Azvalor Asset Management, SGIIC, S.A. on Borr Drilling Limited

Borr Drilling was one of the main positions added to Azvalor International SICAV during the first half of 2026. The fund follows a value-oriented process and reported a 12% average free cash flow yield, 20% weighted average ROCE and estimated portfolio upside of 82% at period end. Azvalor emphasises buying profitable, well-managed businesses at attractive prices and rotating capital as existing holdings realise value. The letter does not provide a company-specific operating thesis for Borr Drilling beyond identifying it as a major new position.