Tor Olav Trøim and top management buy shares in Borr Drilling – Splash247

Borr Drilling director and vice chairman Tor Olav Trøim and two 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.

Patrick Schorn, CEO of Borr Drilling, has beefed up its stake in the company to 1.6m shares, having bought 100,000 more for $80,300.

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.

This article has been posted as is from Source

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