Borr Drilling director and chairman, Tor Olav Trøim, is buying shares in the Norwegian jackup rig owner for $20m.
The Oslo and New York-listed company moved to raise around $250m via a public offering of its common shares in the US and also granted the underwriters a 30-day option to purchase up to an additional $25m worth of common shares at the offering price minus underwriting discounts.
In a filing to the Oslo Stock Exchange, it has emerged that companies affiliated with the Norwegian investor and shipowner have subscribed for and been conditionally allocated close to 5.56m shares at $3.60 each. After delivery, Trøim and his affiliated parties will represent ownership in Borr Drilling of roughly 15.78m shares.
Patrick Schorn, CEO of Borr Drilling, has signed up for 100,000 shares in the company, while director Neil Glass and chief financial officer Magnus Vaaler are buying 12,500 and 10,000 shares, respectively.
Trøim founded Borr Drilling in 2016. On a fully delivered basis, the company owns a fleet of 28 jackup rigs. Year to date in 2022, the company has won fourteen new contracts, extensions, exercised options and letters of awards, representing 5,610 days and $650.2m of potential revenue, including mobilisation revenues but excluding options.
Borr reported operating revenues of $105.3m in the second quarter of 2022, an increase of $23.3m or 28% compared to the same period last year. The company recognised a net loss of $165.3m mainly attributable to an impairment loss of $124.4m due to a letter of intent entered into in June for the sale of three newbuild rigs.
Agreements in principle have also been reached with all secured creditors to defer all secured debt to 2025 subject to raising equity and the boards’ and credit committees’ approvals and final documentation.