Borr Drilling Announces Bruno Morand To Become CEO Effective September 1, 2025

• Borr financing package to increase liquidity by $200 million, strengthening balance sheet for continued growth
• Bruno Morand to become CEO effective September 1, 2025, following a thorough succession planning process
• Patrick Schorn to transition from CEO to Executive Chairman of the Board of Directors, providing continuity and expanded leadership bandwidth, with the current Chairman to remain as a Director

HAMILTON, Bermuda, July 2, 2025 /PRNewswire/ -- Borr Drilling Limited (NYSE:BORR, ", Borr", , ", Borr Drilling", or the ", Company", ))) has announced today that the Company has received commitments from certain commercial banks to: 1) increase existing super senior RCF (SSRCF) to $200 million; 2) reallocate the existing $45 million Guarantee Facility from super senior to senior secured (freeing up $45 million of capacity under the SSRCF);  and 3) add a new $35 million senior secured RCF, subject to a $100 million equity raise. Additionally, the Company has obtained more favorable terms on the financial covenants in these facilities, including a reduction in the minimum liquidity covenant.

The changes to the facilities, together with a proposed $100 million equity raise separately announced by the Company, are expected to increase the Company's available liquidity by more than $200 million. Together, these moves would strengthen the Company's financial position in order to support continued execution of its long-term strategy as well as the pursuit of potential value-added growth opportunities and industry consolidation.

Borr also announces today that pursuant to the Company's multi-year succession planning process, the Board of Directors has reached a unanimous decision to appoint Mr. Bruno Morand as successor to Chief Executive Officer, Mr. Patrick Schorn, effective September 1, 2025.

At the time of the transition, Mr. Schorn will become Executive Chairman of the Company's Board of Directors, while current Chairman Mr. Tor Olav Trøim will continue to serve as a Director of the Board. Additionally, current Director Mr. Dan Rabun (former Chief Executive Officer and Chairman at Ensco plc) will become Lead Independent Director, ensuring the continuity of independent and objective leadership on behalf of Borr Drilling's shareholders.