BORR$4.21▲ 1.4%Ten buys, $37.0 million: Borr's founder lifted his stake by about a third, to about 11%
Borr Drilling's founder, Tor Olav Trøim, bought 3 million more shares on Oct. 5 and 6, his filings show. Borr closed Oct. 6 below what he paid in March, and its second-quarter adjusted EBITDA fell 51% from the first quarter.
KeyVex News··5 min readFact-checked against 24 public recordsKeyVex News··5 min readFact-checked against 24 public recordsBORR$4.21▲ 1.4%Close, Oct. 6. Prices from Tiingo.The short versionTap to readTap to close
- Borr rents out drilling rigs. Its adjusted EBITDA, a measure of operating profit, fell 51% from the first quarter to the second, and its chief executive said the Middle East conflict had reduced near-term visibility.
- Trøim kept buying. Seven of his purchases, about $26.6 million, came in the eight weeks from Aug. 13, and each cost less than $4.40 a share.
- Trøim paid about $5.20 a share in March, his first purchase this year. His 10 purchases average about $4.40, and Borr closed Oct. 6 at $4.21.
- His stake grew by about a third, to about 11% of Borr. A fund run by another director sold 8 million shares in June. Their filings don't say why either traded.
- Borr expects third-quarter adjusted EBITDA to "improve significantly" from the second, with about 23 rigs working. As of Oct. 7 it had not announced a results date in an SEC filing.
The buying: Tor Olav Trøim, the founder of Borr Drilling and one of its directors, bought 3 million of its shares on Oct. 5 and 6, his two latest insider filings show.Form 4Form 4 Those filings are Form 4s, the reports a company's directors, officers and holders of more than 10% file when they trade its stock.Investor.gov The two days cost about $12.6 million, the most he has spent in any two days this year.All 10
The tally: They were his ninth and 10th purchases since March 24. The 10 come to 8.4 million shares and about $37.0 million, by KeyVex's tally of his filings.All 10 None of his Form 4s marks a purchase as made under a prearranged trading plan. He bought through Drew Holdings Ltd., which is owned by a trust of which he is the beneficiary.Form 4
Why it matters: The money went into a company whose own numbers turned worse this summer. Borr's adjusted EBITDA, a measure of operating profit before interest, taxes and depreciation, fell 51% from the first quarter to the second. Chief Executive Bruno Morand said the Middle East conflict "has reduced near-term visibility."6-K Trøim's filings report what he paid and what he holds, not why he bought.Form 4
Borr Drilling's stock and Trøim's purchasesDaily close, March 17 to Oct. 6, 2026 ▼ 16.1%Show chartHide chart
- 1March 24, 2026 Trøim's first purchase of the year. 500,000 shares at $5.1958, his Form 4 shows. Borr closes at $5.21.
- 2May 18, 2026 Borr's 2026 high close, $6.61. Three days later the stock begins trading in Oslo as well as New York.
- 3June 9, 2026 Trøim buys 1,063,000 shares at $4.70. His third purchase this year, after the stock's May high.
- 4Aug. 11, 2026 Second-quarter results, after the close. Adjusted EBITDA falls 51% from the first quarter to $43.8 million.
- 5Aug. 13, 2026 Trøim buys 1.5 million shares at $4.0245. The first of seven purchases from Aug. 13 to Oct. 6, every one below $4.40.
- 6Oct. 6, 2026 His biggest two days of buying this year. 1.5 million shares on Oct. 5 and 1.5 million on Oct. 6, about $12.6 million. Borr closes Oct. 6 at $4.21.
View the data (141 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-10-06 | $4.21 | +1.4% |
| 2026-10-05 | $4.15 | +6.1% |
| 2026-10-02 | $3.91 | −3.5% |
| 2026-10-01 | $4.05 | +4.1% |
| 2026-09-30 | $3.89 | −0.5% |
| 2026-09-29 | $3.91 | −2.5% |
| 2026-09-28 | $4.01 | −4.5% |
| 2026-09-25 | $4.20 | −1.4% |
| 2026-09-24 | $4.26 | −2.3% |
| 2026-09-23 | $4.36 | −2.2% |
| 2026-09-22 | $4.46 | +0.7% |
| 2026-09-21 | $4.43 | −0.7% |
| 2026-09-18 | $4.46 | +2.3% |
| 2026-09-17 | $4.36 | +3.1% |
| 2026-09-16 | $4.23 | −3.0% |
| 2026-09-15 | $4.36 | +5.8% |
| 2026-09-14 | $4.12 | −3.5% |
| 2026-09-11 | $4.27 | −2.3% |
| 2026-09-10 | $4.37 | +1.6% |
| 2026-09-09 | $4.30 | −3.2% |
| 2026-09-08 | $4.44 | −2.2% |
| 2026-09-04 | $4.54 | −1.5% |
| 2026-09-03 | $4.61 | −4.2% |
| 2026-09-02 | $4.81 | +4.6% |
| 2026-09-01 | $4.60 | +2.7% |
| 2026-08-31 | $4.48 | +0.7% |
| 2026-08-28 | $4.45 | −2.0% |
| 2026-08-27 | $4.54 | +3.2% |
| 2026-08-26 | $4.40 | −1.3% |
| 2026-08-25 | $4.46 | +1.8% |
| 2026-08-24 | $4.38 | −2.7% |
| 2026-08-21 | $4.50 | +1.6% |
| 2026-08-20 | $4.43 | +0.7% |
| 2026-08-19 | $4.40 | −0.7% |
| 2026-08-18 | $4.43 | −1.6% |
| 2026-08-17 | $4.50 | +1.6% |
| 2026-08-14 | $4.43 | +9.7% |
| 2026-08-13 | $4.04 | −1.7% |
| 2026-08-12 | $4.11 | −3.5% |
| 2026-08-11 | $4.26 | +2.4% |
| 2026-08-10 | $4.16 | +7.8% |
| 2026-08-07 | $3.86 | −0.5% |
| 2026-08-06 | $3.88 | −0.3% |
| 2026-08-05 | $3.89 | −3.2% |
| 2026-08-04 | $4.02 | +2.3% |
| 2026-08-03 | $3.93 | −2.5% |
| 2026-07-31 | $4.03 | +1.0% |
| 2026-07-30 | $3.99 | +3.6% |
| 2026-07-29 | $3.85 | −1.3% |
| 2026-07-28 | $3.90 | −5.1% |
| 2026-07-27 | $4.11 | −2.8% |
| 2026-07-24 | $4.23 | 0.0% |
| 2026-07-23 | $4.23 | +0.5% |
| 2026-07-22 | $4.21 | +0.7% |
| 2026-07-21 | $4.18 | +4.0% |
| 2026-07-20 | $4.02 | −3.4% |
| 2026-07-17 | $4.16 | −0.7% |
| 2026-07-16 | $4.19 | −3.0% |
| 2026-07-15 | $4.32 | −2.3% |
| 2026-07-14 | $4.42 | −0.9% |
| 2026-07-13 | $4.46 | +3.0% |
| 2026-07-10 | $4.33 | −0.9% |
| 2026-07-09 | $4.37 | −3.5% |
| 2026-07-08 | $4.53 | +1.6% |
| 2026-07-07 | $4.46 | −0.2% |
| 2026-07-06 | $4.47 | −0.4% |
| 2026-07-02 | $4.49 | +4.2% |
| 2026-07-01 | $4.31 | +4.4% |
| 2026-06-30 | $4.13 | −1.9% |
| 2026-06-29 | $4.21 | −3.4% |
| 2026-06-26 | $4.36 | −0.5% |
| 2026-06-25 | $4.38 | +0.2% |
| 2026-06-24 | $4.37 | +3.1% |
| 2026-06-23 | $4.24 | −2.3% |
| 2026-06-22 | $4.34 | +2.8% |
| 2026-06-18 | $4.22 | −1.2% |
| 2026-06-17 | $4.27 | −1.2% |
| 2026-06-16 | $4.32 | −6.1% |
| 2026-06-15 | $4.60 | +0.4% |
| 2026-06-12 | $4.58 | −1.7% |
| 2026-06-11 | $4.66 | +2.9% |
| 2026-06-10 | $4.53 | −0.7% |
| 2026-06-09 | $4.56 | −6.6% |
| 2026-06-08 | $4.88 | +1.5% |
| 2026-06-05 | $4.81 | −4.8% |
| 2026-06-04 | $5.05 | −0.2% |
| 2026-06-03 | $5.06 | −5.4% |
| 2026-06-02 | $5.35 | +2.9% |
| 2026-06-01 | $5.20 | +3.8% |
| 2026-05-29 | $5.01 | −1.2% |
| 2026-05-28 | $5.07 | +0.6% |
| 2026-05-27 | $5.04 | −5.4% |
| 2026-05-26 | $5.33 | −3.4% |
| 2026-05-22 | $5.52 | −2.1% |
| 2026-05-21 | $5.64 | −8.7% |
| 2026-05-20 | $6.18 | +0.3% |
| 2026-05-19 | $6.16 | −6.8% |
| 2026-05-18 | $6.61 | +5.6% |
| 2026-05-15 | $6.26 | −0.6% |
| 2026-05-14 | $6.30 | +4.0% |
| 2026-05-13 | $6.06 | −1.6% |
| 2026-05-12 | $6.16 | 0.0% |
| 2026-05-11 | $6.16 | +5.3% |
| 2026-05-08 | $5.85 | +0.2% |
| 2026-05-07 | $5.84 | −2.3% |
| 2026-05-06 | $5.98 | +1.0% |
| 2026-05-05 | $5.92 | −2.8% |
| 2026-05-04 | $6.09 | −0.2% |
| 2026-05-01 | $6.10 | +1.2% |
| 2026-04-30 | $6.03 | −1.6% |
| 2026-04-29 | $6.13 | +0.7% |
| 2026-04-28 | $6.09 | +5.9% |
| 2026-04-27 | $5.75 | +1.1% |
| 2026-04-24 | $5.69 | +2.2% |
| 2026-04-23 | $5.57 | +2.0% |
| 2026-04-22 | $5.46 | −0.5% |
| 2026-04-21 | $5.49 | −0.9% |
| 2026-04-20 | $5.54 | −0.5% |
| 2026-04-17 | $5.57 | +2.4% |
| 2026-04-16 | $5.44 | −1.1% |
| 2026-04-15 | $5.50 | −3.5% |
| 2026-04-14 | $5.70 | −4.4% |
| 2026-04-13 | $5.96 | +1.0% |
| 2026-04-10 | $5.90 | −0.5% |
| 2026-04-09 | $5.93 | −1.7% |
| 2026-04-08 | $6.03 | +1.0% |
| 2026-04-07 | $5.97 | +0.5% |
| 2026-04-06 | $5.94 | +1.9% |
| 2026-04-02 | $5.83 | +1.2% |
| 2026-04-01 | $5.76 | −0.2% |
| 2026-03-31 | $5.77 | −0.5% |
| 2026-03-30 | $5.80 | −4.1% |
| 2026-03-27 | $6.05 | +2.2% |
| 2026-03-26 | $5.92 | +6.7% |
| 2026-03-25 | $5.55 | +6.5% |
| 2026-03-24 | $5.21 | +3.6% |
| 2026-03-23 | $5.03 | +7.0% |
| 2026-03-20 | $4.70 | −2.9% |
| 2026-03-19 | $4.84 | −0.6% |
| 2026-03-18 | $4.87 | −3.0% |
| 2026-03-17 | $5.02 |
Borr closed at $5.21 on March 24, the day of Trøim's first purchase this year, $6.61 on May 18 and $4.21 on Oct. 6. Source: Tiingo end-of-day closes, as traded, via KeyVex.
Ten purchases, lower prices
Trøim's first purchase this year came on March 24, when he paid $5.1958 a share for 500,000 shares.Form 4 He paid $5.5818 in April.Form 4 Borr's stock then climbed to a 2026 high of $6.61 on May 18, three days before it began trading in Oslo as well as New York.Chart data6-K
By the time he bought again, on June 9, the price was $4.70.Form 4 Then came seven purchases from Aug. 13 to Oct. 6, each at less than $4.40, for about $26.6 million in all.All 10
View the data
| Trade date (2026) | Paid, shares times the reported price | Note |
|---|---|---|
| March 24 | $2.6M | 500,000 shares at $5.1958 |
| April 16 | $2.8M | 500,000 shares at $5.5818 |
| June 9 | $5.0M | 1,063,000 shares at $4.7 |
| Aug. 13 | $6.0M | 1,500,000 shares at $4.0245 |
| Aug. 14 | $2.2M | 500,000 shares at $4.3868 |
| Aug. 25 | $0.9M | 200,000 shares at $4.3731 |
| Sept. 16 | $4.3M | 1,000,000 shares at $4.2995 |
| Sept. 17 | $0.7M | 150,000 shares at $4.3795 |
| Oct. 5 | $6.2M | 1,500,000 shares at $4.1314 |
| Oct. 6 | $6.4M | 1,500,000 shares at $4.2428 |
8,413,000 shares for about $37.0 million, an average of about $4.40 a share, by KeyVex's math. Source: Trøim's 10 Form 4 filings, March 26 to Oct. 7, 2026.
The buying has lifted his stake by about a third. On March 17, he held about 25.2 million shares, 8.2% of Borr, according to Borr's annual report.20-F After Oct. 6 he held about 33.6 million, about 10.9% of the shares Borr had outstanding on June 30, by KeyVex's math.Form 46-K
What other insiders did
Borr's other big insider holder is Granular Capital, a fund founded and managed by director Thiago Mordehachvili. It held 15.0% of Borr on March 17, the annual report shows.20-F On June 9 it sold 8 million shares at $4.70, Mordehachvili's Form 4 shows. That left it with about 38.2 million shares, counting restricted stock units, shares granted as pay that vest over time.Form 4
Granular reported no further sales on Form 4; Mordehachvili's latest shows it holding 38.1 million shares as of Sept. 30.Form 4 Other insiders did buy. Morand, the chief executive, bought 45,500 shares at $4.40 on Sept. 18, about $200,000.Form 4 Director Jeffrey Currie bought 250,000 shares at $5.31 on March 24 and 125,000 at $4.0131 on Aug. 13.Form 4Form 4
What Borr has told shareholders
Borr owns jack-up rigs, drilling platforms that stand on the seabed in shallow water, and rents them to oil companies.6-K Its second-quarter results came on a Form 6-K, the report foreign companies file with the SEC. Revenue fell 6% from the first quarter, to $232.3 million. Adjusted EBITDA fell to $43.8 million, from $88.5 million in the first quarter. Borr said 73% of the days its rigs could work in 2026 were under contract, at about $134,000 a day.6-K
Morand said four things drove the decline. Preparing the rig Odin for its first U.S. contract cost more, and six rigs were moving between contracts. The Middle East conflict raised insurance and fuel costs. And Borr booked $10.8 million of credit losses on a former customer in West Africa. Looking further out, he said Borr expects "the market to strengthen as stability returns."6-K
the Middle East conflict has reduced near-term visibility, delaying tenders, contract start dates, and the region's recovery.
The quarter's net loss was $241.4 million, mostly from a $176.3 million charge for refinancing its debt.6-K
Since then, Borr has reported new work. The Odin began earning its day rate off Texas on Sept. 11.6-K On Sept. 30 it announced commitments for three of its rigs: the Norve in West Africa, the Natt in Nigeria and the Joro in the U.K.6-K
A market that turned this spring
Westwood Global Energy Group wrote in a May note that the conflict was reverberating through the jack-up market. In the Arabian Gulf, which it called the world's most active jack-up basin, the share of marketed rigs actually working fell from 83% in early February, before hostilities began, to about 69% by late April, it said.Westwood
Westwood said several rigs due to restart work for Saudi Aramco had not returned to work. Its updated view was that the share of the region's rigs under contract would likely settle at 89% to 91% for 2026. It said a prolonged or escalating conflict "could materially alter the balance once again."Westwood
Borr has said that, with about 23 rigs working on average, it expects third-quarter adjusted EBITDA to "improve significantly" from the second quarter. As of Oct. 7, it had not announced a date for those results in an SEC filing.6-K6-K
Also in the filings
Nothing in these filings ties them to Trøim's purchases. On Sept. 2 and 3, five Borr officers sold shares to cover taxes on restricted stock units that had vested. Each Form 4 says the sale "does not represent a discretionary sale."Form 4 Separately, Cobas Asset Management reported owning 10.2% of Borr, for an event dated Aug. 13. It filed a Schedule 13G, the short form for passive holders of more than 5%.13G
The paper trail
Trøim's purchases and the related Borr filings from March 26 through Oct. 7, 2026, with the time EDGAR accepted each one (Eastern).
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| March 26, 8:24 a.m. | 4 | Tor Olav Trøim | Bought 500,000 shares at $5.1958 on March 24. |
| April 17, 9:35 a.m. | 4 | Tor Olav Trøim | Bought 500,000 shares at $5.5818 on April 16. |
| June 10, 8:03 a.m. | 4 | Thiago Mordehachvili | Granular Capital sold 8,000,000 shares at $4.70 on June 9. |
| June 10, 8:13 a.m. | 4 | Tor Olav Trøim | Bought 1,063,000 shares at $4.70 on June 9. |
| Aug. 5, 11:28 a.m. | 13G/A | Drew Holdings Ltd. | 8.8% of Borr as of June 30. |
| Aug. 13, 6:01 a.m. | 6-K | Borr Drilling | Second-quarter results, released Aug. 11 after the close: adjusted EBITDA $43.8 million, down 51%. |
| Aug. 14, 8:11 a.m. | 4 | Tor Olav Trøim | Bought 1,500,000 shares at $4.0245 on Aug. 13. |
| Aug. 17, 7:04 a.m. | 4 | Tor Olav Trøim | Bought 500,000 shares at $4.3868 on Aug. 14. |
| Aug. 25, 7:06 a.m. | 4 | Tor Olav Trøim | Bought 200,000 shares at $4.3731 on Aug. 25. |
| Sept. 17, 8:51 a.m. | 4 | Tor Olav Trøim | Bought 1,000,000 shares at $4.2995 on Sept. 16. |
| Sept. 18, 8:20 a.m. | 4 | Tor Olav Trøim | Bought 150,000 shares at $4.3795 on Sept. 17. |
| Sept. 21, 7:09 a.m. | 4 | Bruno Morand | Bought 45,500 shares at $4.40 on Sept. 18. |
| Oct. 1, 6:02 a.m. | 6-K | Borr Drilling | New commitments for three rigs, announced Sept. 30. |
| Oct. 6, 7:29 a.m. | 4 | Tor Olav Trøim | Bought 1,500,000 shares at $4.1314 on Oct. 5. |
| Oct. 7, 7:57 a.m. | 4 | Tor Olav Trøim | Bought 1,500,000 shares at $4.2428 on Oct. 6. Holds 33,535,941 through Drew Holdings and 81,867 directly. |
What to watch
The Joro's accommodation contract in the U.K. is due to start, Borr said Sept. 30.
The Idun's three-well campaign in Vietnam is scheduled to start, and Borr expects to take over operating the Bestla, its Sept. 15 update said.
The Norve's three-well commitment in West Africa is expected to start.
Sources
28 sources, 24 of them public records
Public records
- Form 4, Tor Olav Trøim (trade of Oct. 6, 2026)SEC EDGAR · Oct. 7, 2026
- Form 4, Tor Olav Trøim (trade of Oct. 5, 2026)SEC EDGAR · Oct. 6, 2026
- Form 4, Tor Olav Trøim (trade of Sept. 17, 2026)SEC EDGAR · Sept. 18, 2026
- Form 4, Tor Olav Trøim (trade of Sept. 16, 2026)SEC EDGAR · Sept. 17, 2026
- Form 4, Tor Olav Trøim (trade of Aug. 25, 2026)SEC EDGAR · Aug. 25, 2026
- Form 4, Tor Olav Trøim (trade of Aug. 14, 2026)SEC EDGAR · Aug. 17, 2026
- Form 4, Tor Olav Trøim (trade of Aug. 13, 2026)SEC EDGAR · Aug. 14, 2026
- Form 4, Tor Olav Trøim (trade of June 9, 2026)SEC EDGAR · June 10, 2026
- Form 4, Tor Olav Trøim (trade of April 16, 2026)SEC EDGAR · April 17, 2026
- Form 4, Tor Olav Trøim (trade of March 24, 2026)SEC EDGAR · March 26, 2026
- Form 3/A, Tor Olav Trøim (holdings as of March 17, 2026)SEC EDGAR · March 26, 2026
- Form 4, Thiago Mordehachvili (Granular Capital sale of June 9, 2026)SEC EDGAR · June 10, 2026
- Form 4, Thiago Mordehachvili (holdings as of Sept. 30, 2026)SEC EDGAR · Oct. 2, 2026
- Form 4, Bruno Morand (trade of Sept. 18, 2026)SEC EDGAR · Sept. 21, 2026
- Form 4, Jeffrey Currie (trade of March 24, 2026)SEC EDGAR · March 26, 2026
- Form 4, Jeffrey Currie (trade of Aug. 13, 2026)SEC EDGAR · Aug. 14, 2026
- Form 4, Magnus Vaaler (tax-withholding sale of Sept. 3, 2026; one of five such filings)SEC EDGAR · Sept. 4, 2026
- Borr Drilling Ltd., Form 20-F annual report for 2025SEC EDGAR · March 26, 2026
- Borr Drilling Ltd., Form 6-K, Exhibit 99.1: second-quarter 2026 resultsSEC EDGAR · Aug. 13, 2026
- Borr Drilling Ltd., Form 6-K: interim financial statements for the period ended June 30, 2026SEC EDGAR · Aug. 12, 2026
- Borr Drilling Ltd., Form 6-K, Exhibit 99.1: operational and contracting updatesSEC EDGAR · Sept. 16, 2026
- Borr Drilling Ltd., Form 6-K, Exhibit 99.1: contracting updatesSEC EDGAR · Oct. 1, 2026
- Drew Holdings Ltd., Schedule 13G/A on Borr DrillingSEC EDGAR · Aug. 5, 2026
- Cobas Asset Management, Schedule 13G on Borr DrillingSEC EDGAR · Aug. 17, 2026
Rules and references
- Forms 3, 4 and 5 (glossary)SEC, Investor.gov ·
Reporting
- "Westwood Insight: Middle East conflict reverberates through jackup market"Westwood Global Energy Group · May 13, 2026
Data
- End-of-day prices for BORR, and for SPY and QQQ on the chart (Tiingo)KeyVex · through Oct. 6, 2026
- The chart's Filings layer: KeyVex's insider trade and other filing records for BORRKeyVex · through Oct. 6, 2026
How we got these numbers
- Prices are end-of-day closes as traded on the New York Stock Exchange, through Oct. 6, 2026, the last close in KeyVex when this story was written. The S&P 500 and Nasdaq 100 lines follow SPY and QQQ, also as traded, rebased to Borr's close at the start of the range shown. The Filings switch shows the filing markers from KeyVex's Borr page, a selection of insider trades and other filings: not every filing, and not only those tied to this story.
- Dollar amounts for each purchase are the shares times the price each Form 4 reports: 8,413,000 shares for $37,007,395, an average of $4.3988 a share. The Form 4s report Trøim's purchases under transaction code P and do not say on which exchange they were made.
- Trøim's stake: 25,122,941 shares held by Drew Holdings Ltd. plus 81,867 held directly before his first 2026 purchase (his Form 3/A), and 33,535,941 plus 81,867 after Oct. 6 (his latest Form 4). The percentage divides 33,617,808 by the 308,512,741 shares the June 30 balance sheet shows outstanding. Borr's annual report gave 8.2% as of March 17, counting 307,701,075 shares.
- Adjusted EBITDA is Borr's own measure, defined in its results release; the first-quarter figure is the second quarter's $43.8 million plus the $44.7 million decline the release reports.