Schorn Patrick 4

What Happened
Patrick Schorn, a director of Borr Drilling Ltd (BORR), acquired a total of 2,400,000 common shares on June 17, 2026. He purchased 1,200,000 shares in an open-market transaction at $1.66 per share ($1,992,000) and exercised three option lots of 400,000 shares each at $1.66 per share (total 1,200,000 shares) for $664,000 each (total $1,992,000). Combined cash outlay for the purchases and option exercises was approximately $3,984,000. Purchases and option exercises are generally considered buy-side activity (not sales).

Key Details

• Transaction date: June 17, 2026. Filing date: June 22, 2026. (Filing is five days after the trades; Form 4s are typically due within 2 business days, so this appears later than the usual reporting window.)
• Open-market purchase: 1,200,000 shares at $1.66 — $1,992,000.
• Option exercises: three entries of 400,000 shares at $1.66 each = 1,200,000 shares; total paid $1,992,000 (each exercise reported as code "M").
• Total acquired: 2,400,000 shares for ~$3.98M.
• Shares owned after the transactions: not specified in the information provided in this summary.
• Footnotes: F1 notes prior and remaining RSUs (500,000 RSUs vested Dec 31, 2025; 250,000 RSUs scheduled to vest Dec 31, 2026 conditional on continued service) and references full exercise of 2021 Plan options. F2/F3 describe option grants (Aug 12, 2021 and Sept 1, 2022) with staggered vesting schedules; F2 explicitly states the 2021 options were exercised for cash on June 17, 2026.

Context

• The derivative transactions were option exercises (code M). According to the filing notes, the 2021-plan options were exercised for cash on June 17, 2026 — this was not reported as a cashless or immediate sale of the acquired shares.
• Purchases by insiders can be seen as a stronger indicator of personal investment than sales, but do not by themselves prove future company performance. This summary is factual and does not speculate on motives.