Borr Drilling Limited is pleased to announce the signing of a letter of intent with Transocean for the acquisition of 15 high-specification jack-up rigs.

The transaction consists of Transocean’s entire jack-up fleet, comprising 10 rigs in Transocean’s fleet and 5 new-builds under construction at Keppel Fels Limited.

Total consideration for the transaction is expected to be approximately USD 1.35 bn and includes remaining contract backlog and remaining yard instalments to Keppel Fels for the five new-builds. the board of directors of Keppel Fels has pre-approved the novation of the new-building contracts.

A deposit has in line with what has been agreed between the parties been paid from Borr to Transocean. Borr has secured financing for the transaction through a private placement of equity securities. The transaction is subject to the parties executing definitive agreements and satisfying formal closing conditions, including a final approval from the boards of directors of both companies.

The completion of the transaction is expected to take place before the end of may 2017.

About Borr Drilling

Borr Drilling Limited is an international drilling contractor to the oil and gas industry, with the ambition of acquiring and operating modern drilling assets. The industry is currently under significant stress, and Borr Drillingwishes to establish a platform upon which itcan capitalise on identified opportunities. By uniting record low asset prices with a capable operating organisation, itwill take advantage of opportunities in a rapidly changing oil and gas industry. With our fleet of rigs we will deliver safe and high quality drilling operations to its customers.

About Transocean

Transocean (NYSE: RIG) is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and believes that it operates one of the most versatile offshore drilling fleets in the world.

Transocean owns or has partial ownership interests in, and operates a fleet of 58 mobile offshore drilling units consisting of 29 ultra-deepwater floaters, seven harsh-environment floaters, four deepwater floaters, eight midwater floaters and 10 high-specification jackups. In addition, the company has five ultra-deepwater drillships and five high-specification jackups under construction or under contract to be constructed.