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Tor Olav Troim, a director of Borr Drilling Ltd, reported a purchase of 1,500,000 Common Shares on August 13, 2026 at $4.0245 per share. The shares are held indirectly through Drew Holdings Ltd., which is wholly owned by Drew Trust, a non-discretionary trust in which he is the beneficiary.
Following this transaction, indirect holdings total 28,685,941 Common Shares. He also holds 81,867 Common Shares directly, including 54,545 restricted stock units that vest in full on September 30, 2026, conditional on his continued service as a director; each RSU represents a contingent right to receive one common share.
Borr Drilling Ltd director Jeffrey Currie purchased 125,000 Common Shares on August 13, 2026 at an average price of $4.0131 per share. Following this buy, he directly holds 479,423 shares, including 54,545 restricted stock units that vest in full on September 30, 2026, conditional on his continued service as a director. Each RSU represents a contingent right to receive one common share.
Borr Drilling Ltd Chief Operating Officer Harvey Edward Snowling reported his equity positions, primarily as holdings of employee stock options and common shares. He holds options to purchase 75,000 common shares at an exercise price of $6.5400 expiring on August 15, 2029, and separate options for 100,000 shares at $6.3100 expiring on November 17, 2028. Additional grants cover 120,000 shares at exercise prices of $3.6600, $4.4100, and $5.1600 expiring on September 1, 2027, and 150,000 shares at $1.6600 expiring on December 31, 2026. Snowling also directly owns 171,821 common shares, including restricted stock units that fully vest in tranches of 57,274, 57,273, and 57,274 shares on September 1 of 2026, 2027, and 2028, respectively. One option grant originally dated August 12, 2021 was amended to extend its expiration date through a replacement option, which is fully vested and exercisable.
Borr Drilling Ltd officer Jehan Mawjee, Chief Accounting Officer, reported current equity holdings with no new purchases or sales. Direct ownership of 68,729 common shares includes 22,910, 22,909 and 22,910 restricted stock units vesting in full on September 1, 2026, 2027 and 2028, respectively. Mawjee also reports multiple employee stock options to purchase common shares with exercise prices between $1.66 and $6.54, expiring between 2026 and 2029, and notes that an August 12, 2021 option grant was amended to extend its expiration to December 31, 2026 while remaining fully vested and exercisable.
Borr Drilling Ltd executive Magnus Vaaler, Chief Financial Officer, reported his equity holdings, primarily employee stock options over common shares and direct common share ownership. The options cover multiple tranches of underlying common shares at exercise prices between $1.66 and $6.54, with expiration dates from 2026 through 2029 and vesting schedules tied to continued employment. He also reported direct ownership of 266,711 common shares, which includes restricted stock units that vest in full on September 1, 2026, 2027 and 2028. The filing does not show any new purchases, sales or option exercises, only existing positions and amended terms on certain options.
Borr Drilling Limited reported Q2 2026 total operating revenues of $232.3M, down 6.0% from Q1 2026, with operating income nearly flat at $0.3M. Net loss widened sharply to $241.4M from $29.0M, while Adjusted EBITDA fell to $43.8M from $88.5M, a 50.5% decrease and a 22.4% margin.
Liquidity totaled $473M, including $223.6M in cash and $250M of SSRCF capacity. The company completed a major refinancing, issuing $2.035B of senior secured notes due 2032/2034 and $300M of 3.50% convertible notes due 2033, and fully redeeming 2028/2030 senior secured notes while largely repurchasing 2028 convertible bonds (about $44M remains outstanding).
Borr operates a modern fleet of 29 rigs, with 24 contracted and 2026 contract coverage of 73%. Year-to-date, it secured 21 new commitments, adding $541M of backlog at an average dayrate of $123k over more than 4,350 days. Management states that profitability is expected to recover as fleet transitions are completed.
Borr Drilling Limited reported second-quarter 2026 revenue of $232.3 million, down 6% from Q1 as average operating rigs declined to 21.2. Technical utilization was 98.4% and economic utilization 96.4%, reflecting strong operational performance despite transitions.
Adjusted EBITDA was $43.8 million, a 51% sequential decline, driven by higher preparation and regulatory costs for the Odin rig, six rigs transitioning between contracts, a $7.3 million increase in fuel and insurance costs partly linked to the Middle East conflict, and $10.8 million of credit losses from a former West Africa customer. A $176.3 million debt extinguishment loss pushed net loss to $241.4 million.
Borr refinanced substantially all debt through $300 million of 3.50% convertible notes due 2033 and $2,035 million of senior secured notes due 2032/2034, and upsized its super senior RCF to $250 million, ending the quarter with liquidity of $473.6 million. The company secured eight new contract commitments adding over 2,100 firm days and about $267 million in Dayrate Equivalent Backlog, lifting 2026 coverage to 73% at an average dayrate of about $134,000. Total Dayrate Equivalent Backlog was $1.04 billion at June 30, 2026 and $1.13 billion as of the report date, and Borr expects Q3 Adjusted EBITDA to improve significantly with around 23 active rigs.
Borr Drilling Limited reported largely flat operating revenues of $479.3 million for the six months ended June 30, 2026, versus $484.3 million a year earlier, as lower dayrate revenue was mostly offset by higher bareboat charter and management contract revenue. Operating income fell sharply to $46.3 million from $156.7 million, driven by higher rig operating costs, including a $19.9 million provision for credit losses, increased maintenance on newly acquired rigs, and higher depreciation.
Total financial expenses, net, rose to $299.2 million, largely due to a $176.3 million loss on debt extinguishment tied to the payoff of 2028 and 2030 senior notes and 2028 convertible bonds. This resulted in a net loss attributable to shareholders of $270.4 million, versus income of $18.2 million in 2025, and a 42% decline in Adjusted EBITDA to $132.3 million.
Liquidity comprised $224.6 million of cash and restricted cash and a new undrawn $250.0 million super senior revolving credit facility. Total borrowings increased to $2,529.2 million, but no debt matures within 12 months after issuing $2,035.0 million of new senior secured notes due 2032/2034 and $300.0 million of convertible notes due 2033 and retiring shorter‑dated instruments. The jack‑up fleet expanded with a five‑rig acquisition in January 2026 and a 50/50 joint venture purchase of five Mexican rigs in July 2026, while contracted operating revenue backlog totaled $885.5 million through 2029.
Drew Holdings Ltd. reports its ownership stake in Borr Drilling Limited common shares. Drew Holdings beneficially owns 27,185,941 Borr Drilling common shares, representing 8.8% of the class as of June 30, 2026. These shares are reported with sole voting and sole dispositive power, with no shared voting or dispositive authority.
The 27,185,941 common shares held by Drew Holdings may be deemed to be beneficially owned by Mr. Tor Olav Troim. Drew Holdings is a Bermuda entity, and Borr Drilling’s principal executive offices are located in Hamilton, Bermuda.
Borr Drilling Limited, through its 50/50 joint venture BC Ventures Limited, completed the previously announced acquisition of five premium jack-up rigs from Fontis Finance Ltd. for a total purchase price of $287 million.
The rigs—two Friede & Goldman JU-2000E units (Oberon and Titania FE) and three LeTourneau Super 116-C units (Courageous, Defender, Intrepid)—are located in Mexico. BC Ventures financed the transaction with a $237 million non-recourse seller’s credit maturing in January 2029, secured by a first priority lien on the rigs, plus $25 million cash contributions from each joint-venture partner.
The acquisition increases Borr Drilling’s owned and jointly-owned fleet to 34 rigs and expands its presence in the Mexican shallow-water market, supporting its focus on modern jack-up rigs for offshore oil and gas customers worldwide.