SCHEDULE: Drew Holdings Discloses 7.9% Stake in Borr Drilling

Drew Holdings Ltd. has reported beneficial ownership of 7.9% of Borr Drilling Limited's common shares as of September 30, 2025.

Summary

• Drew Holdings Ltd. beneficially owns 22,622,941 common shares of Borr Drilling Limited.
• This ownership represents 7.9% of the total class of common shares.
• Drew Holdings Ltd. has sole voting power and sole dispositive power over all 22,622,941 shares.
• Mr. Tor Olav Troim is deemed to be the beneficial owner of these shares, as Drew Holdings Ltd. is wholly owned by Drew Trust, a non-discretionary trust in Bermuda where Mr. Troim is the beneficiary.
• The filing is an Amendment No. 2 to a Schedule 13G, indicating a previous disclosure of ownership.

Sentiment

Score: 7

Explanation: The filing is a routine disclosure of a significant, stable ownership stake by a known investor. It doesn't contain new operational or financial information but confirms a key shareholder's position, which is generally a neutral to slightly positive signal for market stability and investor confidence.

Positives

• A significant investor, Drew Holdings Ltd., maintains a substantial 7.9% stake in Borr Drilling Limited, indicating continued confidence or strategic interest.
• The beneficial ownership is clearly attributed to Mr. Tor Olav Troim, a known figure in the industry, providing transparency regarding a key shareholder.

Negatives

• The filing itself does not contain any negative operational or financial information about Borr Drilling Limited.

Risks

• The filing does not detail specific risks related to Borr Drilling Limited's operations or financial health; it is solely an ownership disclosure.

Future Outlook

The filing does not provide any forward-looking statements or guidance regarding Borr Drilling Limited's future performance or strategic direction.

Industry Context

Borr Drilling Limited operates in the offshore drilling industry. The disclosure of a significant stake by Drew Holdings, ultimately controlled by Tor Olav Troim, is noteworthy given Mr. Troim's extensive background and influence in the shipping and offshore sectors. Such a substantial, stable ownership by a prominent investor can be viewed positively within the industry, signaling long-term interest.

Related Party Transactions

• Drew Holdings Ltd., the reporting person, is wholly owned by Drew Trust, a non-discretionary trust established in Bermuda. Mr. Tor Olav Troim is the beneficiary of Drew Trust and is therefore deemed to beneficially own the 22,622,941 common shares of Borr Drilling Limited held by Drew Holdings Ltd.

Stakeholder Impact

• Shareholders will note the continued significant ownership stake by Drew Holdings Ltd., providing transparency on a major investor's position.
• The market may interpret the stable, substantial ownership by an entity linked to Tor Olav Troim as a sign of long-term commitment or strategic interest in Borr Drilling Limited.

Key Dates

Recommendation

The filing is a Schedule 13G, which is a disclosure of beneficial ownership and does not provide new operational or financial performance data for Borr Drilling Limited. While the continued significant stake by Drew Holdings Ltd., linked to a prominent investor like Tor Olav Troim, can be seen as a positive indicator of investor confidence, it does not fundamentally alter the company's business outlook or financial health. Therefore, a 'hold' recommendation is appropriate, as the filing provides transparency on a key shareholder but does not present new information warranting a change in investment thesis.

Keywords

Borr Drilling, Drew Holdings, Tor Olav Troim, Beneficial Ownership, Schedule 13G, Common Shares, Offshore Drilling, Shareholder Stake