Borr Drilling director and vice chairman Tor Olav Trøim, the company’s chairman Paal Kibsgaard and other senior executives are buying shares in the Norwegian offshore drilling firm.
Trøim has bought 200,000 shares in the company for a total of $158,760 on the NYSE, which recently issued a warning to Borr Drilling because the average closing price of its common shares had fallen below $1.00 per share over a period of 30 consecutive trading days. Trøim owns 17.8m shares in the company.
Kibsgaard has purchased 300,000 shares on the NYSE for around $240,000, taking its stake to approximately 1.11m shares.
Patrick Schorn, CEO of Borr Drilling, has beefed up his stake in the company to 1.6m shares, having bought 100,000 more for $80,300. Neil Glass, director of Borr Drilling, has purchased 31,290 shares and, with close associates, now owns 206,371 shares in the company.
Borr Drilling CFO, Magnus Vaaler, has also bought 25,000 shares for a total of just under NOK140,000 ($16,000) on the Oslo Stock Exchange. Following the acquisition, Vaaler owns 110,000 shares in the company.
Trøim founded Borr Drilling in 2016. On a fully delivered basis, the company owns a fleet of 28 jackup rigs.
The Norwegian investor and shipowner, who is also the driving force behind 2020 Bulkers, recently launched another bulker player, Himalaya Shipping, linked to 12 LNG-fuelled newbuilds worth more than $800m.