SCHEDULE: BlackRock Reduces Borr Drilling Stake to 4.4%

BlackRock, Inc. has reported a reduction in its beneficial ownership of Borr Drilling Ltd common stock to 4.4%, falling below the 5% threshold.

Summary

• BlackRock, Inc. reported beneficial ownership of 12,647,684 shares of Borr Drilling Ltd common stock.
• This represents 4.4% of the total outstanding common stock of Borr Drilling Ltd.
• BlackRock holds sole voting power over 12,215,250 shares and sole dispositive power over 12,647,684 shares.
• This filing is an Amendment No. 2 to a Schedule 13G, indicating a reduction in BlackRock's aggregate beneficial ownership to below the 5% threshold.
• The event date requiring this filing was September 30, 2025.
• BlackRock Investment Management, LLC, a subsidiary, is noted as an entity that beneficially owns 5% or greater of the outstanding shares of the security class being reported on this Schedule 13G.

Sentiment

Score: 4

Explanation: The reduction in BlackRock's stake below 5% suggests a partial divestment, which can be interpreted as a slightly negative signal for Borr Drilling Ltd, indicating reduced institutional confidence or a portfolio reallocation.

Negatives

• BlackRock, Inc. has reduced its beneficial ownership in Borr Drilling Ltd to 4.4%, falling below the 5% threshold, which may be perceived negatively by the market as a divestment.

Risks

• A significant institutional investor like BlackRock reducing its stake could signal a lack of confidence or a shift in investment strategy, potentially impacting Borr Drilling Ltd's stock price.

Future Outlook

No forward-looking statements or guidance for Borr Drilling Ltd are provided in this ownership disclosure.

Industry Context

This filing reflects a change in institutional investor positioning within the offshore drilling sector. A reduction in stake by a major asset manager like BlackRock could be a response to specific company performance, broader industry trends, or a reallocation of capital across its portfolios.

Stakeholder Impact

• Shareholders may interpret BlackRock's reduced stake as a negative signal, potentially leading to downward pressure on the stock price.
• Management may need to address investor concerns regarding institutional confidence.

Key Dates

Recommendation

While BlackRock's reduction in stake is a negative signal, this filing primarily reflects an institutional investor's portfolio adjustment rather than fundamental operational or financial data for Borr Drilling Ltd. Investors should hold and monitor Borr Drilling's operational performance and future financial reports for a more comprehensive assessment.

Keywords

Borr Drilling, BlackRock, Schedule 13G, beneficial ownership, common stock, institutional investor, SEC filing, G1466R173, drilling, offshore