I’ve always found the SEC filings a bit like peering into someone’s shopping cart at the grocery store. You don’t necessarily need to know they bought seventeen jars of mayonnaise, but there it is, staring you in the face. Recently, Mason Capital, a fund I’ve occasionally glanced at—mostly because their reports are marginally less dense than War and Peace—revealed a rather substantial purchase: 2,182,136 shares of Borr Drilling. That’s a lot of drilling. And a lot of faith in a company that, let’s be honest, sounds like a minor villain in a Scandinavian noir.
The price tag? Around $8.79 million. Which, when you think about it, is roughly equivalent to the cost of a decent, albeit small, island. Or a truly impressive collection of vintage staplers. I’ve been known to collect both, though not concurrently. The staplers are far more reliable.
What Does This All Mean?
Borr Drilling, for those unfamiliar, isn’t building birdhouses. They operate jack-up drilling rigs. Essentially, they poke holes in the ocean floor. A perfectly respectable, if slightly unsettling, profession. The fact that Mason Capital is now a shareholder—to the tune of 1.57% of their reportable assets—is interesting. Not because it’s a particularly bold move, but because it’s… predictable. Oil‘s been up, demand for these rigs is, naturally, up. It’s not rocket science, though sometimes the financial press pretends it is.
Looking at Mason Capital’s portfolio, it’s clear they’re not exactly throwing caution to the wind. ATS makes up a whopping 76.3% of their assets. That’s like putting all your eggs in a basket woven from more eggs. BKD, SOLS, CCO, JBS—a fairly diversified, if uninspiring, collection. Borr Drilling, then, feels like a calculated, almost reluctant, addition. A nod to the energy sector, perhaps, to appease some investor who keeps asking about it at cocktail parties.
As of February 17, 2026, Borr Drilling was trading at $5.43, a 78.6% jump from the previous year. Outperforming the S&P 500 by a rather impressive 62.68 percentage points. Which is nice, I suppose. I’m always wary of stocks that climb too quickly. It feels like they’re daring gravity to intervene.
A Quick Glance at the Numbers
| Metric | Value |
|---|---|
| Market Capitalization | $1.37 billion |
| Revenue (TTM) | $1.02 billion |
| Net Income (TTM) | $75.30 million |
| Price (as of market close 2/17/26) | $5.43 |
Borr Drilling, in their own words, provides offshore drilling services. They poke holes, they charge money, they repeat. A simple business model, really. They serve the big oil companies, the national oil companies, and the independent explorers. Basically, anyone who wants to extract something from the ocean floor.
So, What’s the Play?
Look, I’m not suggesting you mortgage your house and buy Borr Drilling stock. But the company has been managing its debt reasonably well—down from $2.05 billion to $1.77 billion. And revenue has finally broken the $1 billion mark. That’s a good sign. Of course, oil prices could collapse. Demand for offshore drilling could dry up. The ocean could rise and swallow all the rigs. But for now, things are looking… okay.
I’ll be watching. Not obsessively, of course. I have staplers to organize. But I’ll be watching. And I’ll probably check the SEC filings again. Just to see what other peculiar purchases people are making. It’s a strange habit, I admit. But it’s strangely comforting.
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2026-03-06 18:52