Was pulling fresh Form 4 filings this morning and this one hit twice.
Borr Drilling ($BORR) is a small cap offshore driller, currently around $5.50. Chairman Tor Olav Troim, a well known Norwegian shipping and energy figure, bought 500,000 shares at $5.58 on April 16. That is $2.79M out of his own pocket.
That's the second 500k-share open market buy from Troim in the last 3 weeks. He also bought 500k at $5.20 on March 24 for $2.60M. On that same March 24 day, director Jeffrey Currie (yes, the former Goldman commodities head) bought 250k shares at $5.31 for $1.33M.
Running total on the cluster: 2 insiders, 3 purchases, roughly $6.72M of personal capital deployed in sub-$6 territory. The March 24 leg of this you might have missed. Friday's filing is the one that reopened the story.
For context on the business, $BORR runs a fleet of jackup rigs in shallow water plays. The offshore drilling cycle has been volatile and the stock has been bouncing in the $4 to $6 zone for months. Chairman doubling down at $5.58 with oil bid and geopolitical risk in the Strait still priced in makes this feel like a real conviction move rather than box checking.
Currie's presence on the buy side is what I keep coming back to. If the old Goldman commodities oracle is writing a personal check for $1.3M on an oil driller at $5, that's a signal worth sitting with.
Anyone else in $BORR, or have a read on what Troim and Currie see here?
Source for the filing data: SEC Form 4 filings aggregated through altindex