Tor Olav Trøim, via investment company Drew Holdings, purchased 200,000 shares in drilling company Borr Drilling at an average price of US$5.9962 per share. shares on March 5, according to a Science statement Wednesday morning.
At today's exchange rate, this equates to NOK 12.66 million.
After the deal, Tromm owns about 16 million shares in the company, worth more than 1 billion kroner.
Borr Drilling operates a fleet of drilling rigs. One of the world's largest customers for these rigs is Saudi Arabia, which announced in January that the country would halt plans to increase oil production capacity. It contributed to the decline in the share prices of oil services companies operating in the country, especially lifting companies, including Bor.
Borr Drilling's price is down about 14 percent so far this year.
“Basically low prices”
The company presented its fourth-quarter numbers on February 22. It ended with revenues of $220.6 million, an increase of 15 percent compared to the previous quarter.
Analyst Frederic Stinney at Clarksons Securities said the fourth-quarter result was as expected, guidance was repeated and it is paying the same dividend as in the previous quarter.
“Having said that, we believe the stock is undervalued,” he told Finansavisen after the report.
After deducting taxes, the company was left with $28.4 million, compared to $0.3 million in the previous quarter.
The Tor Olav Trøim-controlled company aims to pay a quarterly dividend, and after the fourth quarter the company will pay $0.05 per share. Share for its shareholders.
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