Patrick Schorn (BORR) discloses 1.59M shares and large option grants

Rhea-AI Filing Summary

Borr Drilling Ltd director Patrick Schorn has filed an initial Form 3 detailing his equity position. He directly holds 1,585,000 common shares. He also holds multiple employee stock option grants over common shares, with exercise prices ranging from 1.66 to 5.16 per share and expirations in 2026–2027.

Footnotes indicate 500,000 restricted stock units vested on December 31, 2025 but have not yet been issued as common shares, and a further 250,000 RSUs are scheduled to vest on December 31, 2026, conditional on his continued service as an executive or Board member.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Schorn Patrick

(Last) (First) (Middle)

C/O BORR DRILLING LIMITED

2ND FLOOR 9 PAR-LA-VILLE ROAD

(Street)

HAMILTON HM11

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Borr Drilling Ltd [ BORR ]

3a. Foreign Trading Symbol
[BORR]

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Shares	1,585,000	D
Common Shares	0(1)	D
Common Shares	0(2)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option to Purchase Common Shares	03/01/2024(3)	09/01/2027	Common Shares	333,334	$3.66	D
Employee Stock Option to Purchase Common Shares	03/01/2025(3)	09/01/2027	Common Shares	333,333	$4.41	D
Employee Stock Option to Purchase Common Shares	03/01/2026(3)	09/01/2027	Common Shares	333,333	$5.16	D
Employee Stock Option to Purchase Common Shares	08/12/2023(4)	08/12/2026	Common Shares	400,000	$1.66	D
Employee Stock Option to Purchase Common Shares	08/12/2024(4)	08/12/2026	Common Shares	400,000	$1.66	D
Employee Stock Option to Purchase Common Shares	08/12/2025(4)	08/12/2026	Common Shares	400,000	$1.66	D

Explanation of Responses:

1. 500,000 RSUs that vested on December 31, 2025 but not yet issued as common shares as at date of filing

2. 250,000 RSUs that vest on December 31, 2026 conditional upon recipient continuing to serve as an executive or a Board member at the date of vesting

3. Grant of options on September 1, 2022 - options 1/3 vest every March 1 between 2024 and 2026 with staggered strike price as at date of filing

4. Grant of options on August 12, 2021 - options 1/3 vest every August 1 between 2023 and 2025 with strike price as at date of filing

Remarks:

	/s/ Temi Bankole as attorney-in-fact	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does the Borr Drilling (BORR) Form 3 for Patrick Schorn report?

The Form 3 reports Patrick Schorn’s initial beneficial ownership in Borr Drilling. It shows 1,585,000 common shares held directly, plus several employee stock option grants and restricted stock units with specified vesting dates and exercise prices.

How many Borr Drilling common shares does Patrick Schorn directly hold?

Patrick Schorn directly holds 1,585,000 Borr Drilling common shares. This figure reflects his reported beneficial ownership of the company’s stock as of the Form 3 filing date and excludes unissued RSUs and underlying shares from option awards.

What stock option awards for BORR shares are listed for Patrick Schorn?

The filing lists several employee stock options to purchase Borr Drilling common shares, with exercise prices between 1.66 and 5.16 per share and expirations in 2026–2027. Each option line also specifies the number of underlying common shares covered.

What restricted stock units (RSUs) for Borr Drilling are disclosed in the Form 3?

The Form 3 footnotes disclose 500,000 RSUs that vested on December 31, 2025 but are not yet issued as common shares, and 250,000 additional RSUs that vest on December 31, 2026 if Patrick Schorn continues serving as an executive or Board member.

Do the reported Borr Drilling RSUs give Patrick Schorn current common shares?

The 500,000 RSUs vested on December 31, 2025 have not yet been issued as common shares, so they are not current shares. The 250,000 RSUs vesting on December 31, 2026 remain conditional on continued service until that vesting date.

Are there any buy or sell transactions in this Borr Drilling (BORR) Form 3?

The Form 3 is an initial ownership report and lists holdings rather than trades. The transaction summary shows no buy or sell transactions, only holding entries for common shares, stock options, and related equity awards as of the filing date.