Funds managed byOrbis Investment Management Limited ("OIML") have participated in the allocation of the Equity Offering byBorr Drilling Ltd ("Borr"), as described in the statement published by Borr on theOslo Stock Exchange on22 January 2021 (the "Statement"). OIML is wholly-owned byOrbis Holdings Limited , which is in turn majority-owned byOrbis Allan Gray Limited .Orbis Allan Gray Limited is wholly-owned byAllan & Gill Gray Foundation . Based on the confirmation of allocation received on22 January 2021 ("Allocation"), the funds managed by OIML have subscribed for and been allocated 5,978,824Offer Shares , as defined in the Statement. Before the Allocation, the funds managed byOIML andAllan Gray Australia Pty Limited ("AGA", a manager indirectly controlled byOrbis Allan Gray Limited ) owned in aggregate 34,075,629 shares in Borr (including also convertible bonds (ISIN: NO0010822935) counted on "as converted" basis) which constituted 15.47% of total shares and votes in Borr based on 220,318,704 issued shares. Following the Allocation and completion of the Equity Offering as further described in the Statement, the funds managed by OIML and AGA will own in aggregate 40,054,453 shares and votes in Borr which constitutes 14,59% of total shares and votes in Borr. The foregoing calculations are based on 274,436,351 shares which will be Borr's outstanding and issued share capital following completion of the Equity Offering. This information is subject to the disclosure requirements set out in section 4-3 of the Norwegian Securities Trading Act.
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