#Investment #Convertible Notes #Borr Drilling

Borr Drilling Limited Successfully Concludes Offering of Convertible Senior Notes Due 2033

Borr Drilling Limited, listed on the NYSE and Euronext Growth Oslo under the ticker BORR, has officially wrapped up its previously announced offering of convertible senior notes due in 2033. This strategic move signifies a substantial injection of capital for the company, totaling $300 million in gross proceeds, including $40 million from the over-allotment option exercised by initial purchasers.

The convertible senior notes are unsecured obligations of the company and have a maturity date set for May 1, 2033. These notes carry an interest rate of 3.50% per annum, which will be paid semi-annually starting from November 1, 2026. Notably, the notes can be converted into common shares, cash, or a combination of both, depending on the company’s discretion. Initially, the conversion rate has been set at 125 common shares for every $1,000 principal amount of the notes, translating to an initial conversion price of about $8.00 per share. This price marks a significant premium of over 40% relative to the closing price of the company's common shares, which stood at $5.70 on the NYSE as of April 14, 2026. The conversion rate, however, is susceptible to adjustments based on particular events that may occur.

The proceeds obtained from this convertible note offering will be utilized primarily for repurchasing the existing convertible bonds that are set to mature in 2028 and for other general corporate purposes. The company has also reached an agreement to repurchase $195.2 million worth of these 2028 Convertible Bonds, further streamlining its financial commitments.

About Borr Drilling Limited

Incorporated in Bermuda in 2016, Borr Drilling Limited is a prominent international drilling contractor. Since its debut on the NYSE on July 31, 2019, and subsequently on Euronext Growth Oslo on December 19, 2025, the company has been at the forefront of providing state-of-the-art services in the offshore oil and gas industry. Borr Drilling specializes in owning and operating modern jack-up rigs designed to cater to the shallow-water segment, offering high-specification solutions to its clients worldwide.

As is customary in financial announcements, this press release contains forward-looking statements, which should be treated with caution. These statements, compliant with the