The three-time Open champion shot a tournament-best 4-under-par 67 Saturday morning to reach 4-over-par 217.
Faldo extended his Open record of rounds in the 60s to 35. He broke Jack Nicklaus mark of 33 last year. Tiger Woods, by comparison, has 11.
I wanted to add one more, that would keep Tiger at bay for a couple more years, Faldo quipped.
Faldo finished strong with birdies on 17 and 18. He hit a 3-iron to four feet at the par-4 penultimate hole, and then knocked a 7-iron to eight feet at the last.
Im still ' almost called myself semi-competitive ' Im out there just giving it the best shot I can, he said. Sure, Im not the same golfer as 10 years ago, but occasionally I throw something in that reminds me that I can still play, which is nice.
Faldo finished second in 1993, the last time Royal St. Georges hosted an Open. Greg Norman was the winner that week with a 13-under 267 total (it is now a par-70). Faldo said there is no comparing the layout then and now ' primarily because of this weeks windy and dry conditions.
This is the truest links weve played for moons. Its rock hard. The wind is really blowing, and you see we just are unprepared for this, he said. The odds on getting a day or a week like this is so few in your whole career.
Faldo played the back nine in 2-under Friday to make the cut on the number, at 8-over. Fans greeted the 1987, 90 and 92 champion with sweltering applause for his play, as well as for his birthday.
I couldnt believe yesterday, he said. I felt going around, they were cheering so hard for me. The crowd has been fantastic for me this week.
Faldo also has a big ' no pun intended ' fan at home. His pregnant wife, Valerie, is due to give birth to the couples first child in the very near future.
Faldo had joked earlier in the week that she should sit still if he is in contention on Sunday.
Shes doing great, he said. Shes sitting quietly. In theory, it should all happen in another weeks time. Ive got that in the contract.