[Form 4] Borr Drilling Ltd Insider Trading Activity

Rhea-AI Filing Summary

Borr Drilling director Patrick Schorn significantly increased his equity stake through a large open‑market purchase and option exercises. On June 17, 2026, he bought 1,200,000 common shares at $1.66 per share in an open‑market transaction, bringing his direct holdings to 3,535,000 common shares.

He also exercised stock options covering 1,200,000 common shares at an exercise price of $1.66 per share. Footnotes state his position includes 500,000 restricted stock units that vested on December 31, 2025 and 250,000 RSUs scheduled to vest on December 31, 2026, plus remaining option grants with higher strike prices expiring in 2027.

Insights

Equity compensation and insider-trading analyst

Large open‑market buy plus option exercises show the director adding substantial direct equity exposure.

Director Patrick Schorn purchased 1,200,000 Borr Drilling common shares at $1.66 per share in an open‑market transaction. On the same date, he exercised options over 1,200,000 shares at the same exercise price, shifting a large derivative position into common equity.

Following these moves, he directly holds 3,535,000 common shares. Footnotes indicate 500,000 restricted stock units vested on December 31, 2025 and 250,000 additional RSUs are scheduled to vest on December 31, 2026, each delivering one share upon vesting.

He still holds option grants over 333,333 underlying shares at $5.16, 333,333 at $4.41, and 333,334 at $3.66, all expiring on September 1, 2027. The combination of a large net open‑market purchase and retained unexercised options reflects increased long exposure, though the broader significance depends on total shares outstanding and future company performance.

Insider Trade Summary

Net Buyer: 1,200,000 shares ($1,992,000)

Net Buy 7 txns

Insider Schorn Patrick

Role null

Bought 1,200,000 shs ($1.99M)

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option to Purchase Common Shares	400,000	$1.66	$664K
Exercise	Employee Stock Option to Purchase Common Shares	400,000	$1.66	$664K
Exercise	Employee Stock Option to Purchase Common Shares	400,000	$1.66	$664K
Purchase	Common Shares	1,200,000	$1.66	$1.99M
holding	Employee Stock Option to Purchase Common Shares	--	--	--
holding	Employee Stock Option to Purchase Common Shares	--	--	--
holding	Employee Stock Option to Purchase Common Shares	--	--	--

Holdings After Transaction: Employee Stock Option to Purchase Common Shares — 400,000 shares (Direct, null); Common Shares — 3,535,000 shares (Direct, null)

Footnotes (1)

1. Includes (a) 500,000 restricted stock units (RSUs) that vested in full on December 31, 2025, (b) 250,000 RSUs that vest in full on December 31, 2026 conditional upon continuing to serve as a Director of the Issuer at the date of vesting. Each RSU represents a contingent right to receive one common share and (c) full exercise of 2021 Plan Options 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. Options were exercised for cash on June 17, 2026 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

Key Figures

Open-market purchase: 1,200,000 shares at $1.66 Direct common shares held: 3,535,000 shares Options exercised: 1,200,000 shares at $1.66 +5 more

8 metrics

Open-market purchase 1,200,000 shares at $1.66 Common shares bought on June 17, 2026

Direct common shares held 3,535,000 shares Total direct holdings after June 17, 2026 transactions

Options exercised 1,200,000 shares at $1.66 Derivative exercises on June 17, 2026

Remaining options at $5.16 333,333 underlying shares Employee stock options expiring September 1, 2027

Remaining options at $4.41 333,333 underlying shares Employee stock options expiring September 1, 2027

Remaining options at $3.66 333,334 underlying shares Employee stock options expiring September 1, 2027

Vested RSUs 500,000 units RSUs that vested on December 31, 2025

Unvested RSUs 250,000 units RSUs vesting December 31, 2026 if service continues

Key Terms

Employee Stock Option to Purchase Common Shares, restricted stock units (RSUs), open-market purchase, derivative exercise/conversion, +1 more

5 terms

Employee Stock Option to Purchase Common Shares financial

"security_title: Employee Stock Option to Purchase Common Shares"

restricted stock units (RSUs) financial

"Includes (a) 500,000 restricted stock units (RSUs) that vested in full"

Restricted stock units (RSUs) are a type of company promise to give employees shares of stock in the future, usually after certain conditions like working for a set time. They are like a gift promised today that you receive later, which can become valuable if the company's stock price goes up. RSUs matter because they are a way companies reward employees and can be a significant part of compensation.

open-market purchase financial

"transaction_action: open-market purchase"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

derivative exercise/conversion financial

"transaction_action: derivative exercise/conversion"

exercise price financial

"exercisePrice: 5.1600, 4.4100, 3.6600 listed as exercisePrice"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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)

BERMUDA

(Country)

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

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

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

2a. Foreign Trading Symbol
[BORR]

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	06/17/2026	06/17/2026	P	V	1,200,000	A	$1.66	3,535,000(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option to Purchase Common Shares	$1.66	06/17/2026	06/17/2026	M	V	400,000		08/12/2023(2)	08/12/2026	Common Shares	400,000	$1.66	400,000	D
Employee Stock Option to Purchase Common Shares	$1.66	06/17/2026	06/17/2026	M	V	400,000		08/12/2024(2)	08/12/2026	Common Shares	400,000	$1.66	400,000	D
Employee Stock Option to Purchase Common Shares	$1.66	06/17/2026	06/17/2026	M	V	400,000		08/12/2025(2)	08/12/2026	Common Shares	400,000	$1.66	400,000	D
Employee Stock Option to Purchase Common Shares	$3.66							03/01/2024(3)	09/01/2027	Common Shares	333,334		0	D
Employee Stock Option to Purchase Common Shares	$4.41							03/01/2025(3)	09/01/2027	Common Shares	333,333		0	D
Employee Stock Option to Purchase Common Shares	$5.16							03/01/2026(3)	09/01/2027	Common Shares	333,333		0	D

Explanation of Responses:

1. Includes (a) 500,000 restricted stock units (RSUs) that vested in full on December 31, 2025, (b) 250,000 RSUs that vest in full on December 31, 2026 conditional upon continuing to serve as a Director of the Issuer at the date of vesting. Each RSU represents a contingent right to receive one common share and (c) full exercise of 2021 Plan Options

2. 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. Options were exercised for cash on June 17, 2026

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

Remarks:

	/s/ Temi Bankole as attorney-in-fact	06/19/2026
	** 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 4 (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 4: SEC 1474 (03-26)

FAQ

What did Borr Drilling (BORR) director Patrick Schorn buy on June 17, 2026?

On June 17, 2026, director Patrick Schorn bought 1,200,000 Borr Drilling common shares in an open‑market transaction at $1.66 per share. This large purchase substantially increased his direct common share holdings reported in the filing.

How many Borr Drilling shares does Patrick Schorn hold after this Form 4?

After the reported transactions, Patrick Schorn directly holds 3,535,000 Borr Drilling common shares. This figure reflects the effect of his 1,200,000‑share open‑market purchase and associated option exercises disclosed for the June 17, 2026 transaction date.

What stock options did Patrick Schorn exercise in the Borr Drilling Form 4?

Patrick Schorn exercised employee stock options covering 1,200,000 Borr Drilling common shares at an exercise price of $1.66 per share. These exercises converted derivative awards into common shares as part of his overall equity compensation activity on June 17, 2026.

What restricted stock units (RSUs) does Patrick Schorn have from Borr Drilling?

Footnotes state Schorn has 500,000 RSUs that vested in full on December 31, 2025 and 250,000 RSUs scheduled to vest on December 31, 2026, contingent on continued service as a director. Each RSU represents a contingent right to receive one common share.

What Borr Drilling options does Patrick Schorn still hold after the exercises?

After the reported exercises, Schorn still holds options over 333,333 shares at $5.16, 333,333 shares at $4.41, and 333,334 shares at $3.66. All these remaining grants expire on September 1, 2027, according to the derivative position summary.

How does the Form 4 classify Patrick Schorn’s Borr Drilling share purchase?

The filing classifies Schorn’s 1,200,000‑share acquisition as an open‑market purchase, transaction code P. The normalized data describe this as a “purchase in open market or private transaction,” indicating an active decision to buy common shares rather than a purely automatic award.