Executive Director Buys 1.2 Million Shares of Borr Drilling. Does That Make BORR a Buy?

Borr Drilling's Executive Chairman Patrick Schorn exercised stock options to acquire 1.2 million shares at $1.66 per share, increasing his direct holdings by 51% to 3.535 million shares. While insider buying is generally bullish, the transaction's impact is tempered by the fact that the shares were acquired through discounted employee options rather than open-market purchases. The company operates offshore shallow-water drilling rigs and has shown strong recent performance with a 99.5% one-year price increase.