Trøim bought 6.75 million shares in four sessions and raised his bid every time — and his disclosure has not kept up with him
Tor Olav Trøim — director, Borr Drilling Ltd (NYSE: BORR) · buying through Drew Holdings Ltd, wholly owned by Drew Trust, a non-discretionary trust in which he is the beneficiary
Four open-market purchases: 1,500,000 at $4.1314 on 5 Oct; 1,500,000 at $4.2428 on 6 Oct; 1,250,000 at $4.31 on 7 Oct; 2,500,000 at $4.7374 on 9 Oct. Total 6,750,000 shares for approximately $29.8m, none under a Rule 10b5-1 plan. The 9 October tranche was accepted by EDGAR at 08:28 this morning and carries a deemed execution date of 12 October, the federal holiday.
| Date | Shares | Price | Holding after |
|---|---|---|---|
| 30 Jun 2026 — 13G/A event date | — | — | 27,185,941 |
| 13 Aug 2026 | +1,500,000 | $4.0245 | 28,685,941 |
| 5 Oct 2026 | +1,500,000 | $4.1314 | 32,035,941 |
| 6 Oct 2026 | +1,500,000 | $4.2428 | 33,535,941 |
| 7 Oct 2026 | +1,250,000 | $4.3100 | 34,785,941 |
| 9 Oct 2026 | +2,500,000 | $4.7374 | 37,285,941 |
| Since the 13G/A event date | +10,100,000 | +17.7% | +37.2% |
Form 4 — TROIM TOR OLAV, Borr Drilling Ltd (BORR) · Director — 10% Owner box not checked
Accepted EDGAR 10/13/2026 08:28 EDT · signed Temi Bankole, attorney-in-fact, 10/13/2026
Table I: P, 10/09/2026 (deemed execution 10/12/2026), 2,500,000 (A), $4.7374 → 37,285,941 I — by Drew Holdings Ltd.; 81,867 D
Footnote 1: “Drew Holdings Ltd. is wholly owned by Drew Trust, a non-discretionary trust in which the reporting person is the beneficiary.”
Schedule 13G/A No. 4 — Drew Holdings Ltd., filed 5 Aug 2026, signed 4 Aug 2026 by Erling Lind, director · event date 30 Jun 2026
27,185,941 shares · 8.8% of class · sole voting 27,185,941 · sole dispositive 27,185,941 · Item 10 certifications: Not Applicable
“may be deemed to be beneficially owned by Mr. Tor Olav Troim”
Form 6-K — Borr Drilling Ltd, accepted EDGAR 10/01/2026 06:02 · press release dated 30 Sep 2026, Hamilton, Bermuda
Norve: binding letter of award, three wells, ~245 days, start mid-Dec 2026 · Natt: Shell Nigeria exercises one-well option · Joro: UK accommodation contract, ~60 days from mid-Oct
A director with an already-large stake kept buying his own company — nearly $30m in four sessions, no trading plan, straight open-market risk. Jack-up day rates are firming, the company has just added three rig commitments running into August 2027, and the stock is still under $5. Insider buying at size, with the insider’s own money, after contract news, is about as clean a bullish signal as the tape produces.
The interesting field on this form is the one left blank. Drew Holdings’ standing beneficial-ownership filing says 8.8%; the arithmetic on the same vehicle this morning says above 12%. Two current documents disagree about how much of Borr this trust owns, and the gap has widened through five consecutive Form 4s. Separately, the shape of the buying is wrong for conviction-at-a-price: he raised his bid on every tranche and paid his highest price for his largest block. That is a buyer working toward a position size, on a schedule. The information here is about a target and a disclosure lag, not about day rates.
On the disclosure gap. The 13G/A event-date figure (27,185,941 / 8.8%, sole voting and sole dispositive) against the Form 4 post-trade figure (37,285,941) is a +10,100,000 share, +37.2% change in the same vehicle’s position with no amendment on file. Ten percent is not a round number, it is a status line — the level at which a passive filing has to be amended and at which an investor becomes an owner for several disclosure purposes. The Form 4 filed at 08:28 this morning still checks only Director. Inference my reading of which amendment deadline applies, not a statement in any filing.
On the shape of the buying. $4.0245 → $4.1314 → $4.2428 → $4.31 → $4.7374. Five tranches, five higher prices, and the 2,500,000-share block — 37% of the whole run — executed at the top of that ladder. A buyer optimising entry scales into weakness; the Fisher filings in Edition 027 showed what price-insensitivity looks like on the sell side, and this is the same signature inverted. Size rising with price is the fact that separates the two readings, because the conviction-at-a-price story predicts the opposite relationship.
And the cheap contrarian story is dead on the dates. The obvious suspicion — he was buying ahead of the rig announcement — does not survive the calendar. The Norve, Natt and Joro commitments were released on 30 September and furnished on a 6-K accepted 1 October at 06:02. Every October purchase is after that. He is not front-running news; he is paying up for stock that was already repriced on it.
A Schedule 13D or 13G/A from Drew Holdings covering the October purchases. If it appears and is within its deadline, then what I measured is a filing lag caught mid-window and nothing more — that is the most likely single outcome and I would be wrong to have called it anything else. The percentage claim fails separately if Borr’s actual shares outstanding are materially above the 308.51m market-data figure; the 8.8% in the 13G/A implies roughly 308.9m at 30 June, so a large issuance since then would move it. On the averaging-up claim: one tranche bought materially below a prior one, or a disclosed target-size mandate, reframes it as ordinary accumulation.
This is not a first purchase — he bought 1,500,000 shares on 13 August and has been adding through the autumn. What changed in October is the rate. Fourteen weeks of accumulation has taken the position up 37.2%, and 6,750,000 of those 10,100,000 shares were bought in the last four sessions of the window. His direct line is unchanged at 81,867 shares, which is 0.22% of what he controls.