Tor Olav Troim’s Borr Drilling has hatched a $20m share buyback at a time when it has over $200m in liquidity.
Borr’s board approved the project running until the end of next year and immediately made a move on the share.
It has repurchased 100,000 shares worth NOK 3.49m ($417,000), according to a disclosure to the Oslo Stock Exchange.
Borr last week announced a second quarter loss of $7.4m at a time its active fleet is growing.
Including $170m undrawn on a credit facility the driller has $225m in liquidity at the end of the second quarter.
Borr has a total fleet of 37 rigs, including 11 jack-ups still under construction.
