
Hayfin Term Loan Facility	197.0	—
Syndicated Senior Secured Credit Facilities	272.7	—
New Bridge Revolving Credit Facility	30.3	—
$350m Convertible bonds	350.0	—
PPL Delivery Financing	753.3	—
Total	1,603.3	—
Back end fee due to PPL on Delivery of rigs	29.3	—
Effective interest rate adjustments on PPL Delivery financing	13.9	—
Deferred finance charges	(3.8)	—
Carrying Value Short-Term Debt	1,642.7	—

Long-term debt is comprised of the following:

	Principal Amount
(In $ millions)	June 30, 2022	December 31, 2021
Hayfin Term Loan Facility	—	197.0
Syndicated Senior Secured Credit Facilities	—	272.7
New Bridge Revolving Credit Facility	—	30.3
$350m Convertible bonds	—	350.0
PPL Delivery Financing	—	753.3
Keppel Delivery Financing	259.2	259.2
Total	259.2	1,862.5
Back end fee due to PPL and Keppel on Delivery of rigs	13.5	42.8
Effective interest rate adjustments on PPL and Keppel Delivery financing	9.1	17.1
Deferred finance charges	—	(6.5)
Carrying Value Long-Term Debt	281.8	1,915.9

The carrying values in the tables above include, where applicable, deferred financing fees and certain interest adjustments to allow for variations in interest payments to be straight lined.

At June 30, 2022 the scheduled maturities of our debt were as follows:

	Maturities
(In $ millions)
2022	—
2023	1,603.3
2024	—
2025	86.4
2026	172.8
Thereafter	—
Total principal debt	1,862.5

Interest

The weighted average interest rate for all our interest-bearing debt, excluding Convertible Bonds, was 6.2% for the six months ended June 30, 2022.

Covenants

18

As at June 30, 2022, we were in compliance with the covenants and our obligations under our debt agreements.

Note 17 - Other Current Liabilities

Other current liabilities are comprised of the following:

	June 30, 2022	December 31, 2021
(In $ millions)
Deferred mobilization revenue (1)	13.7	3.9
Other current taxes payable (2)	9.0	4.6
VAT payable	8.2	6.6
Corporate income taxes payable	6.3	4.4
Accrued payroll and severance	0.8	0.7
Deferred demobilization revenue (1)	0.7	—
Operating lease liability, current	0.2	0.7
Other current liabilities	1.6	1.4
Total	40.5	22.3

(1) Deferred mobilization revenue and deferred demobilization revenue comprise our current contract liability (see Note 5 - Contracts with Customers).

(2) Other current taxes payable include withholding tax, payroll tax and other indirect tax related liabilities.

Note 18 - Commitments and Contingencies

The Company has the following delivery installment commitments as at June 30, 2022:

	June 30, 2022	December 31, 2021
(in $ millions)
Delivery installments for jack-up drilling rigs	615.0	621.0
Back-end fees	9.0	9.0
Total	624.0	630.0

The back-end fee is only payable and will be included as part of the cost price if we choose to accept delivery financing from Keppel or upon Keppel's discretion. In addition, under the PPL Financing, PPL is entitled to certain fees payable in connection with the increase in the market value of the relevant PPL Rig Owner from October 31, 2017 until the repayment date, less the relevant rig owner's equity cost of ownership of each rig and any interest paid on the delivery financing.

The following table sets forth when our commitments fall due as of June 30, 2022:

(In $ millions)	Less than 1 year	1-2 years	2-3 years	Thereafter	Total
Delivery installments for jack-up rigs and back end fees	—	624.0	—	—	624.0

Other commercial commitments

We have other commercial commitments which contractually obligate us to settle with cash under certain circumstances. Surety bonds and parent company guarantees entered into between certain customers and governmental bodies guarantee our performance regarding certain drilling contracts, customs import duties and other obligations in various jurisdictions.

The Company has the following guarantee commitments as at June 30, 2022:

	June 30, 2022	December 31, 2021
(in $ millions)
Surety bonds, bank guarantees and performance bonds	13.4	20.8
Total	13.4	20.8

19

As at June 30, 2022, the expected expiration dates of these obligations are as follows:

(In $ millions)	Less than 1 year	1–3 years	Total
Surety bonds, bank guarantees and performance bonds	3.8	9.6	13.4

Assets pledged as collateral

	June 30, 2022	December 31, 2021
(in $ millions)
Book value of jackup rigs pledged as collateral for long-term debt facilities	2,704.9	2,730.8

Note 19 - Related Party Transactions

a) Transactions with entities over which we have significant influence

We provide three rigs on a bareboat basis to Perfomex to service its contract with Opex and two rigs on a bareboat basis to Perfomex II to service its contract with Akal. Perfomex and Perfomex II provide the jack-up rigs under traditional dayrate and technical services agreements to Opex and Akal, respectively. This structure enables Opex and Akal to provide bundled integrated well services to Pemex. The potential revenue earned is fixed under each of the Pemex contracts, while Opex and Akal manage the drilling services related costs on a per well basis. The revenue from these contracts is recognized as "Related party revenue" in the Unaudited Consolidated Statements of Operations.

On August 4, 2021, the Company executed a Stock Purchase Agreement between BMV and Operadora for the sale of the Company's 49% interest in each of the Opex and Akal joint ventures, as well as the acquisition of a 2% incremental interest in each of Perfomex and Perfomex II joint ventures. The sale was completed on the same date. Until their sale, as a 49% shareholder we were required to fund any capital shortfall in Opex or Akal should the Board of Opex or Akal make cash calls to the shareholders under the provisions of the Shareholders Agreement (see Note 6 - Equity Method Investments).

For the three and six months ended June 30, 2022 and 2021, the management services revenues and bareboat revenues from our related parties consisted of the following:

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
(In $ millions)
Management Services Revenue - Perfomex	—	1.9	—	4.1
Management Services Revenue - Perfomex II	—	1.2	—	2.3
Bareboat Revenue - Perfomex	9.5	2.2	20.2	(1.6)
Bareboat Revenue - Perfomex II	8.1	0.1	16.1	1.6
Total	17.6	5.4	36.3	6.4

For the three and six months ended June 30, 2022 and 2021 funding provided to and (received from) our joint ventures consisted of the following:

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
(In $ millions)
Perfomex	—	0.8	—	(2.5)
Perfomex II	—	0.8	—	1.0
Total	—	1.6	—	(1.5)

Receivables: The balances with the joint ventures as of June 30, 2022 and December 31, 2021 consisted of the following:

	June 30, 2022	December 31, 2021
(In $ millions)
Perfomex	40.7	40.8
Perfomex II	26.4	7.8
Total	67.1	48.6

20

b) Transactions with Other Related Parties

Expenses: The transactions with other related parties for the three months ended June 30, 2022 and 2021 consisted of the following:

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
(In $ millions)
Magni Partners Limited (1)	(0.1)	—	(0.5)	(0.4)

(1) Magni Partners Limited ("Magni") is party to a Corporate Services Agreement with the Company pursuant to which it provides strategic advice and assists in sourcing investment opportunities, financing and other such services as the Company wishes to engage, at the Company's option. There is both a fixed and variable element of the agreement, with the fixed cost element representing Magni's fixed costs and any variable element being at the Company's discretion. Mr. Tor Olav Trøim, the Chairman of our Board, is the sole owner of Magni.

Note 20 - Fair Value of Financial Instruments

We recognize our fair value estimates using a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy has three levels based on reliability of inputs used to determine fair value as follows:

Level 1: Quoted market prices in active markets for identical assets and liabilities.

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data

The carrying value and estimated fair value of our financial instruments at June 30, 2022 and December 31, 2021 were as follows:

		As at June 30, 2022		As at December 31, 2021
(In $ millions)	Hierarchy	Fair value	Carrying value	Fair value	Carrying value
Assets
Cash and cash equivalents (1)	1	29.7	29.7	34.9	34.9
Restricted cash (1)	1	1.4	1.4	3.3	3.3
Trade receivables (1)	1	33.4	33.4	28.5	28.5
Other current assets (excluding deferred finance fee) (1)	1	21.0	21.0	14.1	14.1
Due from related parties (1)	1	67.1	67.1	48.6	48.6
Non-current restricted cash	1	6.7	6.7	7.8	7.8
Liabilities
Trade payables (1)	1	45.3	45.3	34.7	34.7
Accrued expenses and other current liabilities (1)	1	196.3	196.3	83.2	83.2
Short-term debt (2)	2	1,588.9	1,632.6	—	—
Long-term debt (1)	1	272.7	272.7	1,728.6	1,915.9

(1) The carrying values approximate the fair values due to their near term expected receipt of cash.

(2) Short-term debt includes our 3.875% convertible bond due in 2023 which is fair valued using observable market based inputs.

Note 21 - Common Shares

Authorized share capital

	June 30, 2022	December 31, 2021
(Number of shares of $0.10 each)
Authorized shares	180,000,000	180,000,000

21

Issued and outstanding share capital

	June 30, 2022	December 31, 2021
(Number of shares of $0.10 each)
Issued	152,901,508	137,218,175
Treasury shares	406,333	406,333
Outstanding	152,495,175	136,811,842

On December 28, 2021, we conducted a private placement for gross proceeds of $30 million by issuing 13,333,333 new depository receipts (representing the same number of shares) at a subscription price of $2.25 per depository receipt. Share issuance costs associated with this equity raise were $1.1 million. On January 31, 2022, the equity offering was settled and the Company's issued share capital was increased by $1.3 million to $151.0 million, divided into 150,551,508 common shares with a nominal value of $0.10 per common share.

Equity distribution

In July 2021, the Company entered into an Equity Distribution Agreement with Clarksons for the offer and sale of up to $40.0 million of common shares of the Company through an ATM program. In the six months ended June 30, 2022, the Company issued 2,350,000 shares raising gross proceeds of $8.9 million and net proceeds of $8.8 million, with compensation paid by the Company to Clarksons of $0.1 million.

Note 22 - Subsequent Events

On August 10, 2022, the Company priced a public equity offering of $250.0 million (plus an additional $25.0 million that we may issue and sell upon the exercise of the underwriters' options) of its common shares with proceeds being used to consummate a refinancing with its lenders under its Syndicated Facility, New Bridge Facility, Hayfin Facility and shipyard delivery financing arrangements with Keppel and PPL ("secured lenders"), and for general corporate purposes. Closing of the offering is subject to increasing the Company's authorized share capital for which we have called a special general meeting of shareholders to be held on August 16, 2022 to approve 40,000,000 additional shares, but as such additional shares together with our currently authorized share capital, are not expected to be sufficient for all of the common shares expected to be issued in this offering, we have called for a second special general meeting of shareholders to be held on August 25, 2022 to approve the authorization of additional shares for this offering, including additional shares to take account for a potential exercise by the underwriters of the option to purchase up to an additional $25 million of shares. Closing of the offering is also conditional upon the Company entering into binding term sheets or other binding agreements with (or obtaining commitments from) all applicable secured lenders, no later than August 16, 2022.

On August 11, 2022, the Board of Directors of the Company has resolved to grant 4 million options under the Company's approved share option scheme to certain of its employees. The grant is to become effective on September 1, 2022, following a planned Special General Meeting and increase in the approved share capital. Each share option gives the right to subscribe for one share of the Company. The options will vest over a 3.5 year period and have strike prices as follows:

•One third will vest on March 1, 2024 and will have a strike price of $4.00;

•One third will vest on March 1, 2025 and will have a strike price of $4.75; and

•One third will vest on March 1, 2026 and will have a strike price of $5.50.

In addition, the Company's Chief Executive Officer has been awarded 0.5 million Performance Stock Units that will all cliff vest on September 1, 2025 subject to certain performance criteria linked to the Company's share price.

22

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Cover	6 Months Ended
	Jun. 30, 2022
Cover [Abstract]
Document Type	6-K
Entity File Number	001-39007
Entity Registrant Name	Borr Drilling Limited
Entity Address, Address Line One	S.E. Pearman Building
Entity Address, Address Line Two	2nd Floor 9 Par-la-Ville Road
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM11
Entity Address, Country	BM
Entity Central Index Key	0001715497
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Period End Date	Jun. 30, 2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

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Unaudited Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating revenues
Dayrate revenue	$ 87.7	$ 49.4	$ 151.0	$ 96.8
Related party revenue	17.6	5.4	36.3	6.4
Total operating revenues	105.3	54.8	187.3	103.2
Gain on disposal	0.7	0.8	0.7	0.7
Operating expenses
Rig operating and maintenance expenses	(65.5)	(47.4)	(121.1)	(96.2)
Depreciation of non-current assets	(29.5)	(26.4)	(59.0)	(54.8)
Impairment of non-current assets	(124.4)	0.0	(124.4)	0.0
General and administrative expenses	(9.6)	(7.8)	(18.8)	(19.5)
Total operating expenses	(229.0)	(81.6)	(323.3)	(170.5)
Operating loss	(123.0)	(26.0)	(135.3)	(66.6)
Other non-operating income	2.0	0.0	2.0	0.0
(Loss) / income from equity method investments	(1.1)	(5.7)	0.0	10.3
Financial income (expenses), net
Interest income	3.9	0.0	3.9	0.0
Interest expense, net of amounts capitalized	(30.5)	(23.9)	(57.7)	(45.7)
Other financial expenses, net	(10.3)	(5.3)	(18.4)	(11.0)
Total financial expenses, net	(36.9)	(29.2)	(72.2)	(56.7)
Loss before income taxes	(159.0)	(60.9)	(205.5)	(113.0)
Income tax (expense) / credit	(6.3)	1.0	(11.1)	(1.3)
Net loss attributable to shareholders of Borr Drilling Limited	(165.3)	(59.9)	(216.6)	(114.3)
Total comprehensive loss attributable to shareholders of Borr Drilling Limited	$ (165.3)	$ (59.9)	$ (216.6)	$ (114.3)
Earnings Per Share [Abstract]
Basic loss per share (in dollars per share)	$ (1.09)	$ (0.44)	$ (1.45)	$ (0.86)
Diluted loss per share (in dollars per share)	$ (1.09)	$ (0.44)	$ (1.45)	$ (0.86)
Weighted-average shares outstanding, basic (in shares)	152,284,619	137,218,175	149,051,857	133,181,777
Weighted-average shares outstanding, diluted (in shares)	152,284,619	137,218,175	149,051,857	133,181,777

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Unaudited Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 29.7	$ 34.9
Restricted cash	1.4	3.3
Trade receivables	33.4	28.5
Prepaid expenses	11.2	6.6
Deferred mobilization and contract preparation costs	20.4	17.2
Accrued revenue	47.8	20.2
Due from related parties	67.1	48.6
Other current assets	21.4	16.9
Total current assets	232.4	176.2
Non-current assets
Non-current restricted cash	6.7	7.8
Property, plant and equipment	3.3	3.7
Newbuildings	11.1	135.5
Jack-up rigs	2,704.9	2,730.8
Equity method investments	19.4	19.4
Other non-current assets	12.7	6.9
Total non-current assets	2,758.1	2,904.1
Total assets	2,990.5	3,080.3
Current liabilities
Trade payables	45.3	34.7
Accrued expenses	155.8	60.9
Short-term debt	1,642.7	0.0
Other current liabilities	40.5	22.3
Total current liabilities	1,884.3	117.9
Non-current liabilities
Long-term accrued interest and other items	22.9	70.1
Long-term debt	281.8	1,915.9
Other non-current liabilities	18.7	15.2
Onerous contracts	71.3	71.3
Total non-current liabilities	394.7	2,072.5
Total liabilities	2,279.0	2,190.4
Shareholders’ Equity
Common shares of par value $0.10 per share: authorized 180,000,000 (2021:180,000,000) shares, issued 152,901,508 (2021: 137,218,175) shares and outstanding 152,495,175 (2021: 136,811,842) shares	15.4	13.8
Treasury shares	(13.7)	(13.7)
Additional paid in capital	2,014.6	1,978.0
Accumulated deficit	(1,304.8)	(1,088.2)
Total equity	711.5	889.9
Total liabilities and equity	$ 2,990.5	$ 3,080.3

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Unaudited Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Jan. 31, 2022	Dec. 31, 2021	Dec. 14, 2021	Jun. 30, 2021
Shareholders’ Equity
Ordinary shares, par value (in dollars per share)	$ 0.1	$ 0.10	$ 0.10	$ 0.05
Authorized shares (in shares)	180,000,000		180,000,000
Common stock, shares issued (in shares)	152,901,508		137,218,175		137,218,175
Common stock, shares outstanding (in shares)	152,495,175		136,811,842

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Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Cash Flows from Operating Activities
Net loss	$ (165.3)	$ (59.9)	$ (216.6)	$ (114.3)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash compensation expense related to stock options	0.2	0.2	0.5	0.9
Depreciation of non-current assets	29.5	26.4	59.0	54.8
Impairment of non-current assets	124.4	0.0	124.4	0.0	$ 0.0
Gain on disposal of assets	(0.7)	(0.8)	(0.7)	(0.7)
Amortization of deferred finance charges	1.6	1.9	3.2	3.0
Effective interest rate adjustments	2.8	0.7	5.9	1.7
Loss/(income) from equity method investments	1.1	5.7	0.0	(10.3)
Deferred income tax	1.1	(0.5)	1.0	(0.8)
Change in assets and liabilities:
Amounts due to/from related parties	(7.4)	0.1	(18.5)	4.7
Accrued expenses	24.8	(0.9)	85.6	0.3
Long-term accrued interest	(3.1)	15.7	(47.2)	31.8
Other current and non-current assets	(28.5)	(6.5)	(52.1)	0.6
Other current and non-current liabilities	11.0	7.0	32.3	0.7
Net cash used in operating activities	(8.5)	(10.9)	(23.2)	(27.6)
Cash Flows from Investing Activities
Payments to Acquire Machinery and Equipment	(0.4)	0.0	(0.4)	0.0
Proceeds from sale of fixed assets	0.7	0.8	0.7	2.2
Investments in equity method investments	0.0	(1.6)	0.0	1.5
Additions to jack-up rigs	(15.9)	(4.9)	(23.0)	(7.7)
Net cash used in investing activities	(15.6)	(5.7)	(22.7)	(4.0)
Cash Flows from Financing Activities
Proceeds from share issuance, net of issuance cost	3.6	0.0	37.7	44.8
Net cash provided by financing activities	3.6	0.0	37.7	44.8
Net (decrease)/increase in cash, cash equivalents and restricted cash	(20.5)	(16.6)	(8.2)	13.2
Cash, cash equivalents and restricted cash at the beginning of the period	58.3	49.0	46.0	19.2	19.2
Cash, cash equivalents and restricted cash at the end of the period	37.8	32.4	37.8	32.4	46.0
Supplementary disclosure of cash flow information
Interest paid, net of capitalized interest	(15.0)	(13.7)	(22.1)	(23.2)
Income taxes paid, net	(5.0)	1.6	(6.6)	0.8
Cash and cash equivalents	29.7		29.7		34.9
Restricted cash	1.4		1.4		3.3
Non-current restricted cash	6.7		6.7		7.8
Total cash and cash equivalents and restricted cash	$ 37.8	$ 32.4	$ 37.8	$ 32.4	$ 46.0

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Unaudited Consolidated Statements of Changes in Shareholders’ Equity - USD ($) $ in Millions	Total	Common shares	Treasury shares	Additional paid in capital	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2020		109,429,495
Beginning balance at Dec. 31, 2020	$ 1,036.8	$ 11.0	$ (26.2)	$ 1,947.2	$ (895.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of common shares (in shares)		27,058,824
Issue of common shares	46.0	$ 2.8		43.2
Equity issuance costs	(1.2)			(1.2)
Share based compensation (in shares)		275,131
Share-based compensation	0.7		10.4	(9.7)
Total comprehensive loss	(54.4)				(54.4)
Ending balance (in shares) at Mar. 31, 2021		136,763,450
Ending balance at Mar. 31, 2021	1,027.9	$ 13.8	(15.8)	1,979.5	(949.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	0.2			0.2
Total comprehensive loss	(59.9)				(59.9)
Ending balance (in shares) at Jun. 30, 2021		136,763,450
Ending balance at Jun. 30, 2021	968.2	$ 13.8	(15.8)	1,979.7	(1,009.5)
Beginning balance (in shares) at Dec. 31, 2021		136,811,842
Beginning balance at Dec. 31, 2021	889.9	$ 13.8	(13.7)	1,978.0	(1,088.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of common shares (in shares)		14,840,323
Issue of common shares	35.2	$ 1.5		33.7
Equity issuance costs	(1.1)			(1.1)
Share-based compensation	0.3			0.3
Total comprehensive loss	(51.3)				(51.3)
Ending balance (in shares) at Mar. 31, 2022		151,652,165
Ending balance at Mar. 31, 2022	873.0	$ 15.3	(13.7)	2,010.9	(1,139.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of common shares (in shares)		843,010
Issue of common shares	3.7	$ 0.1		3.6
Equity issuance costs	(0.1)			(0.1)
Share-based compensation	0.2			0.2
Total comprehensive loss	(165.3)				(165.3)
Ending balance (in shares) at Jun. 30, 2022		152,495,175
Ending balance at Jun. 30, 2022	$ 711.5	$ 15.4	$ (13.7)	$ 2,014.6	$ (1,304.8)

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General Information

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General Information

General Information

Borr Drilling Limited was incorporated in Bermuda on August 8, 2016. We are listed on the Oslo Stock Exchange and on the New York Stock Exchange under the ticker BORR. Borr Drilling Limited is an international offshore drilling contractor providing services to the oil and gas industry. Our primary business is the ownership, contracting and operation of modern jack-up drilling rigs for operations in shallow-water areas (i.e., in water depths up to approximately 400 feet), including the provision of related equipment and work crews to conduct drilling of oil and gas wells and workover operations for exploration and production customers. As of June 30, 2022, we had a total of 23 jack-up rigs, including five rigs which were "warm stacked", and had agreed to purchase five additional premium jack-up rigs under construction. Of our total fleet of 28 jack-up drilling rigs (including newbuilds under construction), five jack-up drilling rigs are scheduled for delivery in 2023.

On June 26, 2022, we entered into a letter of intent for the sale of three premium jack-up rigs under construction. Upon conclusion of the sale of these rigs, our fleet will be composed of 23 jack-up rigs and two premium jack-up rigs under construction scheduled for delivery in 2023 (which we have agreed in principle with the yard to extend to 2025, as discussed below), for a total of 25 jack-up drilling rigs.

As used herein, and unless otherwise required by the context, the terms “Company,” “Borr”, “we,” “Group,” “our” and words of similar nature refer to Borr Drilling Limited and its consolidated companies. The use herein of such terms as “group”, “organization”, “we”, “us”, “our” and “its”, or references to specific entities, is not intended to be a precise description of corporate relationships.

Going concern

The unaudited consolidated financial statements have been prepared on a going concern basis.

We have incurred significant losses since inception and will be dependent on additional financing in order to fund our losses expected in the next 12 months, meet our existing capital expenditure commitments and our substantial debt maturities in 2023.

We have principal debt of $1,862.5 million of which $1,603.3 million matures in 2023. In July 2022, we announced that we had reached agreements in principle with our secured creditors to extend the debt maturing in 2023 to 2025, subject to the respective boards' and credit committees' approvals and binding documentation. As part of these agreements, we contemplate to repay the $310.5 million outstanding on our $450 million Syndicated Facility and $100 million New Bridge Facility collateralized by eight rigs and replace it with a (i) $150 million bilateral facility provided by the existing lender in the facilities DNB Bank ASA, secured by five rigs and (ii) a repayment of the remaining balance with the proceeds of the August Equity Offering. We have also received a commitment from a syndicate of existing lender which would make available a $107.5 million facility secured by three rigs, if required, pursuant to a conditional backstop agreement, however the Company does not expect to utilize this facility, given the size of the offering we have priced.

In addition, the agreements in principle contemplate a $45.0 million pay down of the Hayfin Facility ($30 million upon completion of an equity financing and the remaining $15 million by the end of 2022). The agreements in principle with our secured creditors provide for amending the maturity date of all secured debt to 2025 and also provide for certain payments to PPL and Keppel upon completion of the contemplated August Equity Raise. The agreement with Keppel also contemplates a deferral of the delivery dates for two newbuild rigs and an agreement by Keppel to the sale of the other three newbuild rigs we have agreed to purchase. These agreements are still subject to the creditors board’s approvals and binding documentation and the final terms may be different.

On August 10, 2022 the Company announced that it had priced a public equity offering of $250 million of its common shares with proceeds being used to consummate the refinancing described above, with its lenders under its Syndicated Facility, New Bridge Facility, Hayfin Facility and shipyard delivery financing arrangements with Keppel and PPL and for general corporate purposes. Closing of the offering is subject to increasing the Company's authorized share capital and the Company entering into binding term sheets or other binding agreements with (or obtaining commitments from) all applicable secured lenders, no later than August 16, 2022.

Furthermore, on June 27, 2022, we announced we have entered into a letter of intent for the sale of three newbuilding jack-ups for $320.0 million, subject to various conditions, including entering into an agreement to give effect to the LOI. Negotiations continue under the LOI with the intention that the final proceeds from the sale would be used to pay the delivery installments of the three newbuilding jack-up rigs and further eliminate the associated activation costs that would have applied in the future.

We have received extensions of covenant waivers to implement the Refinancing, which waivers extend to August 10, 2022 and are then automatically extended to (i) August 18, 2022 if we enter into binding term sheets or other binding agreements in respect of the Refinancing by August 10, 2022 and (ii) to September 15, 2022 if we receive on or prior to August 18, 2022 commitments (subject only to completion of the transaction contemplated by the Refinancing term sheets) for the issuance of additional ordinary shares with gross proceeds of at least $150 million. We believe that this waiver has been automatically extended as a consequence of the execution of the underwriting agreement for the August Equity Offering.

In July 2021, we established an ATM program under which we may offer and sell from time to time up to $40.0 million of our common shares to be listed on the New York Stock Exchange. As at July 31, 2022, we have sold 2,350,000 shares, raising $8.8 million in net proceeds under the ATM program. On December 28, 2021, as contemplated by the December 2021 agreements in principle with the shipyard creditors, outlined above, the Company launched a private placement which closed in January 2022, raising net proceeds of $28.9 million.

The sale of shares under our ATM program and equity raise have improved our liquidity situation, however, our ability to continue as a going concern is dependent on a continuing improvement in the jack-up drilling market and securing our rigs on accretive contracts, in addition to being able to defer or refinance our debt maturities to at least 2025, complete the August Equity Raise and enter into a definitive sales agreement

for the sale of the three newbuilding rigs noted above. While we have agreements in principle in place with all the secured creditors to extend the majority of secured debt to 2025, these agreements remain subject to approvals and binding documentation to extend all maturities to at least 2025. In addition, while we have priced our August Equity Raise in the amount of $250.0 million, the closing of the offering is subject to various closing conditions. As such, we have concluded that a substantial doubt exists over our ability to continue as a going concern. The financial statements included in this report do not include any adjustments that might result from the outcome of this uncertainty.

We will continue to explore additional financing opportunities and strategic sale of a limited number of modern jack-ups or joint ventures in order to further strengthen the liquidity of the Company. While we have confidence that these actions will enable us to better manage our liquidity position, and we have a track record of delivering additional financing and selling rigs and joint ventures, there is no guarantee that any additional financing or sale measures will be concluded successfully.

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Basis of Preparation and Accounting Policies

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Basis of Preparation and Accounting Policies

Basis of Preparation and Accounting Policies

Basis of preparation

The unaudited consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The unaudited consolidated financial statements do not include all of the disclosures required under U.S. GAAP in the annual consolidated financial statements, and should be read in conjunction with our audited annual financial statements for the year ended December 31, 2021, which are included in our annual report on Form 20-F for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission on April 11, 2022. The consolidated balance sheet data for December 31, 2021 was derived from our audited annual financial statements. The amounts are presented in millions of United States dollars ("U.S. dollar" or "$"), unless otherwise stated. The financial statements have been prepared on a going concern basis and in management's opinion, all adjustments necessary for a fair statement are reflected in the interim periods presented.

On December 14, 2021, the Board of Directors approved a 2-to-1 reverse share split of the Company’s shares. Upon effectiveness of the Reverse Split, every two shares of the Company’s issued and outstanding common shares, par value $0.05 per share was combined into one issued and outstanding common share, par value $0.10 per share. Unless otherwise indicated, all share and per share data in these unaudited consolidated financial statements have been adjusted to give effect of our Reverse Share Split and is approximate due to rounding.

Significant accounting policies

The accounting policies adopted in the preparation of the unaudited consolidated financial statements for the six months ended June 30, 2022 are consistent with those followed in preparation of our annual audited consolidated financial statements for the year ended December 31, 2021.

Use of estimates

The preparation of financial statements in accordance with U.S. GAAP requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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Recently Issued Accounting Standards

6 Months Ended

Jun. 30, 2022

Accounting Changes and Error Corrections [Abstract]

Recently Issued Accounting Standards

Recently Issued Accounting Standards

Adoption of new accounting standards

In August 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-06 Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40). The amendments simplify the issuer’s accounting for convertible instruments and its application of the equity classification guidance. The new guidance eliminates some of the existing models for assessing convertible instruments, which results in more instruments being recognized as a single unit of account on the balance sheet and expands disclosure requirements. The new guidance simplifies the assessment of contracts in an entity’s own equity and existing EPS guidance in ASC 260. These amendments are effective from January 1, 2022. There was no impact resulting from these amendments on our unaudited consolidated financial statements or related disclosures as presented in this interim set of accounts for the six months ended June 30, 2022.

In May 2021, the FASB issued ASU 2021-04 Earnings Per Share (Topic 260), Debt— Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging —Contracts in Entity’s Own Equity (Subtopic 815-40). The amendments clarify the issuer's recognition and measurement considerations resulting from exchanges or modifications to freestanding instruments (written call options) classified in equity. Such exchanges or modifications are treated as adjustments to the cost to raise debt, to the cost to raise equity or as share based payments (ASC 718) when issued to compensate for goods or services. If not treated as costs of debt funding, equity funding or share-based payments, it results in an adjustment to EPS/net income (loss). These amendments are effective from January 1, 2022. There was no impact resulting from these amendments on our unaudited consolidated financial statements or related disclosures as presented in this interim set of accounts for the six months ended June 30, 2022.

In July 2021, the FASB issued ASU 2021-05 Leases (Topic 842) - Lessors - Certain leases with Variable Lease Payments. The amendments affect lessors with lease contracts that have variable lease payments that do not depend on a reference index or a rate and would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing leases. The new guidance amends the lease classification requirements where lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if certain criteria are met. When a lease is classified as operating, the lessor does not recognize a net

investment in the lease, does not recognize the underlying asset, and, therefore, does not recognize a selling profit or loss. These amendments are effective from January 1, 2022. There was no impact resulting from these amendments on our unaudited consolidated financial statements or related disclosures as presented in this interim set of accounts for the six months ended June 30, 2022.

In November 2021, the FASB issued ASU 2021-10 Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The amendments in this Update require the following annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy: (i) information about the nature of the transactions and the related accounting policy used to account for the transactions, (ii) the line items on the balance sheet and income statement that are affected by the transactions, and the amounts applicable to each financial statement line item and (iii) significant terms and conditions of the transactions, including commitments and contingencies. These amendments are effective from January 1, 2022. There was no impact resulting from these amendments on our unaudited consolidated financial statements or related disclosures as presented in this interim set of accounts for the six months ended June 30, 2022.

Accounting pronouncements that have been issued but not yet adopted

Standard	Description	Date of Adoption	Effect on our Consolidated Financial Statements or Other Significant Matters
ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers	The amendments in this Update require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. The amendments in this Update improve comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of, and after, a business combination. The amendments improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination.	January 1, 2023	Under evaluation
ASU 2022-01 Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method	The amendments clarify the accounting for, and promote consistency in, the reporting of hedge basis adjustments applicable to both a single hedged layer and multiple hedged layers as follows: 1) An entity is required to maintain basis adjustments in an existing hedge on a closed portfolio basis (that is, not allocated to individual assets). 2) An entity is required to immediately recognize and present the basis adjustment associated with the amount of the de-designated layer that was breached in interest income. In addition, an entity is required to disclose that amount and the circumstances that led to the breach. 3) An entity is required to disclose the total amount of the basis adjustments in existing hedges as a reconciling amount if other areas of GAAP require the disaggregated disclosure of the amortized cost basis of assets included in the closed portfolio. 4) An entity is prohibited from considering basis adjustments in an existing hedge when determining credit losses.	January 1, 2023	Under evaluation
ASU 2022-02 Financial Instruments—Credit Losses (Topic 326)	The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the Current Expected Credit Losses (CECL) model and enhance the disclosure requirements for loan refinancing and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write offs for financing receivables and net investment in leases by year of origination in the vintage disclosures.	January 1, 2023	Under evaluation

As of August 11, 2022, the FASB have issued further updates not included above. We do not currently expect any of these updates to have a material impact on our consolidated financial statements and related disclosures either on transition or in future periods.

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Segment Information

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Information

Segment Information

During the three and six months ended June 30, 2022, we had a single reportable segment: our operations performed under out dayrate model (which includes rig charters and ancillary services).

During the three and six months ended June 30, 2021, we had two operating segments: operations performed under our dayrate model (which includes rig charters and ancillary services) and operations performed under the Integrated Well Services ("IWS") model. IWS operations were performed by our joint venture entities Opex and Akal.

On August 4, 2021, the Company executed a Stock Purchase Agreement for the sale of the Company's 49% interest in each of Opex and Akal, representing the Company's disposal of the IWS operating segment (see Note 6 - Equity Method Investments).

Our Chief Operating Decision Maker (our Board of Directors) reviews financial information provided as an aggregate sum of assets, liabilities and activities that exist to generate cash flows, by our operating segments.

The following presents financial information by segment for the three months to June 30, 2022:

(In $ millions)	Dayrate	Reconciling Items (1)	Consolidated total
Dayrate revenue	139.3	(51.6)	87.7
Related party revenue	—	17.6	17.6
Gain on disposal	—	0.7	0.7
Rig operating and maintenance expenses	(115.9)	50.4	(65.5)
Depreciation of non-current assets (1)	(29.1)	(0.4)	(29.5)
Impairment of non-current assets	(124.4)	—	(124.4)
General and administrative expenses (1)	—	(9.6)	(9.6)
Income from equity method investments	—	(1.1)	(1.1)
Operating (loss)/income including equity method investment	(130.1)	6.0	(124.1)
Total assets	3,226.5	(236.0)	2,990.5

The following presents financial information by segment for the three months ended June 30, 2021:

(in $ millions)	Dayrate	IWS	Reconciling Items (1)	Consolidated total
Dayrate revenue	49.4	85.6	(85.6)	49.4
Related party revenue	5.4	—	—	5.4
Intersegment revenue	43.1	—	(43.1)	—
Gain on disposal	—	—	0.8	0.8
Rig operating and maintenance expenses	(83.3)	(56.0)	91.9	(47.4)
Intersegment expenses	—	(43.1)	43.1	—
Depreciation of non-current assets (1)	(26.1)	—	(0.3)	(26.4)
General and administrative expenses (1)	—	—	(7.8)	(7.8)
Income from equity method investments	—	—	(5.7)	(5.7)
Operating loss including equity method investment	(11.5)	(13.5)	(6.7)	(31.7)
Total assets	3,346.3	589.5	(793.6)	3,142.2

The following presents financial information by segment for the six months to June 30, 2022:

(In $ millions)	Dayrate	Reconciling Items (1)	Consolidated total
Dayrate revenue	254.8	(103.8)	151.0
Related party revenue	—	36.3	36.3
Gain on disposal	—	0.7	0.7
Rig operating and maintenance expenses	(222.2)	101.1	(121.1)
Depreciation of non-current assets (1)	(58.2)	(0.8)	(59.0)
Impairment of non-current assets	(124.4)	—	(124.4)
General and administrative expenses (1)	—	(18.8)	(18.8)
Income from equity method investments	—	—	—
Operating (loss)/income including equity method investment	(150.0)	14.7	(135.3)

The following presents financial information by segment for the six months to June 30, 2021:

(in $ millions)	Dayrate	IWS	Reconciling Items (1)	Consolidated total
Dayrate revenue	96.8	245.1	(245.1)	96.8
Related party revenue	6.4	—	—	6.4
Intersegment revenue	75.7	—	(75.7)	—
Gain on disposal	—	—	0.7	0.7
Rig operating and maintenance expenses	(161.7)	(154.0)	219.5	(96.2)
Intersegment expenses	—	(75.7)	75.7	—
Depreciation of non-current assets (1)	(54.0)	—	(0.8)	(54.8)
General and administrative expenses (1)	—	—	(19.5)	(19.5)
Income from equity method investments	—	—	10.3	10.3
Operating (loss)/income including equity method investment	(36.8)	15.4	(34.9)	(56.3)

(1) General and administrative expenses and depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income / (loss) and are included in "Reconciling items." The full operating results included above for our equity method investments are not included within our consolidated results and thus are deducted under "Reconciling items" and replaced with our Income from equity method investments (see Note 6 - Equity Method Investments for additional information).

Geographic data

Revenues are attributed to geographical location based on the country of operations for drilling activities, and thus the country where the revenues are generated.

The following presents our revenues by geographic area:

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
South East Asia	39.1	21.4	69.9	48.3
West Africa	24.6	12.5	46.9	19.7
Mexico	17.5	3.4	36.4	3.8
Europe	19.0	17.5	29.0	31.4
Middle East	5.1	—	5.1	—
Total	105.3	54.8	187.3	103.2

Major customers

The following customers accounted for more than 10% of our dayrate and related party revenues:

	Three months ended June 30, 2022		Three months ended June 30, 2021		Six months ended June 30, 2022		Six months ended June 30, 2021
(In % of operating revenues)
PTT Exploration and Production Public Company Limited	14	%	12	%	16	%	24	%
Perfomex	9	%	8	%	11	%	2	%
CNOOC Petroleum Europe Limited	—	%	18	%	—	%	19	%
BWE Energy Gabon S.A.	—	%	13	%	—	%	7	%
JX Nippon Oil & Gas Exploration (Malaysia) Limited	—	%	12	%	—	%	6	%
Vestigo Petroleum Sdn. Bhd.	—	%	11	%	—	%	7	%
Total	23	%	74	%	27	%	65	%

Fixed Assets — Jack-up rigs (1)

The following presents the net book value of our jack-up rigs by geographic area:

	June 30, 2022	December 31, 2021
(In $ millions)
South East Asia	1,264.2	1,266.7
Mexico	631.9	645.7
West Africa	417.7	568.1
Europe	246.6	250.3
Middle East	144.5	—
Total	2,704.9	2,730.8

(1) The fixed assets referred to in the table above excludes assets under construction. Asset locations at the end of a period are not necessarily indicative of the geographical distribution of the revenues or operating profits generated by such assets during the associated periods.

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Contracts with Customers

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Contracts with Customers

Contracts with Customers

Contract Assets and Liabilities

Accrued revenue is classified as a current asset. When the right to consideration becomes unconditional based on the contractual billing schedule, accrued revenue is recognized. At the point that accrued revenue is billed, trade accounts receivable are recognized. Payment terms on invoice amounts are typically 30 days.

Deferred mobilization and contract preparation revenue include payments received for mobilization as well as rig preparation and upgrade activities, which are allocated to the overall performance obligation and recognized ratably over the initial term of the contract.

The following presents our contract assets and liabilities from our contracts with customers:

	June 30, 2022	December 31, 2021
(In $ millions)
Accrued revenue (1)	47.8	20.2
Current contract assets	47.8	20.2
Non-current accrued revenue (2)	1.0	—
Non-current contract asset	1.0	—
Total contract asset	48.8	20.2
Current deferred mobilization, demobilization and contract preparation revenue (3)	(14.4)	(3.9)
Current contract liability	(14.4)	(3.9)
Non-current deferred mobilization, demobilization and contract preparation revenue (4)	(5.9)	(2.5)
Non-current contract liability	(5.9)	(2.5)
Total contract liability	(20.3)	(6.4)

(1) Accrued revenue includes $0.9 million pertaining to the current portion of deferred demobilization revenue.

(2) Non-current accrued revenue pertains to the non-current portion of deferred demobilization revenue and is included in "Other non-current assets" in our Unaudited Consolidated Balance Sheets.

(3) Current deferred mobilization, demobilization and contract preparation revenue is included in "Other current liabilities" in our Unaudited Consolidated Balance Sheets.

(4) Non-current deferred mobilization, demobilization and contract preparation revenue is included in "Other non-current liabilities" in our Unaudited Consolidated Balance Sheets.

Total movement in our contract assets and contract liabilities balances during the six months ended June 30, 2022 are as follows:

(In $ millions)	Contract assets	Contract liabilities
Balance as of December 31, 2021	20.2	6.4
Performance obligations satisfied during the reporting period	46.9	—
Amortization of revenue	—	(6.5)
Unbilled demobilization revenue	1.9	—
Performance obligations to be satisfied over time	—	1.9
Unbilled mobilization revenue	—	9.4
Cash received, excluding amounts recognized as revenue	—	9.1
Cash received against the contract asset balance	(20.2)	—
Balance as of June 30, 2022	48.8	20.3

Timing of Revenue

The Company derives its revenue from contracts with customers for the transfer of goods and services, from various activities performed both at a point in time and over time.

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
(In $ millions)
Over time	102.0	52.3	179.6	97.0
Point in time	3.3	2.5	7.7	6.2
Total	105.3	54.8	187.3	103.2

Contracts Costs

Deferred mobilization and contract preparation costs relate to costs incurred to prepare a rig for contract and delivery or to mobilize a rig to the drilling location. We defer pre‑operating costs, such as contract preparation and mobilization costs, and recognize such costs on a straight‑line basis, over the estimated firm period of the drilling contract. Costs incurred for the demobilization of rigs at contract completion are recognized as incurred during the demobilization process.

	June 30, 2022	December 31, 2021
(In $ millions)
Current deferred mobilization and contract preparation costs	20.4	17.2
Non-current deferred mobilization and contract preparation costs (1)	7.9	4.4
Total deferred mobilization and contract preparation asset	28.3	21.6

(1) Non-current deferred mobilization and contract preparation costs are included in "Other non-current assets" in our Unaudited Consolidated Balance Sheets

Deferred mobilization and contract preparation costs increased by $6.7 million during the six months ended June 30, 2022 to $28.3 million, from $21.6 million as of December 31, 2021 as a result of amortization during the period of $16.8 million, offset by $23.5 million in additional deferred costs primarily relating to the contract preparations of the rigs "Groa", "Ran", "Arabia I", "Thor" and "Natt".

Practical Expedient

We have applied the disclosure practical expedient in ASC 606-10-50-14A(b) and have not included estimated variable consideration related to wholly unsatisfied performance obligations or to distinct future time increments within our contracts, including dayrate revenue. The duration of our performance obligations varies by contract.

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Equity Method Investments

6 Months Ended

Jun. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

Equity Method Investments

During 2019 we entered into a joint venture with Proyectos Globales de Energia y Servicos CME, S.A. DE C.V. (“CME”) to provide integrated well services to Petróleos Mexicanos (“Pemex”). This involved Borr Mexico Ventures Limited (“BMV”) subscribing to 49% of the equity of Opex Perforadora S.A. de C.V. (“Opex”) and Perforadora Profesional AKAL I, SA de CV (“Akal”). CME’s wholly owned subsidiary, Operadora Productora y Exploradora Mexicana, S.A. de C.V. (“Operadora”) owned 51% of each of Opex and Akal. In addition, we provide five jack-up rigs on bareboat charters to two other joint venture companies, Perfomex and Perfomex II, in which we previously held a 49% interest with CME.

On August 4, 2021, the Company executed a Stock Purchase Agreement between BMV and Operadora for the sale of the Company's 49% interest in each of Opex and Akal joint ventures, as well as the acquisition of a 2% incremental interest in each of Perfomex I and Perfomex II joint ventures. The acquisition was completed on the same date.

Effective August 4, 2021, although we now hold a 51% equity ownership in Perfomex and Perfomex II, we have assessed whether the increased investments in the Perfomex ventures results in the need to consolidate these entities under US GAAP. The significant judgements are whether the joint ventures are variable interest entities (VIEs) and, if so, whether Borr is the primary beneficiary. We concluded that the joint ventures are VIEs; however, we do not have the power to direct the decisions which most significantly impact the economic performance of the joint ventures. As such, we are not considered to be the primary beneficiary of the variable interest entities and we continue to account for our interests in Perfomex and Perfomex II as equity method investments in accordance with ASC 323, Investment - Equity Method and Joint Ventures and record the investments in "Equity method investments" in the Consolidated Balance Sheets.

Prior to August 4, 2021, Opex and Akal contracted technical support services from BMV, management services from Operadora and well services from specialist well service contractors (including an affiliate of one of our shareholders Schlumberger Limited) and logistics and administration services from Logística y Operaciones OTM, S.A. de C.V, an affiliate of CME. This structure enabled Opex and Akal to provide bundled integrated well services to Pemex. The potential revenue earned was fixed under each of the Pemex contracts, while Opex and Akal managed the drilling services and related costs on a per well basis. Prior to the sale, we were obligated, as a 49% shareholder, to fund any capital shortfall in Opex or Akal should the Board of Opex or Akal make cash calls to the shareholders under the provisions of the Shareholder Agreements. On the date of sale, the outstanding funding provided to date was returned.

The below tables sets forth the results from these entities, on a 100% basis, for the three months to June 30, 2022 and 2021:

	Three months ended June 30, 2022		Three months ended June 30, 2021
In $ millions	Perfomex	Perfomex II	Perfomex	Perfomex II	Opex	Akal
Revenue	26.7	24.9	29.3	58.5	27.1	13.8
Operating expenses	(26.0)	(24.4)	(27.4)	(63.3)	(35.7)	(8.6)
Net income/(loss)	(2.7)	0.7	2.5	(1.5)	(16.3)	3.7

The below tables sets forth the results from these entities, on a 100% basis, for the six months to June 30, 2022 and 2021:

	Six months ended June 30, 2022		Six months ended June 30, 2021
In $ millions	Perfomex	Perfomex II	Perfomex	Perfomex II	Opex	Akal
Revenue	56.1	47.7	51.8	23.9	173.2	71.9
Operating expenses	(54.5)	(46.6)	(47.7)	(17.9)	(148.0)	(81.7)
Net income/(loss)	(1.4)	1.4	1.1	3.3	28.4	(9.8)

Revenue in Opex and Akal is recognized on a percentage of completion basis under the cost input method. The services Opex and Akal deliver are to a single customer, Pemex, and involve delivering integrated well services with payment upon the completion of each well in the contract. Revenue in Perfomex and Perfomex II is recognized on a day rate basis on contracts with Opex and Akal, consistent with our historical revenue recognition policies, with day rate accruing each day as the service is performed. We provide rigs and services to Perfomex and Perfomex II for use in their contracts with Opex and Akal, respectively. As of June 30, 2022, Perfomex I and Perfomex II had $106.7 million of receivables from Opex and Akal, of which $87.9 million were outstanding and $18.8 million were unbilled. As of December 31, 2021, Perfomex and Perfomex II had $86.8 million of receivables from Opex and Akal, of which $70.5 million were outstanding and $16.3 million were unbilled.

Summarized balance sheets, on a 100% basis of the Company's equity method investees are as follows:

	As at June 30, 2022		As at December 31, 2021
In $ millions	Perfomex	Perfomex II	Perfomex	Perfomex II
Cash	11.0	15.8	9.0	7.2
Total current assets	147.6	81.2	142.2	48.7
Total non-current assets	3.6	3.6	4.2	2.1
Total assets	151.2	84.8	146.4	50.8
Total current liabilities	138.3	78.4	132.1	45.8
Equity	12.9	6.4	14.3	5.0
Total Liabilities and Equity	151.2	84.8	146.4	50.8

The following presents our investments in equity method investments as at June 30, 2022:

In $ millions	Perfomex	Perfomex II	Borr Total
Balance as of January 1, 2022	16.9	2.5	19.4
Income on a percentage basis	(0.7)	0.7	—
Balance as of June 30, 2022 (1)	16.2	3.2	19.4

(1) As at June 30, 2022, the "Equity method investments" balance in the Unaudited Consolidated Balance Sheets includes $9.8 million in funding provided by shareholder loans to Perfomex

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Other Financial Expenses, Net

6 Months Ended

Jun. 30, 2022

Other Income and Expenses [Abstract]

Other Financial Expenses, net

Other Financial Expenses, net

Other financial expenses, net is comprised of the following:

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
(In $ millions)
Yard cost cover expense	(8.0)	(3.1)	(13.7)	(6.2)
Amortization of deferred finance charges	(1.6)	(1.9)	(3.2)	(3.0)
Bank commitment, guarantee and other fees	(0.4)	(1.3)	(1.2)	(2.0)
Foreign exchange gain/(loss)	0.1	(1.9)	(0.2)	(2.5)
Other financial (expense)/income	(0.4)	2.9	(0.1)	2.7
Total	(10.3)	(5.3)	(18.4)	(11.0)

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Taxation

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Taxation

Taxation

Borr Drilling Limited is a Bermuda company and is not required to pay taxes in Bermuda on ordinary income or capital gains under a tax exemption granted by the Minister of Finance in Bermuda until March 31, 2035. We operate through various subsidiaries in numerous countries throughout the world and are subject to tax laws, policies, treaties and regulations, as well as the interpretation or enforcement thereof, in jurisdictions in which we or any of our subsidiaries operate, were incorporated, or otherwise considered to have a tax presence. Our income tax expense is based upon our interpretation of the tax laws in effect in various countries at the time that the expense was incurred. For the three months ended June 30, 2022, our pre-tax loss is all attributable to foreign jurisdictions except for a $8.3 million pre-tax loss associated with Bermuda. For the three months ended 30 June, 2021, our pre-tax loss is all attributable to foreign jurisdictions except for a $32.9 million pre-tax loss associated with Bermuda. For the six months ended June 30, 2022, our pre-tax loss is all attributable to foreign jurisdictions except for a $18.9 million pre-tax loss associated with Bermuda. For the six months ended 30 June, 2021, our pre-tax loss is all attributable to foreign jurisdictions except for a $44.6 million pre-tax loss associated with Bermuda.

The change in the effective tax rate from period to period is primarily attributable to changes in the profitability or loss mix of our operations in various jurisdictions. As our operations continually change among numerous jurisdictions and methods of taxation in these jurisdictions vary greatly, there is little direct correlation between the income tax provision or benefit and income or loss before taxes. We used a discrete effective tax rate method to calculate income taxes.

Income tax (expense) / credit is comprised of the following:

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
(In $ millions)
Current tax	(7.4)	0.5	(12.1)	(2.1)
Change in deferred tax	1.1	0.5	1.0	0.8
Total	(6.3)	1.0	(11.1)	(1.3)

The deferred tax assets related to our net operating losses were primarily generated in the United Kingdom and will not expire. We recognize a valuation allowance for deferred tax assets when it is more likely than not that the benefit from the deferred tax asset will not be realized. The amount of deferred tax assets considered realizable could increase or decrease in the near term if estimates of future taxable income change.

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Loss Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Loss Per Share

Loss Per Share

The computation of basic loss per share (“EPS”) is based on the weighted average number of shares outstanding during the period. Diluted EPS

does not include the effect of the assumed conversion of potentially dilutive instruments which are 5,532,480 share options outstanding issued to

employees and directors as at June 30, 2022 and convertible bonds with a conversion price of $63.5892 for a total of 5,504,080 shares. Due to

our current loss-making position and the share price being less than the conversion price of the convertible bonds these are deemed to have an

anti-dilutive effect on our EPS.

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
Basic loss per share	(1.09)	(0.44)	(1.45)	(0.86)
Diluted loss per share	(1.09)	(0.44)	(1.45)	(0.86)
Issued ordinary shares at the end of the period	152,901,508	137,218,175	152,901,508	137,218,175
Weighted average numbers of shares outstanding for the period, basic and diluted	152,284,619	137,218,175	149,051,857	133,181,777

The effects of convertible bonds have been excluded from the calculation of diluted EPS for the three and six months ended June 30, 2022 and 2021 because the effects were anti-dilutive.

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Restricted Cash

6 Months Ended

Jun. 30, 2022

Restricted Cash [Abstract]

Restricted Cash

Restricted Cash

Restricted cash is comprised of the following:

	June 30, 2022	December 31, 2021
(In $ millions)
Restricted cash relating to the issuance of guarantees	6.7	10.0
Restricted cash relating to debt financings	1.1	1.1
Restricted cash relating to other	0.3	—
Total restricted cash	8.1	11.1
Less: amounts included in current restricted cash	(1.4)	(3.3)
Non-current restricted cash	6.7	7.8

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Other Current Assets

6 Months Ended

Jun. 30, 2022

Other Current Assets [Abstract]

Other Current Assets

Other Current Assets

Other current assets are comprised of the following:

	June 30, 2022	December 31, 2021
(In $ millions)
VAT and other tax receivable	9.6	8.0
Client rechargeables	7.0	2.6
Deferred financing fee	0.4	0.9
Right-of-use lease asset (1)	0.2	0.2
Other receivables	4.2	5.2
Total	21.4	16.9

(1) The right-of-use lease asset pertains to our office lease.

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Newbuildings

6 Months Ended

Jun. 30, 2022

New buildings [Abstract]

Newbuildings

Newbuildings

The table below sets forth the carrying value of our newbuildings:

	June 30, 2022	December 31, 2021
(In $ millions)
Opening balance	135.5	135.5
Impairment	(124.4)	—
Total	11.1	135.5

No rigs were delivered in the six months ended June 30, 2022.

The remaining contracted installments as of June 30, 2022, payable on delivery, for the five Keppel newbuilds acquired in 2017 and 2018 are approximately $624.0 million. See Note 18 - Commitments and Contingencies.

Impairment

On June 27, 2022, the Company entered into a letter of intent for the sale of three newbuilding jack-up rigs for $320.0 million, subject to various conditions, including entering into an agreement to give effect to the LOI.

As a result of the potential sale of the three newbuilding rigs, we performed an impairment assessment and concluded that, based on management's best estimate as at June 30, 2022 of the most likely outcome, an impairment charge of $124.4 million was required to reflect the difference between the best estimate of the sales amount and the sum of the current capitalized cost and the expected cost to complete (level 3 fair value).

	June 30, 2022
(In $ millions)
Three newbuildings considered in the LOI carrying value	132.0
Estimated cost to complete and respective onerous contract, net	312.4
Total	444.4
Potential sale price	320.0
Impairment charge	(124.4)
Three newbuildings considered in the LOI fair value	7.6

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Jack-Up Rigs

6 Months Ended

Jun. 30, 2022

Jack Up Rigs [Abstract]

Jack-Up Rigs

Jack-Up Rigs

	June 30, 2022	December 31, 2021
(In $ millions)
Opening balance	2,730.8	2,824.6
Additions	32.3	23.8
Depreciation and amortization	(58.2)	(117.6)
Total	2,704.9	2,730.8

Depreciation of property, plant and equipment

In addition to the depreciation in the above table, we recognized a depreciation charge of $0.4 million and $0.8 million for the three and six months ended June 30, 2022 related to property, plant and equipment ($0.4 million and $0.9 million for the three and six months ended June 30, 2021).

Impairment

During the six months ended June 30, 2022, we considered whether indicators of impairment existed that could indicate that the carrying amounts of our jack-up rigs may not be recoverable as of June 30, 2022 and concluded that no such events or changes in circumstances have occurred to warrant a change in the assumptions utilized in the December 31, 2021 impairment tests of our jack-up rig fleet. We will continue to monitor developments in the markets in which we operate for indications that the carrying values of our long-lived assets are not recoverable.

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Other Non-Current Assets

6 Months Ended

Jun. 30, 2022

Other Assets, Noncurrent Disclosure [Abstract]

Other Non-Current Assets

Other Non-Current Assets

Other long-term assets are comprised of the following:

	June 30, 2022	December 31, 2021
(In $ millions)
Deferred mobilization and contract preparation costs (1)	7.9	4.4
Deferred tax asset	1.7	0.7
Right-of-use lease asset, non-current (2)	1.2	1.3
Deferred demobilization revenue (3)	1.0	—
Prepayments	0.5	0.1
VAT receivable	0.4	0.4
Total	12.7	6.9

(1) Non-current deferred mobilization and contract preparation costs relates to the non-current portion of contract mobilization and preparation costs for the jack-up rigs "Groa", "Skald" and "Arabia I" (see Note 5 - Contracts with Customers).

(2) The right-of-use lease asset pertains to our office lease.

(3) Non-current deferred demobilization revenue relates to demobilization revenue for one of our jack-up rigs, which will be billed upon contract completion.

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Accrued Expenses

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Accrued Expenses

Accrued Expenses

Accrued expenses are comprised of the following:

	June 30, 2022	December 31, 2021
(In $ millions)
Accrued interest	105.7	15.3
Accrued goods and services received, not invoiced	14.7	7.7
Accrued payroll and bonus	3.7	6.2
Other accrued expenses (1)	31.7	31.7
Total	155.8	60.9

(1) Other accrued expenses includes holding costs incurred with the shipyards, professional fees, management fees and other accrued expenses related to rig operations.

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Other Current Liabilities

6 Months Ended

Jun. 30, 2022

Other Liabilities, Current [Abstract]

Other Current Liabilities

Other Current Liabilities

Other current liabilities are comprised of the following:

	June 30, 2022	December 31, 2021
(In $ millions)
Deferred mobilization revenue (1)	13.7	3.9
Other current taxes payable (2)	9.0	4.6
VAT payable	8.2	6.6
Corporate income taxes payable	6.3	4.4
Accrued payroll and severance	0.8	0.7
Deferred demobilization revenue (1)	0.7	—
Operating lease liability, current	0.2	0.7
Other current liabilities	1.6	1.4
Total	40.5	22.3

(1) Deferred mobilization revenue and deferred demobilization revenue comprise our current contract liability (see Note 5 - Contracts with Customers).

(2) Other current taxes payable include withholding tax, payroll tax and other indirect tax related liabilities.

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Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

Debt

Short-term debt is comprised of the following:

	Principal Amount
(In $ millions)	June 30, 2022	December 31, 2021
Hayfin Term Loan Facility	197.0	—
Syndicated Senior Secured Credit Facilities	272.7	—
New Bridge Revolving Credit Facility	30.3	—
$350m Convertible bonds	350.0	—
PPL Delivery Financing	753.3	—
Total	1,603.3	—
Back end fee due to PPL on Delivery of rigs	29.3	—
Effective interest rate adjustments on PPL Delivery financing	13.9	—
Deferred finance charges	(3.8)	—
Carrying Value Short-Term Debt	1,642.7	—

Long-term debt is comprised of the following:

	Principal Amount
(In $ millions)	June 30, 2022	December 31, 2021
Hayfin Term Loan Facility	—	197.0
Syndicated Senior Secured Credit Facilities	—	272.7
New Bridge Revolving Credit Facility	—	30.3
$350m Convertible bonds	—	350.0
PPL Delivery Financing	—	753.3
Keppel Delivery Financing	259.2	259.2
Total	259.2	1,862.5
Back end fee due to PPL and Keppel on Delivery of rigs	13.5	42.8
Effective interest rate adjustments on PPL and Keppel Delivery financing	9.1	17.1
Deferred finance charges	—	(6.5)
Carrying Value Long-Term Debt	281.8	1,915.9

The carrying values in the tables above include, where applicable, deferred financing fees and certain interest adjustments to allow for variations in interest payments to be straight lined.

At June 30, 2022 the scheduled maturities of our debt were as follows:

	Maturities
(In $ millions)
2022	—
2023	1,603.3
2024	—
2025	86.4
2026	172.8
Thereafter	—
Total principal debt	1,862.5

Interest

The weighted average interest rate for all our interest-bearing debt, excluding Convertible Bonds, was 6.2% for the six months ended June 30, 2022.

Covenants

As at June 30, 2022, we were in compliance with the covenants and our obligations under our debt agreements.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

The Company has the following delivery installment commitments as at June 30, 2022:

	June 30, 2022	December 31, 2021
(in $ millions)
Delivery installments for jack-up drilling rigs	615.0	621.0
Back-end fees	9.0	9.0
Total	624.0	630.0

The back-end fee is only payable and will be included as part of the cost price if we choose to accept delivery financing from Keppel or upon Keppel's discretion. In addition, under the PPL Financing, PPL is entitled to certain fees payable in connection with the increase in the market value of the relevant PPL Rig Owner from October 31, 2017 until the repayment date, less the relevant rig owner's equity cost of ownership of each rig and any interest paid on the delivery financing.

The following table sets forth when our commitments fall due as of June 30, 2022:

(In $ millions)	Less than 1 year	1-2 years	2-3 years	Thereafter	Total
Delivery installments for jack-up rigs and back end fees	—	624.0	—	—	624.0

Other commercial commitments

We have other commercial commitments which contractually obligate us to settle with cash under certain circumstances. Surety bonds and parent company guarantees entered into between certain customers and governmental bodies guarantee our performance regarding certain drilling contracts, customs import duties and other obligations in various jurisdictions.

The Company has the following guarantee commitments as at June 30, 2022:

	June 30, 2022	December 31, 2021
(in $ millions)
Surety bonds, bank guarantees and performance bonds	13.4	20.8
Total	13.4	20.8

As at June 30, 2022, the expected expiration dates of these obligations are as follows:

(In $ millions)	Less than 1 year	1–3 years	Total
Surety bonds, bank guarantees and performance bonds	3.8	9.6	13.4

Assets pledged as collateral

	June 30, 2022	December 31, 2021
(in $ millions)
Book value of jackup rigs pledged as collateral for long-term debt facilities	2,704.9	2,730.8

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Related Party Transactions

6 Months Ended

Jun. 30, 2022

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

a) Transactions with entities over which we have significant influence

We provide three rigs on a bareboat basis to Perfomex to service its contract with Opex and two rigs on a bareboat basis to Perfomex II to service its contract with Akal. Perfomex and Perfomex II provide the jack-up rigs under traditional dayrate and technical services agreements to Opex and Akal, respectively. This structure enables Opex and Akal to provide bundled integrated well services to Pemex. The potential revenue earned is fixed under each of the Pemex contracts, while Opex and Akal manage the drilling services related costs on a per well basis. The revenue from these contracts is recognized as "Related party revenue" in the Unaudited Consolidated Statements of Operations.

On August 4, 2021, the Company executed a Stock Purchase Agreement between BMV and Operadora for the sale of the Company's 49% interest in each of the Opex and Akal joint ventures, as well as the acquisition of a 2% incremental interest in each of Perfomex and Perfomex II joint ventures. The sale was completed on the same date. Until their sale, as a 49% shareholder we were required to fund any capital shortfall in Opex or Akal should the Board of Opex or Akal make cash calls to the shareholders under the provisions of the Shareholders Agreement (see Note 6 - Equity Method Investments).

For the three and six months ended June 30, 2022 and 2021, the management services revenues and bareboat revenues from our related parties consisted of the following:

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
(In $ millions)
Management Services Revenue - Perfomex	—	1.9	—	4.1
Management Services Revenue - Perfomex II	—	1.2	—	2.3
Bareboat Revenue - Perfomex	9.5	2.2	20.2	(1.6)
Bareboat Revenue - Perfomex II	8.1	0.1	16.1	1.6
Total	17.6	5.4	36.3	6.4

For the three and six months ended June 30, 2022 and 2021 funding provided to and (received from) our joint ventures consisted of the following:

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
(In $ millions)
Perfomex	—	0.8	—	(2.5)
Perfomex II	—	0.8	—	1.0
Total	—	1.6	—	(1.5)

Receivables: The balances with the joint ventures as of June 30, 2022 and December 31, 2021 consisted of the following:

	June 30, 2022	December 31, 2021
(In $ millions)
Perfomex	40.7	40.8
Perfomex II	26.4	7.8
Total	67.1	48.6

b) Transactions with Other Related Parties

Expenses: The transactions with other related parties for the three months ended June 30, 2022 and 2021 consisted of the following:

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
(In $ millions)
Magni Partners Limited (1)	(0.1)	—	(0.5)	(0.4)

(1) Magni Partners Limited ("Magni") is party to a Corporate Services Agreement with the Company pursuant to which it provides strategic advice and assists in sourcing investment opportunities, financing and other such services as the Company wishes to engage, at the Company's option. There is both a fixed and variable element of the agreement, with the fixed cost element representing Magni's fixed costs and any variable element being at the Company's discretion. Mr. Tor Olav Trøim, the Chairman of our Board, is the sole owner of Magni.

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Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

We recognize our fair value estimates using a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy has three levels based on reliability of inputs used to determine fair value as follows:

Level 1: Quoted market prices in active markets for identical assets and liabilities.

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data

The carrying value and estimated fair value of our financial instruments at June 30, 2022 and December 31, 2021 were as follows:

		As at June 30, 2022		As at December 31, 2021
(In $ millions)	Hierarchy	Fair value	Carrying value	Fair value	Carrying value
Assets
Cash and cash equivalents (1)	1	29.7	29.7	34.9	34.9
Restricted cash (1)	1	1.4	1.4	3.3	3.3
Trade receivables (1)	1	33.4	33.4	28.5	28.5
Other current assets (excluding deferred finance fee) (1)	1	21.0	21.0	14.1	14.1
Due from related parties (1)	1	67.1	67.1	48.6	48.6
Non-current restricted cash	1	6.7	6.7	7.8	7.8
Liabilities
Trade payables (1)	1	45.3	45.3	34.7	34.7
Accrued expenses and other current liabilities (1)	1	196.3	196.3	83.2	83.2
Short-term debt (2)	2	1,588.9	1,632.6	—	—
Long-term debt (1)	1	272.7	272.7	1,728.6	1,915.9

(1) The carrying values approximate the fair values due to their near term expected receipt of cash.

(2) Short-term debt includes our 3.875% convertible bond due in 2023 which is fair valued using observable market based inputs.

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Common Shares

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Common Shares

Common Shares

Authorized share capital

	June 30, 2022	December 31, 2021
(Number of shares of $0.10 each)
Authorized shares	180,000,000	180,000,000

Issued and outstanding share capital

	June 30, 2022	December 31, 2021
(Number of shares of $0.10 each)
Issued	152,901,508	137,218,175
Treasury shares	406,333	406,333
Outstanding	152,495,175	136,811,842

On December 28, 2021, we conducted a private placement for gross proceeds of $30 million by issuing 13,333,333 new depository receipts (representing the same number of shares) at a subscription price of $2.25 per depository receipt. Share issuance costs associated with this equity raise were $1.1 million. On January 31, 2022, the equity offering was settled and the Company's issued share capital was increased by $1.3 million to $151.0 million, divided into 150,551,508 common shares with a nominal value of $0.10 per common share.

Equity distribution

In July 2021, the Company entered into an Equity Distribution Agreement with Clarksons for the offer and sale of up to $40.0 million of common shares of the Company through an ATM program. In the six months ended June 30, 2022, the Company issued 2,350,000 shares raising gross proceeds of $8.9 million and net proceeds of $8.8 million, with compensation paid by the Company to Clarksons of $0.1 million.

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Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On August 10, 2022, the Company priced a public equity offering of $250.0 million (plus an additional $25.0 million that we may issue and sell upon the exercise of the underwriters' options) of its common shares with proceeds being used to consummate a refinancing with its lenders under its Syndicated Facility, New Bridge Facility, Hayfin Facility and shipyard delivery financing arrangements with Keppel and PPL ("secured lenders"), and for general corporate purposes. Closing of the offering is subject to increasing the Company's authorized share capital for which we have called a special general meeting of shareholders to be held on August 16, 2022 to approve 40,000,000 additional shares, but as such additional shares together with our currently authorized share capital, are not expected to be sufficient for all of the common shares expected to be issued in this offering, we have called for a second special general meeting of shareholders to be held on August 25, 2022 to approve the authorization of additional shares for this offering, including additional shares to take account for a potential exercise by the underwriters of the option to purchase up to an additional $25 million of shares. Closing of the offering is also conditional upon the Company entering into binding term sheets or other binding agreements with (or obtaining commitments from) all applicable secured lenders, no later than August 16, 2022.

On August 11, 2022, the Board of Directors of the Company has resolved to grant 4 million options under the Company's approved share option scheme to certain of its employees. The grant is to become effective on September 1, 2022, following a planned Special General Meeting and increase in the approved share capital. Each share option gives the right to subscribe for one share of the Company. The options will vest over a 3.5 year period and have strike prices as follows:

•One third will vest on March 1, 2024 and will have a strike price of $4.00;

•One third will vest on March 1, 2025 and will have a strike price of $4.75; and

•One third will vest on March 1, 2026 and will have a strike price of $5.50.

In addition, the Company's Chief Executive Officer has been awarded 0.5 million Performance Stock Units that will all cliff vest on September 1, 2025 subject to certain performance criteria linked to the Company's share price.

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Basis of Preparation and Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Going concern

Going concern

The unaudited consolidated financial statements have been prepared on a going concern basis.

We have incurred significant losses since inception and will be dependent on additional financing in order to fund our losses expected in the next 12 months, meet our existing capital expenditure commitments and our substantial debt maturities in 2023.

We have principal debt of $1,862.5 million of which $1,603.3 million matures in 2023. In July 2022, we announced that we had reached agreements in principle with our secured creditors to extend the debt maturing in 2023 to 2025, subject to the respective boards' and credit committees' approvals and binding documentation. As part of these agreements, we contemplate to repay the $310.5 million outstanding on our $450 million Syndicated Facility and $100 million New Bridge Facility collateralized by eight rigs and replace it with a (i) $150 million bilateral facility provided by the existing lender in the facilities DNB Bank ASA, secured by five rigs and (ii) a repayment of the remaining balance with the proceeds of the August Equity Offering. We have also received a commitment from a syndicate of existing lender which would make available a $107.5 million facility secured by three rigs, if required, pursuant to a conditional backstop agreement, however the Company does not expect to utilize this facility, given the size of the offering we have priced.

In addition, the agreements in principle contemplate a $45.0 million pay down of the Hayfin Facility ($30 million upon completion of an equity financing and the remaining $15 million by the end of 2022). The agreements in principle with our secured creditors provide for amending the maturity date of all secured debt to 2025 and also provide for certain payments to PPL and Keppel upon completion of the contemplated August Equity Raise. The agreement with Keppel also contemplates a deferral of the delivery dates for two newbuild rigs and an agreement by Keppel to the sale of the other three newbuild rigs we have agreed to purchase. These agreements are still subject to the creditors board’s approvals and binding documentation and the final terms may be different.

On August 10, 2022 the Company announced that it had priced a public equity offering of $250 million of its common shares with proceeds being used to consummate the refinancing described above, with its lenders under its Syndicated Facility, New Bridge Facility, Hayfin Facility and shipyard delivery financing arrangements with Keppel and PPL and for general corporate purposes. Closing of the offering is subject to increasing the Company's authorized share capital and the Company entering into binding term sheets or other binding agreements with (or obtaining commitments from) all applicable secured lenders, no later than August 16, 2022.

Furthermore, on June 27, 2022, we announced we have entered into a letter of intent for the sale of three newbuilding jack-ups for $320.0 million, subject to various conditions, including entering into an agreement to give effect to the LOI. Negotiations continue under the LOI with the intention that the final proceeds from the sale would be used to pay the delivery installments of the three newbuilding jack-up rigs and further eliminate the associated activation costs that would have applied in the future.

We have received extensions of covenant waivers to implement the Refinancing, which waivers extend to August 10, 2022 and are then automatically extended to (i) August 18, 2022 if we enter into binding term sheets or other binding agreements in respect of the Refinancing by August 10, 2022 and (ii) to September 15, 2022 if we receive on or prior to August 18, 2022 commitments (subject only to completion of the transaction contemplated by the Refinancing term sheets) for the issuance of additional ordinary shares with gross proceeds of at least $150 million. We believe that this waiver has been automatically extended as a consequence of the execution of the underwriting agreement for the August Equity Offering.

In July 2021, we established an ATM program under which we may offer and sell from time to time up to $40.0 million of our common shares to be listed on the New York Stock Exchange. As at July 31, 2022, we have sold 2,350,000 shares, raising $8.8 million in net proceeds under the ATM program. On December 28, 2021, as contemplated by the December 2021 agreements in principle with the shipyard creditors, outlined above, the Company launched a private placement which closed in January 2022, raising net proceeds of $28.9 million.

The sale of shares under our ATM program and equity raise have improved our liquidity situation, however, our ability to continue as a going concern is dependent on a continuing improvement in the jack-up drilling market and securing our rigs on accretive contracts, in addition to being able to defer or refinance our debt maturities to at least 2025, complete the August Equity Raise and enter into a definitive sales agreement

for the sale of the three newbuilding rigs noted above. While we have agreements in principle in place with all the secured creditors to extend the majority of secured debt to 2025, these agreements remain subject to approvals and binding documentation to extend all maturities to at least 2025. In addition, while we have priced our August Equity Raise in the amount of $250.0 million, the closing of the offering is subject to various closing conditions. As such, we have concluded that a substantial doubt exists over our ability to continue as a going concern. The financial statements included in this report do not include any adjustments that might result from the outcome of this uncertainty.

We will continue to explore additional financing opportunities and strategic sale of a limited number of modern jack-ups or joint ventures in order to further strengthen the liquidity of the Company. While we have confidence that these actions will enable us to better manage our liquidity position, and we have a track record of delivering additional financing and selling rigs and joint ventures, there is no guarantee that any additional financing or sale measures will be concluded successfully.

Basis of preparation

Basis of preparation

The unaudited consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The unaudited consolidated financial statements do not include all of the disclosures required under U.S. GAAP in the annual consolidated financial statements, and should be read in conjunction with our audited annual financial statements for the year ended December 31, 2021, which are included in our annual report on Form 20-F for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission on April 11, 2022. The consolidated balance sheet data for December 31, 2021 was derived from our audited annual financial statements. The amounts are presented in millions of United States dollars ("U.S. dollar" or "$"), unless otherwise stated. The financial statements have been prepared on a going concern basis and in management's opinion, all adjustments necessary for a fair statement are reflected in the interim periods presented.

On December 14, 2021, the Board of Directors approved a 2-to-1 reverse share split of the Company’s shares. Upon effectiveness of the Reverse Split, every two shares of the Company’s issued and outstanding common shares, par value $0.05 per share was combined into one issued and outstanding common share, par value $0.10 per share. Unless otherwise indicated, all share and per share data in these unaudited consolidated financial statements have been adjusted to give effect of our Reverse Share Split and is approximate due to rounding.

Use of estimates

Use of estimates

The preparation of financial statements in accordance with U.S. GAAP requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Adoption of new accounting standards and Accounting pronouncements that have been issued but not yet adopted

Adoption of new accounting standards

In August 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-06 Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40). The amendments simplify the issuer’s accounting for convertible instruments and its application of the equity classification guidance. The new guidance eliminates some of the existing models for assessing convertible instruments, which results in more instruments being recognized as a single unit of account on the balance sheet and expands disclosure requirements. The new guidance simplifies the assessment of contracts in an entity’s own equity and existing EPS guidance in ASC 260. These amendments are effective from January 1, 2022. There was no impact resulting from these amendments on our unaudited consolidated financial statements or related disclosures as presented in this interim set of accounts for the six months ended June 30, 2022.

In May 2021, the FASB issued ASU 2021-04 Earnings Per Share (Topic 260), Debt— Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging —Contracts in Entity’s Own Equity (Subtopic 815-40). The amendments clarify the issuer's recognition and measurement considerations resulting from exchanges or modifications to freestanding instruments (written call options) classified in equity. Such exchanges or modifications are treated as adjustments to the cost to raise debt, to the cost to raise equity or as share based payments (ASC 718) when issued to compensate for goods or services. If not treated as costs of debt funding, equity funding or share-based payments, it results in an adjustment to EPS/net income (loss). These amendments are effective from January 1, 2022. There was no impact resulting from these amendments on our unaudited consolidated financial statements or related disclosures as presented in this interim set of accounts for the six months ended June 30, 2022.

In July 2021, the FASB issued ASU 2021-05 Leases (Topic 842) - Lessors - Certain leases with Variable Lease Payments. The amendments affect lessors with lease contracts that have variable lease payments that do not depend on a reference index or a rate and would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing leases. The new guidance amends the lease classification requirements where lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if certain criteria are met. When a lease is classified as operating, the lessor does not recognize a net

investment in the lease, does not recognize the underlying asset, and, therefore, does not recognize a selling profit or loss. These amendments are effective from January 1, 2022. There was no impact resulting from these amendments on our unaudited consolidated financial statements or related disclosures as presented in this interim set of accounts for the six months ended June 30, 2022.

In November 2021, the FASB issued ASU 2021-10 Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The amendments in this Update require the following annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy: (i) information about the nature of the transactions and the related accounting policy used to account for the transactions, (ii) the line items on the balance sheet and income statement that are affected by the transactions, and the amounts applicable to each financial statement line item and (iii) significant terms and conditions of the transactions, including commitments and contingencies. These amendments are effective from January 1, 2022. There was no impact resulting from these amendments on our unaudited consolidated financial statements or related disclosures as presented in this interim set of accounts for the six months ended June 30, 2022.

Accounting pronouncements that have been issued but not yet adopted

Standard	Description	Date of Adoption	Effect on our Consolidated Financial Statements or Other Significant Matters
ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers	The amendments in this Update require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. The amendments in this Update improve comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of, and after, a business combination. The amendments improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination.	January 1, 2023	Under evaluation
ASU 2022-01 Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method	The amendments clarify the accounting for, and promote consistency in, the reporting of hedge basis adjustments applicable to both a single hedged layer and multiple hedged layers as follows: 1) An entity is required to maintain basis adjustments in an existing hedge on a closed portfolio basis (that is, not allocated to individual assets). 2) An entity is required to immediately recognize and present the basis adjustment associated with the amount of the de-designated layer that was breached in interest income. In addition, an entity is required to disclose that amount and the circumstances that led to the breach. 3) An entity is required to disclose the total amount of the basis adjustments in existing hedges as a reconciling amount if other areas of GAAP require the disaggregated disclosure of the amortized cost basis of assets included in the closed portfolio. 4) An entity is prohibited from considering basis adjustments in an existing hedge when determining credit losses.	January 1, 2023	Under evaluation
ASU 2022-02 Financial Instruments—Credit Losses (Topic 326)	The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the Current Expected Credit Losses (CECL) model and enhance the disclosure requirements for loan refinancing and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write offs for financing receivables and net investment in leases by year of origination in the vintage disclosures.	January 1, 2023	Under evaluation

As of August 11, 2022, the FASB have issued further updates not included above. We do not currently expect any of these updates to have a material impact on our consolidated financial statements and related disclosures either on transition or in future periods.

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Recently Issued Accounting Standards (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Changes and Error Corrections [Abstract]

Accounting pronouncements that have been issued but not yet adopted

Accounting pronouncements that have been issued but not yet adopted

Standard	Description	Date of Adoption	Effect on our Consolidated Financial Statements or Other Significant Matters
ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers	The amendments in this Update require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. The amendments in this Update improve comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of, and after, a business combination. The amendments improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination.	January 1, 2023	Under evaluation
ASU 2022-01 Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method	The amendments clarify the accounting for, and promote consistency in, the reporting of hedge basis adjustments applicable to both a single hedged layer and multiple hedged layers as follows: 1) An entity is required to maintain basis adjustments in an existing hedge on a closed portfolio basis (that is, not allocated to individual assets). 2) An entity is required to immediately recognize and present the basis adjustment associated with the amount of the de-designated layer that was breached in interest income. In addition, an entity is required to disclose that amount and the circumstances that led to the breach. 3) An entity is required to disclose the total amount of the basis adjustments in existing hedges as a reconciling amount if other areas of GAAP require the disaggregated disclosure of the amortized cost basis of assets included in the closed portfolio. 4) An entity is prohibited from considering basis adjustments in an existing hedge when determining credit losses.	January 1, 2023	Under evaluation
ASU 2022-02 Financial Instruments—Credit Losses (Topic 326)	The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the Current Expected Credit Losses (CECL) model and enhance the disclosure requirements for loan refinancing and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write offs for financing receivables and net investment in leases by year of origination in the vintage disclosures.	January 1, 2023	Under evaluation

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following presents financial information by segment for the three months to June 30, 2022:

(In $ millions)	Dayrate	Reconciling Items (1)	Consolidated total
Dayrate revenue	139.3	(51.6)	87.7
Related party revenue	—	17.6	17.6
Gain on disposal	—	0.7	0.7
Rig operating and maintenance expenses	(115.9)	50.4	(65.5)
Depreciation of non-current assets (1)	(29.1)	(0.4)	(29.5)
Impairment of non-current assets	(124.4)	—	(124.4)
General and administrative expenses (1)	—	(9.6)	(9.6)
Income from equity method investments	—	(1.1)	(1.1)
Operating (loss)/income including equity method investment	(130.1)	6.0	(124.1)
Total assets	3,226.5	(236.0)	2,990.5

The following presents financial information by segment for the three months ended June 30, 2021:

(in $ millions)	Dayrate	IWS	Reconciling Items (1)	Consolidated total
Dayrate revenue	49.4	85.6	(85.6)	49.4
Related party revenue	5.4	—	—	5.4
Intersegment revenue	43.1	—	(43.1)	—
Gain on disposal	—	—	0.8	0.8
Rig operating and maintenance expenses	(83.3)	(56.0)	91.9	(47.4)
Intersegment expenses	—	(43.1)	43.1	—
Depreciation of non-current assets (1)	(26.1)	—	(0.3)	(26.4)
General and administrative expenses (1)	—	—	(7.8)	(7.8)
Income from equity method investments	—	—	(5.7)	(5.7)
Operating loss including equity method investment	(11.5)	(13.5)	(6.7)	(31.7)
Total assets	3,346.3	589.5	(793.6)	3,142.2

The following presents financial information by segment for the six months to June 30, 2022:

(In $ millions)	Dayrate	Reconciling Items (1)	Consolidated total
Dayrate revenue	254.8	(103.8)	151.0
Related party revenue	—	36.3	36.3
Gain on disposal	—	0.7	0.7
Rig operating and maintenance expenses	(222.2)	101.1	(121.1)
Depreciation of non-current assets (1)	(58.2)	(0.8)	(59.0)
Impairment of non-current assets	(124.4)	—	(124.4)
General and administrative expenses (1)	—	(18.8)	(18.8)
Income from equity method investments	—	—	—
Operating (loss)/income including equity method investment	(150.0)	14.7	(135.3)

The following presents financial information by segment for the six months to June 30, 2021:

(in $ millions)	Dayrate	IWS	Reconciling Items (1)	Consolidated total
Dayrate revenue	96.8	245.1	(245.1)	96.8
Related party revenue	6.4	—	—	6.4
Intersegment revenue	75.7	—	(75.7)	—
Gain on disposal	—	—	0.7	0.7
Rig operating and maintenance expenses	(161.7)	(154.0)	219.5	(96.2)
Intersegment expenses	—	(75.7)	75.7	—
Depreciation of non-current assets (1)	(54.0)	—	(0.8)	(54.8)
General and administrative expenses (1)	—	—	(19.5)	(19.5)
Income from equity method investments	—	—	10.3	10.3
Operating (loss)/income including equity method investment	(36.8)	15.4	(34.9)	(56.3)

(1) General and administrative expenses and depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income / (loss) and are included in "Reconciling items." The full operating results included above for our equity method investments are not included within our consolidated results and thus are deducted under "Reconciling items" and replaced with our Income from equity method investments (see Note 6 - Equity Method Investments for additional information).

Revenues by Geographic Area

The following presents our revenues by geographic area:

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
South East Asia	39.1	21.4	69.9	48.3
West Africa	24.6	12.5	46.9	19.7
Mexico	17.5	3.4	36.4	3.8
Europe	19.0	17.5	29.0	31.4
Middle East	5.1	—	5.1	—
Total	105.3	54.8	187.3	103.2

Major Customers by Reporting Segments

The following customers accounted for more than 10% of our dayrate and related party revenues:

	Three months ended June 30, 2022		Three months ended June 30, 2021		Six months ended June 30, 2022		Six months ended June 30, 2021
(In % of operating revenues)
PTT Exploration and Production Public Company Limited	14	%	12	%	16	%	24	%
Perfomex	9	%	8	%	11	%	2	%
CNOOC Petroleum Europe Limited	—	%	18	%	—	%	19	%
BWE Energy Gabon S.A.	—	%	13	%	—	%	7	%
JX Nippon Oil & Gas Exploration (Malaysia) Limited	—	%	12	%	—	%	6	%
Vestigo Petroleum Sdn. Bhd.	—	%	11	%	—	%	7	%
Total	23	%	74	%	27	%	65	%

Fixed Assets — Jack-up rigs (1)

Long-lived Assets by Geographic Areas

The following presents the net book value of our jack-up rigs by geographic area:

	June 30, 2022	December 31, 2021
(In $ millions)
South East Asia	1,264.2	1,266.7
Mexico	631.9	645.7
West Africa	417.7	568.1
Europe	246.6	250.3
Middle East	144.5	—
Total	2,704.9	2,730.8

(1) The fixed assets referred to in the table above excludes assets under construction. Asset locations at the end of a period are not necessarily indicative of the geographical distribution of the revenues or operating profits generated by such assets during the associated periods.

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Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Contract Assets, Contract Liabilities and Contract Costs from Contracts with Customers

The following presents our contract assets and liabilities from our contracts with customers:

	June 30, 2022	December 31, 2021
(In $ millions)
Accrued revenue (1)	47.8	20.2
Current contract assets	47.8	20.2
Non-current accrued revenue (2)	1.0	—
Non-current contract asset	1.0	—
Total contract asset	48.8	20.2
Current deferred mobilization, demobilization and contract preparation revenue (3)	(14.4)	(3.9)
Current contract liability	(14.4)	(3.9)
Non-current deferred mobilization, demobilization and contract preparation revenue (4)	(5.9)	(2.5)
Non-current contract liability	(5.9)	(2.5)
Total contract liability	(20.3)	(6.4)

(1) Accrued revenue includes $0.9 million pertaining to the current portion of deferred demobilization revenue.

(2) Non-current accrued revenue pertains to the non-current portion of deferred demobilization revenue and is included in "Other non-current assets" in our Unaudited Consolidated Balance Sheets.

(3) Current deferred mobilization, demobilization and contract preparation revenue is included in "Other current liabilities" in our Unaudited Consolidated Balance Sheets.

(4) Non-current deferred mobilization, demobilization and contract preparation revenue is included in "Other non-current liabilities" in our Unaudited Consolidated Balance Sheets.

Contracts Costs

Deferred mobilization and contract preparation costs relate to costs incurred to prepare a rig for contract and delivery or to mobilize a rig to the drilling location. We defer pre‑operating costs, such as contract preparation and mobilization costs, and recognize such costs on a straight‑line basis, over the estimated firm period of the drilling contract. Costs incurred for the demobilization of rigs at contract completion are recognized as incurred during the demobilization process.

	June 30, 2022	December 31, 2021
(In $ millions)
Current deferred mobilization and contract preparation costs	20.4	17.2
Non-current deferred mobilization and contract preparation costs (1)	7.9	4.4
Total deferred mobilization and contract preparation asset	28.3	21.6

(1) Non-current deferred mobilization and contract preparation costs are included in "Other non-current assets" in our Unaudited Consolidated Balance Sheets

Changes in the Remaining Performance Obligation Contract Asset Balances

Total movement in our contract assets and contract liabilities balances during the six months ended June 30, 2022 are as follows:

(In $ millions)	Contract assets	Contract liabilities
Balance as of December 31, 2021	20.2	6.4
Performance obligations satisfied during the reporting period	46.9	—
Amortization of revenue	—	(6.5)
Unbilled demobilization revenue	1.9	—
Performance obligations to be satisfied over time	—	1.9
Unbilled mobilization revenue	—	9.4
Cash received, excluding amounts recognized as revenue	—	9.1
Cash received against the contract asset balance	(20.2)	—
Balance as of June 30, 2022	48.8	20.3

Disaggregation of Revenue

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
(In $ millions)
Over time	102.0	52.3	179.6	97.0
Point in time	3.3	2.5	7.7	6.2
Total	105.3	54.8	187.3	103.2

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Equity Method Investments (Tables)

6 Months Ended

Jun. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The below tables sets forth the results from these entities, on a 100% basis, for the three months to June 30, 2022 and 2021:

	Three months ended June 30, 2022		Three months ended June 30, 2021
In $ millions	Perfomex	Perfomex II	Perfomex	Perfomex II	Opex	Akal
Revenue	26.7	24.9	29.3	58.5	27.1	13.8
Operating expenses	(26.0)	(24.4)	(27.4)	(63.3)	(35.7)	(8.6)
Net income/(loss)	(2.7)	0.7	2.5	(1.5)	(16.3)	3.7

The below tables sets forth the results from these entities, on a 100% basis, for the six months to June 30, 2022 and 2021:

	Six months ended June 30, 2022		Six months ended June 30, 2021
In $ millions	Perfomex	Perfomex II	Perfomex	Perfomex II	Opex	Akal
Revenue	56.1	47.7	51.8	23.9	173.2	71.9
Operating expenses	(54.5)	(46.6)	(47.7)	(17.9)	(148.0)	(81.7)
Net income/(loss)	(1.4)	1.4	1.1	3.3	28.4	(9.8)

Summarized balance sheets, on a 100% basis of the Company's equity method investees are as follows:

	As at June 30, 2022		As at December 31, 2021
In $ millions	Perfomex	Perfomex II	Perfomex	Perfomex II
Cash	11.0	15.8	9.0	7.2
Total current assets	147.6	81.2	142.2	48.7
Total non-current assets	3.6	3.6	4.2	2.1
Total assets	151.2	84.8	146.4	50.8
Total current liabilities	138.3	78.4	132.1	45.8
Equity	12.9	6.4	14.3	5.0
Total Liabilities and Equity	151.2	84.8	146.4	50.8

The following presents our investments in equity method investments as at June 30, 2022:

In $ millions	Perfomex	Perfomex II	Borr Total
Balance as of January 1, 2022	16.9	2.5	19.4
Income on a percentage basis	(0.7)	0.7	—
Balance as of June 30, 2022 (1)	16.2	3.2	19.4

(1) As at June 30, 2022, the "Equity method investments" balance in the Unaudited Consolidated Balance Sheets includes $9.8 million in funding provided by shareholder loans to Perfomex

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Other Financial Expenses, Net (Tables)

6 Months Ended

Jun. 30, 2022

Other Income and Expenses [Abstract]

Schedule of Other Nonoperating Income (Expense)

Other financial expenses, net is comprised of the following:

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
(In $ millions)
Yard cost cover expense	(8.0)	(3.1)	(13.7)	(6.2)
Amortization of deferred finance charges	(1.6)	(1.9)	(3.2)	(3.0)
Bank commitment, guarantee and other fees	(0.4)	(1.3)	(1.2)	(2.0)
Foreign exchange gain/(loss)	0.1	(1.9)	(0.2)	(2.5)
Other financial (expense)/income	(0.4)	2.9	(0.1)	2.7
Total	(10.3)	(5.3)	(18.4)	(11.0)

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Taxation (Tables)

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Tax Expense

Income tax (expense) / credit is comprised of the following:

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
(In $ millions)
Current tax	(7.4)	0.5	(12.1)	(2.1)
Change in deferred tax	1.1	0.5	1.0	0.8
Total	(6.3)	1.0	(11.1)	(1.3)

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Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Computation of Basic EPS

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
Basic loss per share	(1.09)	(0.44)	(1.45)	(0.86)
Diluted loss per share	(1.09)	(0.44)	(1.45)	(0.86)
Issued ordinary shares at the end of the period	152,901,508	137,218,175	152,901,508	137,218,175
Weighted average numbers of shares outstanding for the period, basic and diluted	152,284,619	137,218,175	149,051,857	133,181,777

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Restricted Cash (Tables)

6 Months Ended

Jun. 30, 2022

Restricted Cash [Abstract]

Schedule of Restricted Cash

Restricted cash is comprised of the following:

	June 30, 2022	December 31, 2021
(In $ millions)
Restricted cash relating to the issuance of guarantees	6.7	10.0
Restricted cash relating to debt financings	1.1	1.1
Restricted cash relating to other	0.3	—
Total restricted cash	8.1	11.1
Less: amounts included in current restricted cash	(1.4)	(3.3)
Non-current restricted cash	6.7	7.8

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Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2022

Other Current Assets [Abstract]

Schedule of Other Current Assets

Other current assets are comprised of the following:

	June 30, 2022	December 31, 2021
(In $ millions)
VAT and other tax receivable	9.6	8.0
Client rechargeables	7.0	2.6
Deferred financing fee	0.4	0.9
Right-of-use lease asset (1)	0.2	0.2
Other receivables	4.2	5.2
Total	21.4	16.9

(1) The right-of-use lease asset pertains to our office lease.

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Newbuildings (Tables)

6 Months Ended

Jun. 30, 2022

New buildings [Abstract]

Carrying Value of New Buildings

The table below sets forth the carrying value of our newbuildings:

	June 30, 2022	December 31, 2021
(In $ millions)
Opening balance	135.5	135.5
Impairment	(124.4)	—
Total	11.1	135.5

	June 30, 2022
(In $ millions)
Three newbuildings considered in the LOI carrying value	132.0
Estimated cost to complete and respective onerous contract, net	312.4
Total	444.4
Potential sale price	320.0
Impairment charge	(124.4)
Three newbuildings considered in the LOI fair value	7.6

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Jack-Up Rigs (Tables)

6 Months Ended

Jun. 30, 2022

Jack Up Rigs [Abstract]

Schedule of Jack-Up Rigs

	June 30, 2022	December 31, 2021
(In $ millions)
Opening balance	2,730.8	2,824.6
Additions	32.3	23.8
Depreciation and amortization	(58.2)	(117.6)
Total	2,704.9	2,730.8

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Other Non-Current Assets (Tables)

6 Months Ended

Jun. 30, 2022

Other Assets, Noncurrent Disclosure [Abstract]

Schedule of Other Non-Current Assets

Other long-term assets are comprised of the following:

	June 30, 2022	December 31, 2021
(In $ millions)
Deferred mobilization and contract preparation costs (1)	7.9	4.4
Deferred tax asset	1.7	0.7
Right-of-use lease asset, non-current (2)	1.2	1.3
Deferred demobilization revenue (3)	1.0	—
Prepayments	0.5	0.1
VAT receivable	0.4	0.4
Total	12.7	6.9

(1) Non-current deferred mobilization and contract preparation costs relates to the non-current portion of contract mobilization and preparation costs for the jack-up rigs "Groa", "Skald" and "Arabia I" (see Note 5 - Contracts with Customers).

(2) The right-of-use lease asset pertains to our office lease.

(3) Non-current deferred demobilization revenue relates to demobilization revenue for one of our jack-up rigs, which will be billed upon contract completion.

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Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses are comprised of the following:

	June 30, 2022	December 31, 2021
(In $ millions)
Accrued interest	105.7	15.3
Accrued goods and services received, not invoiced	14.7	7.7
Accrued payroll and bonus	3.7	6.2
Other accrued expenses (1)	31.7	31.7
Total	155.8	60.9

(1) Other accrued expenses includes holding costs incurred with the shipyards, professional fees, management fees and other accrued expenses related to rig operations.

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Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Other Liabilities, Current [Abstract]

Schedule of Other Current Liabilities

Other current liabilities are comprised of the following:

	June 30, 2022	December 31, 2021
(In $ millions)
Deferred mobilization revenue (1)	13.7	3.9
Other current taxes payable (2)	9.0	4.6
VAT payable	8.2	6.6
Corporate income taxes payable	6.3	4.4
Accrued payroll and severance	0.8	0.7
Deferred demobilization revenue (1)	0.7	—
Operating lease liability, current	0.2	0.7
Other current liabilities	1.6	1.4
Total	40.5	22.3

(1) Deferred mobilization revenue and deferred demobilization revenue comprise our current contract liability (see Note 5 - Contracts with Customers).

(2) Other current taxes payable include withholding tax, payroll tax and other indirect tax related liabilities.

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Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Short-Term Debt

Short-term debt is comprised of the following:

	Principal Amount
(In $ millions)	June 30, 2022	December 31, 2021
Hayfin Term Loan Facility	197.0	—
Syndicated Senior Secured Credit Facilities	272.7	—
New Bridge Revolving Credit Facility	30.3	—
$350m Convertible bonds	350.0	—
PPL Delivery Financing	753.3	—
Total	1,603.3	—
Back end fee due to PPL on Delivery of rigs	29.3	—
Effective interest rate adjustments on PPL Delivery financing	13.9	—
Deferred finance charges	(3.8)	—
Carrying Value Short-Term Debt	1,642.7	—

Schedule of Long-Term Debt

Long-term debt is comprised of the following:

	Principal Amount
(In $ millions)	June 30, 2022	December 31, 2021
Hayfin Term Loan Facility	—	197.0
Syndicated Senior Secured Credit Facilities	—	272.7
New Bridge Revolving Credit Facility	—	30.3
$350m Convertible bonds	—	350.0
PPL Delivery Financing	—	753.3
Keppel Delivery Financing	259.2	259.2
Total	259.2	1,862.5
Back end fee due to PPL and Keppel on Delivery of rigs	13.5	42.8
Effective interest rate adjustments on PPL and Keppel Delivery financing	9.1	17.1
Deferred finance charges	—	(6.5)
Carrying Value Long-Term Debt	281.8	1,915.9

Schedule of Maturities of Debt

At June 30, 2022 the scheduled maturities of our debt were as follows:

	Maturities
(In $ millions)
2022	—
2023	1,603.3
2024	—
2025	86.4
2026	172.8
Thereafter	—
Total principal debt	1,862.5

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments

The Company has the following delivery installment commitments as at June 30, 2022:

	June 30, 2022	December 31, 2021
(in $ millions)
Delivery installments for jack-up drilling rigs	615.0	621.0
Back-end fees	9.0	9.0
Total	624.0	630.0

Maturity of Commitments

The following table sets forth when our commitments fall due as of June 30, 2022:

(In $ millions)	Less than 1 year	1-2 years	2-3 years	Thereafter	Total
Delivery installments for jack-up rigs and back end fees	—	624.0	—	—	624.0

Other Commercial Commitments

The Company has the following guarantee commitments as at June 30, 2022:

	June 30, 2022	December 31, 2021
(in $ millions)
Surety bonds, bank guarantees and performance bonds	13.4	20.8
Total	13.4	20.8

As at June 30, 2022, the expected expiration dates of these obligations are as follows:

(In $ millions)	Less than 1 year	1–3 years	Total
Surety bonds, bank guarantees and performance bonds	3.8	9.6	13.4

Assets Pledged as Collateral

Assets pledged as collateral

	June 30, 2022	December 31, 2021
(in $ millions)
Book value of jackup rigs pledged as collateral for long-term debt facilities	2,704.9	2,730.8

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Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2022

Related Party Transactions [Abstract]

Schedule of Related Party Transactions

For the three and six months ended June 30, 2022 and 2021, the management services revenues and bareboat revenues from our related parties consisted of the following:

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
(In $ millions)
Management Services Revenue - Perfomex	—	1.9	—	4.1
Management Services Revenue - Perfomex II	—	1.2	—	2.3
Bareboat Revenue - Perfomex	9.5	2.2	20.2	(1.6)
Bareboat Revenue - Perfomex II	8.1	0.1	16.1	1.6
Total	17.6	5.4	36.3	6.4

For the three and six months ended June 30, 2022 and 2021 funding provided to and (received from) our joint ventures consisted of the following:

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
(In $ millions)
Perfomex	—	0.8	—	(2.5)
Perfomex II	—	0.8	—	1.0
Total	—	1.6	—	(1.5)

Receivables: The balances with the joint ventures as of June 30, 2022 and December 31, 2021 consisted of the following:

	June 30, 2022	December 31, 2021
(In $ millions)
Perfomex	40.7	40.8
Perfomex II	26.4	7.8
Total	67.1	48.6

Expenses: The transactions with other related parties for the three months ended June 30, 2022 and 2021 consisted of the following:

	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
(In $ millions)
Magni Partners Limited (1)	(0.1)	—	(0.5)	(0.4)

(1) Magni Partners Limited ("Magni") is party to a Corporate Services Agreement with the Company pursuant to which it provides strategic advice and assists in sourcing investment opportunities, financing and other such services as the Company wishes to engage, at the Company's option. There is both a fixed and variable element of the agreement, with the fixed cost element representing Magni's fixed costs and any variable element being at the Company's discretion. Mr. Tor Olav Trøim, the Chairman of our Board, is the sole owner of Magni.

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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Carrying Value and Estimated Fair Value of Cash and Financial Instruments

The carrying value and estimated fair value of our financial instruments at June 30, 2022 and December 31, 2021 were as follows:

		As at June 30, 2022		As at December 31, 2021
(In $ millions)	Hierarchy	Fair value	Carrying value	Fair value	Carrying value
Assets
Cash and cash equivalents (1)	1	29.7	29.7	34.9	34.9
Restricted cash (1)	1	1.4	1.4	3.3	3.3
Trade receivables (1)	1	33.4	33.4	28.5	28.5
Other current assets (excluding deferred finance fee) (1)	1	21.0	21.0	14.1	14.1
Due from related parties (1)	1	67.1	67.1	48.6	48.6
Non-current restricted cash	1	6.7	6.7	7.8	7.8
Liabilities
Trade payables (1)	1	45.3	45.3	34.7	34.7
Accrued expenses and other current liabilities (1)	1	196.3	196.3	83.2	83.2
Short-term debt (2)	2	1,588.9	1,632.6	—	—
Long-term debt (1)	1	272.7	272.7	1,728.6	1,915.9

(1) The carrying values approximate the fair values due to their near term expected receipt of cash.

(2) Short-term debt includes our 3.875% convertible bond due in 2023 which is fair valued using observable market based inputs.

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Common Shares (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Share Capital

	June 30, 2022	December 31, 2021
(Number of shares of $0.10 each)
Authorized shares	180,000,000	180,000,000

	June 30, 2022	December 31, 2021
(Number of shares of $0.10 each)
Issued	152,901,508	137,218,175
Treasury shares	406,333	406,333
Outstanding	152,495,175	136,811,842

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General Information (Details) $ in Millions				1 Months Ended		6 Months Ended	12 Months Ended
	Aug. 10, 2022 USD ($)	Jun. 27, 2022 USD ($) rig	Jun. 26, 2022 rig	Jul. 31, 2022 USD ($) rig	Jan. 31, 2022 USD ($)	Jun. 30, 2022 USD ($) rig shares	Jul. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Jul. 31, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of newbuild jack-up rigs for sale | rig		3
Total principal debt						$ 1,862.5
Debt maturing in 2023						$ 1,603.3		$ 0.0
Proceeds from issuance of private placement					$ 28.9
At-The-Market Offering
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Amount authorized for issuance									$ 40.0
Number of shares sold in transaction (in shares) | shares						2,350,000
Subsequent event | At-The-Market Offering
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of shares sold in transaction (in shares) | shares							2,350,000
Sale of stock, consideration received on transaction							$ 8.8
Subsequent event | Common shares | Forecast
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sale of stock, public offering	$ 250.0
Syndicated Senior Secured Credit Facilities and New Bridge Revolving Credit Facility
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt maturing in 2023						$ 310.5
Syndicated Senior Secured Credit Facilities and New Bridge Revolving Credit Facility | Subsequent event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of jack-up rigs secured by mortgage | rig				8
Syndicated Senior Secured Credit Facilities and New Bridge Revolving Credit Facility | Subsequent event | Bilateral Facility
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Maximum borrowing capacity				$ 150.0			150.0
Number of jack-up rigs secured by mortgage | rig				5
Syndicated Senior Secured Credit Facilities and New Bridge Revolving Credit Facility | Subsequent event | Backstop Facility
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Maximum borrowing capacity				$ 107.5			107.5
Number of jack-up rigs secured by mortgage | rig				3
Syndicated Senior Secured Credit Facilities | Subsequent event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Maximum borrowing capacity				$ 450.0			450.0
New Bridge Revolving Credit Facility | Subsequent event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Maximum borrowing capacity				100.0			$ 100.0
Hayfin Term Loan Facility | Subsequent event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Repayments of debt				45.0
Repayments of debt on completion of equity financing				30.0
Repayments of debt on completion of equity financing before year end				$ 15.0
Letter of Intent | Newbuildings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Potential sale price		$ 320.0				$ 320.0
Jack-up rigs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of rigs owned | rig						23
Number of rigs under construction | rig						5
Number of jack-up rigs owned, including jack-up rigs under construction | rig						28
Number of jack-up rigs scheduled for delivery | rig						5
Number of newbuild jack-up rigs for sale | rig			3
Number of jack-up rigs owned subsequent to sale | rig			23
Number of jack-up rigs scheduled for delivery subsequent to sale | rig			2
Number of jack-up rigs owned, including jack-up rigs under construction subsequent to sale | rig			25
Warm stacked rigs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of rigs owned | rig						5

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Basis of Preparation and Accounting Policies - Narrative (Details)	Dec. 14, 2021 $ / shares	Jun. 30, 2022 $ / shares	Jan. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares
Accounting Policies [Abstract]
Stock conversion ratio	0.5
Ordinary shares, par value (in dollars per share)	$ 0.05	$ 0.1	$ 0.10	$ 0.10

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Segment Information - Segment Reporting Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Aug. 04, 2021
Segment Reporting Information [Line Items]
Number of operating segments | segment	2		2
Dayrate revenue	$ 87.7	$ 49.4	$ 151.0	$ 96.8
Related party revenue	17.6	5.4	36.3	6.4
Intersegment revenue		0.0		0.0
Gain on disposal	0.7	0.8	0.7	0.7
Rig operating and maintenance expenses	(65.5)	(47.4)	(121.1)	(96.2)
Intersegment expenses		0.0		0.0
Depreciation of non-current assets	(29.5)	(26.4)	(59.0)	(54.8)
Impairment of non-current assets	(124.4)		(124.4)
General and administrative expenses	(9.6)	(7.8)	(18.8)	(19.5)
Income from equity method investments	(1.1)	(5.7)	0.0	10.3
Operating (loss)/income including equity method investment	(124.1)	(31.7)	(135.3)	(56.3)
Total assets	2,990.5	3,142.2	2,990.5	3,142.2	$ 3,080.3
Operating segments | Dayrate
Segment Reporting Information [Line Items]
Dayrate revenue	139.3	49.4	254.8	96.8
Related party revenue	0.0	5.4	0.0	6.4
Gain on disposal	0.0	0.0	0.0	0.0
Rig operating and maintenance expenses	(115.9)	(83.3)	(222.2)	(161.7)
Depreciation of non-current assets	(29.1)	(26.1)	(58.2)	(54.0)
Impairment of non-current assets	(124.4)		(124.4)
General and administrative expenses	0.0	0.0	0.0	0.0
Income from equity method investments	0.0	0.0	0.0	0.0
Operating (loss)/income including equity method investment	(130.1)	(11.5)	(150.0)	(36.8)
Total assets	3,226.5	3,346.3	3,226.5	3,346.3
Operating segments | IWS
Segment Reporting Information [Line Items]
Dayrate revenue		85.6		245.1
Related party revenue		0.0		0.0
Gain on disposal		0.0		0.0
Rig operating and maintenance expenses		(56.0)		(154.0)
Depreciation of non-current assets		0.0		0.0
General and administrative expenses		0.0		0.0
Income from equity method investments		0.0		0.0
Operating (loss)/income including equity method investment		(13.5)		15.4
Total assets		589.5		589.5
Intersegment eliminations
Segment Reporting Information [Line Items]
Intersegment revenue		(43.1)		(75.7)
Intersegment expenses		43.1		75.7
Intersegment eliminations | Dayrate
Segment Reporting Information [Line Items]
Intersegment revenue		43.1		75.7
Intersegment expenses		0.0		0.0
Intersegment eliminations | IWS
Segment Reporting Information [Line Items]
Intersegment revenue		0.0		0.0
Intersegment expenses		(43.1)		(75.7)
Segment reconciling items
Segment Reporting Information [Line Items]
Dayrate revenue	(51.6)	(85.6)	(103.8)	(245.1)
Related party revenue	17.6	0.0	36.3	0.0
Gain on disposal	0.7	0.8	0.7	0.7
Rig operating and maintenance expenses	50.4	91.9	101.1	219.5
Depreciation of non-current assets	(0.4)	(0.3)	(0.8)	(0.8)
Impairment of non-current assets	0.0		0.0
General and administrative expenses	(9.6)	(7.8)	(18.8)	(19.5)
Income from equity method investments	(1.1)	(5.7)	0.0	10.3
Operating (loss)/income including equity method investment	6.0	(6.7)	14.7	(34.9)
Total assets	$ (236.0)	$ (793.6)	$ (236.0)	$ (793.6)
Akal
Segment Reporting Information [Line Items]
Ownership percentage sold						49.00%
Opex
Segment Reporting Information [Line Items]
Ownership percentage sold						49.00%

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Segment Information - Revenue By Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 105.3	$ 54.8	$ 187.3	$ 103.2
South East Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	39.1	21.4	69.9	48.3
West Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	24.6	12.5	46.9	19.7
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	17.5	3.4	36.4	3.8
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	19.0	17.5	29.0	31.4
Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 5.1	$ 0.0	$ 5.1	$ 0.0

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Segment Information - Major Customers By Reporting Segments (Details) - Revenues - Customer concentration risk	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
PTT Exploration and Production Public Company Limited
Revenue, Major Customer [Line Items]
Percentage of contract revenues	14.00%	12.00%	16.00%	24.00%
Perfomex
Revenue, Major Customer [Line Items]
Percentage of contract revenues	9.00%	8.00%	11.00%	2.00%
CNOOC Petroleum Europe Limited
Revenue, Major Customer [Line Items]
Percentage of contract revenues	0.00%	18.00%	0.00%	19.00%
BWE Energy Gabon S.A.
Revenue, Major Customer [Line Items]
Percentage of contract revenues	0.00%	13.00%	0.00%	7.00%
JX Nippon Oil & Gas Exploration (Malaysia) Limited
Revenue, Major Customer [Line Items]
Percentage of contract revenues	0.00%	12.00%	0.00%	6.00%
Vestigo Petroleum Sdn. Bhd.
Revenue, Major Customer [Line Items]
Percentage of contract revenues	0.00%	11.00%	0.00%	7.00%
Customers accounting for more than 10% of dayrate revenue
Revenue, Major Customer [Line Items]
Percentage of contract revenues	23.00%	74.00%	27.00%	65.00%

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Segment Information - Long-lived Assets By Geographic Areas (Details) - Operating segments - Dayrate - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 2,704.9	$ 2,730.8
South East Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	1,264.2	1,266.7
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	631.9	645.7
West Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	417.7	568.1
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	246.6	250.3
Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 144.5	$ 0.0

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Contracts with Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Contract with Customer, Asset, after Allowance for Credit Loss, Current [Abstract]
Accrued revenue	$ 47.8	$ 20.2
Current contract assets	47.8	20.2
Non-current accrued revenue	1.0	0.0
Non-current contract asset	1.0	0.0
Total contract asset	48.8	20.2
Contract With Customer Liability Net Current [Abstract]
Current deferred mobilization, demobilization and contract preparation revenue	(14.4)	(3.9)
Contract With Customer Liability Net Non-Current [Abstract]
Non-current deferred mobilization, demobilization and contract preparation revenue	(5.9)	(2.5)
Total contract liability	(20.3)	(6.4)
Accrued revenue	47.8	$ 20.2
Deferred Demobilization Revenue
Contract with Customer, Asset, after Allowance for Credit Loss, Current [Abstract]
Accrued revenue	0.9
Contract With Customer Liability Net Non-Current [Abstract]
Accrued revenue	$ 0.9

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Contracts with Customers - Significant Changes in Contract Assets and Contract Liabilities (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Contract assets, opening balance	$ 20.2
Contract liability, beginning balance	6.4
Performance obligations satisfied during the reporting period	46.9
Amortization of revenue	(6.5)
Unbilled demobilization revenue	1.9
Performance obligations to be satisfied over time	1.9
Unbilled mobilization revenue	9.4
Cash received, excluding amounts recognized as revenue	9.1
Cash received against the contract asset balance	(20.2)
Contract assets, closing balance	48.8
Contract liability, closing balance	$ 20.3

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Contracts with Customers - Timing of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 105.3	$ 54.8	$ 187.3	$ 103.2
Over time
Disaggregation of Revenue [Line Items]
Revenue	102.0	52.3	179.6	97.0
Point in time
Disaggregation of Revenue [Line Items]
Revenue	$ 3.3	$ 2.5	$ 7.7	$ 6.2

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Contracts with Customers - Contract Costs (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Current deferred mobilization and contract preparation costs	$ 20.4	$ 17.2
Non-current deferred mobilization and contract preparation costs	7.9	4.4
Total deferred mobilization and contract preparation asset	28.3	$ 21.6
Increase in deferred mobilization and contract preparation costs	6.7
Capitalized contract cost, amortization	16.8
Additional deferred contract preparation and mobilization costs	$ 23.5

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Equity Method Investments - Narrative (Details) $ in Millions		12 Months Ended
	Aug. 04, 2021	Dec. 31, 2019 employee	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 03, 2021
Equity Method Investment, Summarized Financial Information [Abstract]
Interest in equity method investment not held by the company		51.00%
Opex
Equity Method Investment, Summarized Financial Information [Abstract]
Ownership percentage sold	49.00%
Akal
Equity Method Investment, Summarized Financial Information [Abstract]
Ownership percentage sold	49.00%
Perfomex and Perfomex II
Equity Method Investment, Summarized Financial Information [Abstract]
Percentage acquired share by the entity	51.00%	49.00%
Number of rigs on bareboat charter | employee		5
Number of joint ventures for bareboat charters | employee		2
Perfomex and Perfomex II | Opex and Akal
Equity Method Investment, Summarized Financial Information [Abstract]
Contracts receivable			$ 106.7	$ 86.8
Billed contracts receivable			87.9	70.5
Unbilled contracts receivable			$ 18.8	$ 16.3
Perfomex
Equity Method Investment, Summarized Financial Information [Abstract]
Additional ownership percentage acquired	2.00%
Perfomex II
Equity Method Investment, Summarized Financial Information [Abstract]
Additional ownership percentage acquired	2.00%
Borr Mexico Ventures Limited | Opex
Equity Method Investment, Summarized Financial Information [Abstract]
Percentage acquired share by the entity		49.00%			49.00%
Borr Mexico Ventures Limited | Akal
Equity Method Investment, Summarized Financial Information [Abstract]
Percentage acquired share by the entity		49.00%			49.00%

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Equity Method Investments - Summarized Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Equity Method Investment, Summarized Financial Information [Abstract]
Revenue	$ 105.3	$ 54.8	$ 187.3	$ 103.2
Operating expenses	(229.0)	(81.6)	(323.3)	(170.5)
Net income (loss)	(165.3)	(59.9)	(216.6)	(114.3)
Perfomex
Equity Method Investment, Summarized Financial Information [Abstract]
Revenue	26.7	29.3	56.1	51.8
Operating expenses	(26.0)	(27.4)	(54.5)	(47.7)
Net income (loss)	(2.7)	2.5	(1.4)	1.1
Perfomex II
Equity Method Investment, Summarized Financial Information [Abstract]
Revenue	24.9	58.5	47.7	23.9
Operating expenses	(24.4)	(63.3)	(46.6)	(17.9)
Net income (loss)	$ 0.7	(1.5)	$ 1.4	3.3
Opex
Equity Method Investment, Summarized Financial Information [Abstract]
Revenue		27.1		173.2
Operating expenses		(35.7)		(148.0)
Net income (loss)		(16.3)		28.4
Akal
Equity Method Investment, Summarized Financial Information [Abstract]
Revenue		13.8		71.9
Operating expenses		(8.6)		(81.7)
Net income (loss)		$ 3.7		$ (9.8)

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Equity Method Investments - Summarized Balance Sheets (Details) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Total current assets	$ 232.4		$ 176.2
Total non-current assets	2,758.1		2,904.1
Total assets	2,990.5		3,080.3	$ 3,142.2
Total current liabilities	1,884.3		117.9
Equity	711.5	$ 873.0	889.9	$ 968.2	$ 1,027.9	$ 1,036.8
Total liabilities and equity	2,990.5		3,080.3
Perfomex
Schedule of Equity Method Investments [Line Items]
Cash	11.0		9.0
Total current assets	147.6		142.2
Total non-current assets	3.6		4.2
Total assets	151.2		146.4
Total current liabilities	138.3		132.1
Equity	12.9		14.3
Total liabilities and equity	151.2		146.4
Perfomex II
Schedule of Equity Method Investments [Line Items]
Cash	15.8		7.2
Total current assets	81.2		48.7
Total non-current assets	3.6		2.1
Total assets	84.8		50.8
Total current liabilities	78.4		45.8
Equity	6.4		5.0
Total liabilities and equity	$ 84.8		$ 50.8

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Equity Method Investments (Details) - Investments In Equity Method Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule of Equity Method Investments [Line Items]
Balance as of January 1, 2022			$ 19.4
Income on a percentage basis	$ (1.1)	$ (5.7)	0.0	$ 10.3
Balance as of June 30, 2022	19.4		19.4
Funding provided by shareholder loans	9.8		9.8
Perfomex
Schedule of Equity Method Investments [Line Items]
Balance as of January 1, 2022			16.9
Income on a percentage basis			(0.7)
Balance as of June 30, 2022	16.2		16.2
Perfomex II
Schedule of Equity Method Investments [Line Items]
Balance as of January 1, 2022			2.5
Income on a percentage basis			0.7
Balance as of June 30, 2022	$ 3.2		$ 3.2

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Other Financial Expenses, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Other Income and Expenses [Abstract]
Yard cost cover expense	$ (8.0)	$ (3.1)	$ (13.7)	$ (6.2)
Amortization of deferred finance charges	(1.6)	(1.9)	(3.2)	(3.0)
Bank commitment, guarantee and other fees	(0.4)	(1.3)	(1.2)	(2.0)
Foreign exchange gain/(loss)	0.1	(1.9)	(0.2)	(2.5)
Other financial (expense)/income	(0.4)	2.9	(0.1)	2.7
Total	$ (10.3)	$ (5.3)	$ (18.4)	$ (11.0)

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Taxation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Examination [Line Items]
Loss before income taxes	$ 159.0	$ 60.9	$ 205.5	$ 113.0
Bermuda
Income Tax Examination [Line Items]
Loss before income taxes	$ 8.3	$ 32.9	$ 18.9	$ 44.6

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Taxation - Components of Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Current tax	$ (7.4)	$ 0.5	$ (12.1)	$ (2.1)
Change in deferred tax	1.1	0.5	1.0	0.8
Total	$ (6.3)	$ 1.0	$ (11.1)	$ (1.3)

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Loss Per Share - Narrative (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion price (in dollars per share) | $ / shares	$ 63.5892
Share-based payment arrangement, option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities (in shares)	5,532,480
Convertible bonds
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities (in shares)	5,504,080

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Loss Per Share - Schedule of Loss per Share (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Earnings Per Share [Abstract]
Basic loss per share (in dollars per share)	$ (1.09)	$ (0.44)	$ (1.45)	$ (0.86)
Diluted loss per share (in dollars per share)	$ (1.09)	$ (0.44)	$ (1.45)	$ (0.86)
Issued ordinary shares at the end of the period (in shares)	152,901,508	137,218,175	152,901,508	137,218,175	137,218,175
Weighted-average shares outstanding, basic (in shares)	152,284,619	137,218,175	149,051,857	133,181,777
Weighted-average shares outstanding, diluted (in shares)	152,284,619	137,218,175	149,051,857	133,181,777

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Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Restricted Cash [Roll Forward]
Restricted cash relating to the issuance of guarantees	$ 6.7	$ 10.0
Restricted cash relating to debt financings	1.1	1.1
Restricted cash relating to other	0.3	0.0
Total restricted cash	8.1	11.1
Less: amounts included in current restricted cash	(1.4)	(3.3)
Non-current restricted cash	$ 6.7	$ 7.8

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Other Current Assets (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Other Current Assets [Abstract]
VAT and other tax receivable	$ 9.6	$ 8.0
Client rechargeables	7.0	2.6
Deferred financing fee	0.4	0.9
Right of use lease asset, current	0.2	0.2
Other receivables	4.2	5.2
Total	$ 21.4	$ 16.9

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Newbuildings - Schedule of Newbuidlings (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
New buildings [Abstract]
Opening balance			$ 135.5	$ 135.5	$ 135.5
Impairment	$ (124.4)	$ 0.0	(124.4)	$ 0.0	0.0
Total	$ 11.1		$ 11.1		$ 135.5

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Newbuildings - Narrative (Details) $ in Millions			3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 27, 2022 USD ($) rig	Jun. 26, 2022 rig	Jun. 30, 2022 USD ($) rig	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) rig	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Property, Plant and Equipment [Line Items]
Number of newbuild jack-up rigs for sale | rig	3
Impairment of non-current assets			$ 124.4	$ 0.0	$ 124.4	$ 0.0	$ 0.0
Keppel Delivery Financing
Property, Plant and Equipment [Line Items]
Final installment			624.0		624.0
Newbuildings | Letter of Intent
Property, Plant and Equipment [Line Items]
Potential sale price	$ 320.0		$ 320.0		320.0
Impairment of non-current assets					$ 124.4
Jack-up rigs
Property, Plant and Equipment [Line Items]
Number of jack-up rigs scheduled for delivery | rig			5		5
Number of newbuild jack-up rigs for sale | rig		3

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Newbuildings - Newbuildings Impairment (Details) $ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 27, 2022 USD ($) rig	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Carrying Value Of New Buildings [Roll Forward]
Number of newbuild jack-up rigs for sale | rig	3
Impairment of non-current assets		$ (124.4)	$ 0.0	$ (124.4)	$ 0.0	$ 0.0
Letter of Intent
Carrying Value Of New Buildings [Roll Forward]
Three newbuildings considered in the LOI carrying value		132.0		132.0
Estimated cost to complete and respective onerous contract, net		312.4		312.4
Total		444.4		444.4
Three newbuildings considered in the LOI fair value		7.6		7.6
Newbuildings | Letter of Intent
Carrying Value Of New Buildings [Roll Forward]
Potential sale price	$ 320.0	$ 320.0		320.0
Impairment of non-current assets				$ (124.4)

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Jack-Up Rigs - Schedule of Jack-Up Rigs (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Jack Up Rigs [Roll Forward]
Opening balance	$ 2,730.8	$ 2,824.6
Additions	32.3	23.8
Depreciation and amortization	(58.2)	(117.6)
Total	$ 2,704.9	$ 2,730.8

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Jack-Up Rigs - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Jack Up Rigs [Abstract]
Depreciation related to property, plant and equipment	$ 0.4	$ 0.4	$ 0.8	$ 0.9

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Other Non-Current Assets (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Other Assets, Noncurrent Disclosure [Abstract]
Deferred mobilization and contract preparation cost	$ 7.9	$ 4.4
Deferred tax asset	$ 1.7	$ 0.7
Right-of-use asset, non-current [extensible list]	Total	Total
Right-of-use lease asset, non-current	$ 1.2	$ 1.3
Deferred demobilization revenue	1.0	0.0
Prepayments	0.5	0.1
VAT receivable	0.4	0.4
Total	$ 12.7	$ 6.9

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Accrued Expenses (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued interest	$ 105.7	$ 15.3
Accrued goods and services received, not invoiced	14.7	7.7
Accrued payroll and bonus	3.7	6.2
Other accrued expenses	31.7	31.7
Total	$ 155.8	$ 60.9

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Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Product Information [Line Items]
Other current taxes payable	$ 9.0	$ 4.6
VAT payable	8.2	6.6
Corporate income taxes payable	6.3	4.4
Accrued payroll and severance	$ 0.8	$ 0.7
Operating lease liability, current [extensible list]	Total	Total
Operating lease liability, current	$ 0.2	$ 0.7
Other current liabilities	1.6	1.4
Total	40.5	22.3
Deferred Mobilization Revenue
Product Information [Line Items]
Deferred mobilization/demobilization revenue	13.7	3.9
Deferred Demobilization Revenue
Product Information [Line Items]
Deferred mobilization/demobilization revenue	$ 0.7	$ 0.0

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Debt - Schedule of Short-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Carrying Value Short-Term Debt	$ 1,642.7	$ 0.0
Total	1,603.3	0.0
Back end fee due to PPL on Delivery of rigs	29.3	0.0
Effective interest rate adjustments on PPL Delivery financing	13.9	0.0
Deferred finance charges	(3.8)	0.0
Hayfin Term Loan Facility
Debt Instrument [Line Items]
Carrying Value Short-Term Debt	197.0	0.0
Syndicated Senior Secured Credit Facilities
Debt Instrument [Line Items]
Carrying Value Short-Term Debt	272.7	0.0
New Bridge Revolving Credit Facility
Debt Instrument [Line Items]
Carrying Value Short-Term Debt	30.3	0.0
Convertible Bonds
Debt Instrument [Line Items]
Carrying Value Short-Term Debt	350.0	0.0
Principal	350.0	350.0
PPL Delivery Financing
Debt Instrument [Line Items]
Carrying Value Short-Term Debt	$ 753.3	$ 0.0

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Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Carrying Value Long-Term Debt	$ 281.8	$ 1,915.9
Total	259.2	1,862.5
Back end fee due to PPL and Keppel on Delivery of rigs	13.5	42.8
Effective interest rate adjustments on PPL and Keppel Delivery financing	9.1	17.1
Deferred finance charges	0.0	(6.5)
Hayfin Term Loan Facility
Debt Instrument [Line Items]
Carrying Value Long-Term Debt	0.0	197.0
Syndicated Senior Secured Credit Facilities
Debt Instrument [Line Items]
Carrying Value Long-Term Debt	0.0	272.7
New Bridge Revolving Credit Facility
Debt Instrument [Line Items]
Carrying Value Long-Term Debt	0.0	30.3
Convertible Bonds
Debt Instrument [Line Items]
Carrying Value Long-Term Debt	0.0	350.0
Principal	350.0	350.0
PPL Delivery Financing
Debt Instrument [Line Items]
Carrying Value Long-Term Debt	0.0	753.3
Keppel Delivery Financing
Debt Instrument [Line Items]
Carrying Value Long-Term Debt	$ 259.2	$ 259.2

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Debt - Schedule of Maturities of Debt (Details) $ in Millions	Jun. 30, 2022 USD ($)
Debt Disclosure [Abstract]
2022	$ 0.0
2023	1,603.3
2024	0.0
2025	86.4
2026	172.8
Thereafter	0.0
Total principal debt	$ 1,862.5

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Debt - Narrative (Details)	6 Months Ended
	Jun. 30, 2022
Interest bearing debt
Debt Instrument [Line Items]
Average interest rate	6.20%

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Commitment and Contingencies - Commitments and Maturity of Commitments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Delivery installments for jack-up drilling rigs	$ 615.0	$ 621.0
Back-end fees	9.0	9.0
Total	624.0	$ 630.0
Less than 1 year	0.0
1-2 years	624.0
2-3 years	0.0
Thereafter	0.0
Total	$ 624.0

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Commitments and Contingencies - Other Commercial Commitments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Other Commitments [Line Items]
Total	$ 13.4	$ 20.8
Surety bonds, bank guarantees and performance bonds
Other Commitments [Line Items]
Total	$ 13.4	$ 20.8

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Commitments and Contingencies - Other Commercial Commitments Maturity (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Other Commitments [Line Items]
Total	$ 13.4	$ 20.8
Surety bonds, bank guarantees and performance bonds
Other Commitments [Line Items]
Less than 1 year	3.8
1–3 years	9.6
Total	$ 13.4	$ 20.8

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Commitments and Contingencies - Assets Pledged as Collateral (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Book value of jackup rigs pledged as collateral for long-term debt facilities	$ 2,704.9	$ 2,730.8

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Related Party Transactions - Transactions with Significant Influence Entities (Details) $ in Millions		3 Months Ended		6 Months Ended
	Aug. 04, 2021	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) rig	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Related party revenue		$ 17.6	$ 5.4	$ 36.3	$ 6.4
Funding provided to (received from) shareholder loan		0.0	1.6	0.0	(1.5)
Trade receivables		67.1		$ 67.1		$ 48.6
Perfomex
Related Party Transaction [Line Items]
Number of rigs | rig				3
Perfomex II
Related Party Transaction [Line Items]
Number of rigs | rig				2
Perfomex
Related Party Transaction [Line Items]
Additional ownership percentage acquired	2.00%
Funding provided to (received from) shareholder loan		0.0	0.8	$ 0.0	(2.5)
Trade receivables		40.7		40.7		40.8
Perfomex | Management Services Agreement
Related Party Transaction [Line Items]
Related party revenue		0.0	1.9	0.0	4.1
Perfomex | Bareboat Revenue
Related Party Transaction [Line Items]
Related party revenue		9.5	2.2	20.2	(1.6)
Perfomex II
Related Party Transaction [Line Items]
Additional ownership percentage acquired	2.00%
Funding provided to (received from) shareholder loan		0.0	0.8	0.0	1.0
Trade receivables		26.4		26.4		$ 7.8
Perfomex II | Management Services Agreement
Related Party Transaction [Line Items]
Related party revenue		0.0	1.2	0.0	2.3
Perfomex II | Bareboat Revenue
Related Party Transaction [Line Items]
Related party revenue		$ 8.1	$ 0.1	$ 16.1	$ 1.6
Opex
Related Party Transaction [Line Items]
Ownership percentage sold	49.00%
Akal
Related Party Transaction [Line Items]
Ownership percentage sold	49.00%

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Related Party Transactions - Transactions with Other Related Parties (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
General and administrative expenses	$ (9.6)	$ (7.8)	$ (18.8)	$ (19.5)
Affiliated entity | Magni Partners Limited
Related Party Transaction [Line Items]
General and administrative expenses	$ (0.1)	$ 0.0	$ (0.5)	$ (0.4)

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Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Restricted cash	$ 1.4	$ 3.3
Non-current restricted cash	$ 6.7	7.8
Convertible Bonds
Liabilities
Debt instrument, interest rate	3.875%
Fair value
Liabilities
Short-term debt	$ 1,632.6	0.0
Fair value | Fair value, inputs, level 1
Assets
Cash and cash equivalents	29.7	34.9
Restricted cash	1.4	3.3
Trade receivables	33.4	28.5
Other current assets (excluding deferred costs)	21.0	14.1
Due from related parties	67.1	48.6
Non-current restricted cash	6.7	7.8
Liabilities
Trade payables	45.3	34.7
Accruals and other current liabilities	196.3	83.2
Fair value | Fair value, inputs, level 2
Liabilities
Short-term debt	1,588.9	0.0
Long-term debt	272.7	1,728.6
Carrying value
Assets
Cash and cash equivalents	29.7	34.9
Restricted cash	1.4	3.3
Trade receivables	33.4	28.5
Other current assets (excluding deferred costs)	21.0	14.1
Due from related parties	67.1	48.6
Non-current restricted cash	6.7	7.8
Liabilities
Trade payables	45.3	34.7
Accruals and other current liabilities	196.3	83.2
Long-term debt	$ 272.7	$ 1,915.9

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Common Shares - Share Capital (Details) - $ / shares	Jun. 30, 2022	Jan. 31, 2022	Dec. 31, 2021	Dec. 14, 2021	Jun. 30, 2021
Equity [Abstract]
Ordinary shares, par value (in dollars per share)	$ 0.1	$ 0.10	$ 0.10	$ 0.05
Stock authorized during period [Abstract]
Authorized shares (in shares)	180,000,000		180,000,000
Shares issued:
Common stock, shares issued (in shares)	152,901,508		137,218,175		137,218,175
Treasury shares (in shares)	406,333		406,333
Outstanding (in shares)	152,495,175		136,811,842

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Common Shares - Issued and Outstanding Share Capital (Details) - USD ($)		1 Months Ended	3 Months Ended				6 Months Ended
	Jan. 31, 2022	Jan. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 14, 2021	Jul. 31, 2021
Class of Stock [Line Items]
Gross proceeds			$ 3,700,000	$ 35,200,000		$ 46,000,000.0
Issued and fully paid share capital			$ 15,400,000				$ 15,400,000		$ 13,800,000
Common stock, shares issued (in shares)			152,901,508		137,218,175		152,901,508	137,218,175	137,218,175
Ordinary shares, par value (in dollars per share)	$ 0.10	$ 0.10	$ 0.1				$ 0.1		$ 0.10	$ 0.05
Gross proceeds from share issuance			$ 3,600,000		$ 0		$ 37,700,000	$ 44,800,000
At-The-Market Offering
Class of Stock [Line Items]
Share issuance costs							$ 100,000
Amount authorized for issuance											$ 40,000,000
Number of shares sold in transaction (in shares)							2,350,000
Gross proceeds from share issuance							$ 8,900,000
At-The-Market Offering | Clarksons
Class of Stock [Line Items]
Net proceeds from share issuance							$ 8,800,000
Depositary share
Class of Stock [Line Items]
Gross proceeds	$ 1,300,000	$ 30,000,000
Issue of common shares (in shares)		13,333,333
Price per share (in US dollars per share)	$ 2.25	$ 2.25
Share issuance costs		$ 1,100,000
Issued and fully paid share capital	$ 151,000,000	$ 151,000,000
Common stock, shares issued (in shares)	150,551,508	150,551,508

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Subsequent Events (Details) - Subsequent event $ / shares in Units, $ in Millions	Mar. 01, 2026 $ / shares	Mar. 01, 2025 $ / shares	Mar. 01, 2024 $ / shares	Aug. 11, 2022 shares	Aug. 10, 2022 USD ($)	Aug. 16, 2022 shares
Share-based payment arrangement, option
Subsequent Event [Line Items]
Granted during the year (in shares) | shares				4,000,000
Shares per share option (in shares)				1
Vesting period				3 years 6 months
Share-based payment arrangement, option | Share-based payment arrangement, tranche one
Subsequent Event [Line Items]
Granted during the year (in dollars per share) | $ / shares			$ 4.00
Share-based payment award, vesting rights, percentage			33.33%
Share-based payment arrangement, option | Share-based payment arrangement, tranche two
Subsequent Event [Line Items]
Granted during the year (in dollars per share) | $ / shares		$ 4.75
Share-based payment award, vesting rights, percentage		33.33%
Share-based payment arrangement, option | Share-based payment arrangement, tranche three
Subsequent Event [Line Items]
Granted during the year (in dollars per share) | $ / shares	$ 5.50
Share-based payment award, vesting rights, percentage	33.33%
Performance shares | Chief Executive Officer
Subsequent Event [Line Items]
Granted during the period, other than share options (in shares) | shares				500,000
Common shares | Forecast
Subsequent Event [Line Items]
Sale of stock, public offering | $					$ 250.0
Stock authorized during period (in shares) | shares						40,000,000
Additional underwriters option | Forecast
Subsequent Event [Line Items]
Sale of stock, public offering | $					$ 25.0