Borr Drilling (BORR): 29 jack-up rigs, a $270 million first-half loss and a founder buying $67 million of stock

Borr Drilling owns and operates jack-up rigs, which drill oil and gas wells in shallow water, up to about 400 feet deep. Oil companies hire them, mostly at a daily rate. The company was incorporated in Bermuda in 2016, owns 29 rigs — 34 counting five held through a 50/50 joint venture in Mexico since July 2026 — and had $1.02 billion of revenue in 2025, 1.0% more than in 2024. At the October 16, 2026 close of $4.54, the stock was worth about $1.40 billion.

Borr is a foreign private issuer: it files an annual report on Form 20-F and interim reports on Form 6-K instead of the 10-K and 10-Q that U.S. companies file. This profile is built from those filings.

From 2016 to 2026

Where the revenue comes from

Dayrates were 88.8% of 2025 revenue. By region, Southeast Asia brought in $295.8 million, West Africa $279.1 million, the Americas $226.4 million, the Middle East and North Africa $176.6 million and Europe $42.9 million. Four customers accounted for 45% of dayrate revenue: Eni (18%), PTTEP (11%), Irish Energy Drilling Asset (10%) and Saudi Aramco (6%). The company reports a single segment.

Six years of losses, three of profit

Revenue barely moved in 2025, but net income fell from $82.1 million to $45.0 million; the 20-F shows rig operating and maintenance expenses up $44.2 million. The first half of 2026 then turned into a loss of $270.4 million, against a profit of $18.2 million a year earlier, on revenue of $479.3 million (vs. $484.3 million). Of that loss, $176.3 million was the cost of paying off debt early in the May–June refinancing; operating income also fell, from $156.7 million to $46.3 million.

Because the twelve months to June 2026 show a loss of $243.6 million — still negative without the refinancing charge — a price-to-earnings ratio does not apply. Market value divided by twelve-month operating income ($211.7 million) is about 6.6.

Reverse splits, dividends and the IPO

The share count has been consolidated twice: 5-for-1 in June 2019, before the U.S. listing, and 2-for-1 in December 2021. The $9.30 IPO price is therefore $18.60 in today’s shares. At that price, $1,000 invested on July 31, 2019 would be worth about $244 at the October 16 close, or $259 with distributions reinvested. Over the last twelve months the stock rose 75.3%, from $2.59.

Borr paid six cash distributions between January 2024 and March 2025 — $0.32 a share in 2024 and $0.02 in 2025 — and declared none for the 2025 financial year. Meanwhile it issued shares: 50 million at $2.05 in July 2025 and 21 million at $4.00 in December 2025.

The founder is buying

Borr’s insiders began filing Form 4 reports only in 2026. Since then, founder and director Tor Olav Trøim has bought $67.5 million of stock in 15 open-market purchases between March 24 and October 15, 2026, at $4.02 to $5.58 a share, through Drew Holdings, a company owned by a trust of which he is the beneficiary — seven of them, $43.0 million, in October alone. After the last purchase, Drew Holdings held about 40.1 million shares, roughly 13% of the 308.5 million outstanding at the end of June. In March, Granular Capital, the fund of director Thiago Mordehachvili, was the largest holder with 15.0%; it sold 8 million shares at $4.70 on June 9, 2026, without a trading plan.

Director Jeffrey Currie bought $1.83 million and chief executive Bruno Morand $0.20 million. Two other filings that list share “purchases” are option exercises, not market buys: Schorn and Morand at the $1.66 option price in June 2026, and chief operating officer Harvey Snowling in a cashless exercise in October.

Five of the 38 investment managers this site tracks held Borr at the end of June, all of them quantitative or multi-strategy funds with positions of $0.4 million to $8.0 million, and all five reduced their stakes during the quarter. The largest was Israel Englander of Millennium, with 1.93 million shares.

The figures above come from Borr Drilling’s filings and the 13F and Form 4 filings listed below. They describe what happened; they are not a forecast and not investment advice.