SEC FORM 4

SEC FORM 4SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Vaaler Magnus

(Last)

(First)

(Middle)

C/O BORR DRILLING LIMITED

2ND FLOOR 9 PAR-LA-VILLE ROAD

(Street)

HAMILTON

HM11

(City)

(State)

(Zip)

BERMUDA

(Country)

2. Issuer Name and Ticker or Trading Symbol
Borr Drilling Ltd [ BORR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Financial Officer

2a. Foreign Trading Symbol
[BORR]

3. Date of Earliest Transaction (Month/Day/Year)
08/24/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares								266,711⁽¹⁾	D
Common Shares								157,500⁽²⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option to Purchase Common Shares	$3.66							03/01/2024⁽³⁾	09/01/2027	Common Shares	133,334		0	D
Employee Stock Option to Purchase Common Shares	$4.41							03/01/2025⁽³⁾	09/01/2027	Common Shares	133,333		0	D
Employee Stock Option to Purchase Common Shares	$5.16							03/01/2026⁽³⁾	09/01/2027	Common Shares	133,333		0	D
Employee Stock Option to Purchase Common Shares	$1.66							08/12/2023⁽⁴⁾	12/31/2026⁽⁵⁾	Common Shares	183,334		0	D
Employee Stock Option to Purchase Common Shares	$1.66							08/12/2024⁽⁴⁾	12/31/2026⁽⁵⁾	Common Shares	183,333		0	D
Employee Stock Option to Purchase Common Shares	$1.66							08/12/2025⁽⁴⁾	12/31/2026⁽⁵⁾	Common Shares	183,333		0	D
Employee Stock Option to Purchase Common Shares	$6.54							08/15/2025⁽⁶⁾	08/15/2029	Common Shares	75,000		0	D
Employee Stock Option to Purchase Common Shares	$6.54							08/15/2026⁽⁶⁾	08/15/2029	Common Shares	75,000		0	D
Employee Stock Option to Purchase Common Shares	$6.54							08/15/2027⁽⁶⁾	08/15/2029	Common Shares	75,000		0	D
Employee Stock Option to Purchase Common Shares	$6.31							03/01/2025⁽⁷⁾	11/17/2028	Common Shares	100,000		0	D
Employee Stock Option to Purchase Common Shares	$6.31							03/01/2026⁽⁷⁾	11/17/2028	Common Shares	100,000		0	D
Employee Stock Option to Purchase Common Shares	$6.31							03/01/2027⁽⁷⁾	11/17/2028	Common Shares	100,000		0	D

Explanation of Responses:

1. Includes (a) 41,237 restricted stock units (RSUs) that vest in full on September 1, 2026, (b) 41,237 RSUs that vest in full on September 1, 2027 and (c) 41,237 RSUs that vest in full on September 1, 2028, each conditional upon continuous employment with the Issuer at the date of vesting. Each RSU represents a contingent right to receive one common share

2. Represents (a) 52,500 restricted stock units (RSUs) that vest in full on September 1, 2027, (b) 52,500 RSUs that vest in full on September 1, 2028 and (c) 52,500 RSUs that vest in full on September 1, 2029, each conditional upon continuous employment with the Issuer at the date of vesting. Each RSU represents a contingent right to receive one common share

3. Grant of options on September 1, 2022 - options 1/3 vest every March 1 between 2024 and 2026 with staggered strike price as at date of filing

4. Grant of options on August 12, 2021 - options 1/3 vest every August 1 between 2023 and 2025 with strike price as at date of filing

5. The reported transaction involved an amendment of an outstanding option to extend the expiration date, resulting in the cancellation of the "old" option and the grant of a replacement option. The option was originally granted on August 12, 2021, and is 100% vested and exercisable.

6. Grant of options on August 15, 2024 - options 1/3 vest every August 15 between 2025 and 2027 with strike price as at date of filing

7. Grant of options on November 17, 2023 - options 1/3 vest every March 1 between 2025 and 2027 with strike price as at date of filing

Remarks:

	/s/ Temi Bankole as attorney-in-fact	08/26/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)