A billionaire’s right-hand man put $37 million into an offshore drilling company in ten trading days. He is not buying a stock. He is buying a bet on where the world gets its energy — with Brent crude at $110.
You read this morning that Tor Olav Troim, chairman of Borr Drilling, purchased 750,000 shares on October 14 — his sixth open-market buy in two weeks. Tonight, let’s look at what he actually bought into.
Three questions I’ll answer
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What does Borr Drilling actually do — and why does that matter when oil is at $110? |
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How does an offshore drilling contractor make money — and how much? |
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What does the chairman see in these numbers that the stock price is not reflecting? |
The trade is not about oil. It’s about what’s under it. I’ll show you the business. ↓
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The share price goes up on October 22, so time is of the essence. |
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What Troim Actually Bought
Borr Drilling (ticker: BORR) is a pure-play offshore drilling contractor. It owns and operates 34 modern jack-up rigs — self-elevating platforms that stand on the ocean floor in shallow water and drill for oil and gas. Every rig was built after 2008, making Borr’s fleet one of the youngest in the industry. The company does not produce oil. It rents its rigs to producers — national oil companies, majors like ENI, independents across the North Sea, Middle East, and Americas — at a daily rate. That rate is where the economics live.
HOW THE BUSINESS MAKES MONEY
A drilling contractor’s revenue comes from three inputs: the dayrate (what a customer pays per day for the rig), utilization (the share of days the rig is actually working), and operating cost. Borr charges an average dayrate of roughly $134,000 per rig per day. With 24 active rigs running at 98% technical utilization, the math scales fast — Q1 2026 revenue was $247 million, Q2 was $232 million after six rigs rotated between contracts. Management expects Q3 to rebound as all transitioned rigs are now operating.
THE NUMBERS
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Fleet (all built post-2008)
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34 rigs
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Average dayrate
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~$134K/day
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Technical utilization (Q2)
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98.4%
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Global modern jack-up utilization
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~90%
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WHAT TROIM SEES
When global jack-up utilization sits near 90%, there are very few idle modern rigs available. That is the condition that pushes dayrates higher — oil companies compete for a shrinking pool of working rigs. Only 11 newbuilds are under construction worldwide, roughly 2.5% of the global fleet, so supply is not expanding fast enough to relieve the pressure. Borr’s contract backlog of roughly $1.2 billion gives it revenue visibility, but the real upside is in the uncontracted days — future work that reprices at whatever the market will bear. With Brent at $110, three simultaneous supply disruptions in the Middle East, and energy security concerns rising, the pricing environment for premium rigs is tightening. Troim — who built his career alongside John Fredriksen, the Norwegian shipping and energy billionaire — is buying into that tightening before dayrates reprice.
NATE’S TAKE
Troim is not speculating on a ticker. He is buying physical infrastructure — 34 rigs that companies need to extract oil from the ocean floor — at a moment when demand for those rigs is rising and the supply of modern alternatives is fixed. In my experience, when the chairman of a drilling company invests $37 million of personal capital in ten days while oil is above $100, he is telling you the dayrate cycle has not peaked. The stock trades near $4.50. The rigs bill $134,000 a day. That is the math he is buying.
— Nate Fowler
After the Bell · Evening Special Edition
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DISCLOSURE:
This is a paid advertisement for Doroni Regulation A offering. Please read the offering circular at https://invest.doroni.io/ |
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