GeoSphere Capital Management LLC started a fresh investment in offshore driller Borr Drilling Limited. An SEC filing dated February 9, 2026, shows the firm bought 1,385,000 shares of Borr Drilling (NYSE: BORR) in the quarter ending December 31, 2025. That trade carried an estimated value of $5.58 million, calculated from the period’s average closing price.

The stake boosted the fund’s quarter-end holdings by the full $5.58 million amount. It now makes up 1.8371% of GeoSphere’s reportable assets under management. That slice falls outside the fund’s top five positions.

Borr Drilling shares traded at $5.95 as of February 20, 2026. The stock has climbed 95% over the past year amid a rebound in offshore drilling demand.

Borr Drilling operates jack-up rigs for shallow-water oil and gas projects. The company contracts its fleet to major energy firms around the world, including integrated oil giants, national oil companies and independent producers. Revenue comes from daily rig rates, equipment and crew services.

The offshore jack-up market runs hot and cold. After years of low spending, exploration and production activity picked up steam. Higher rig utilization and firmer contract rates have lifted Borr’s fortunes. Cash flow stands to gain if day rates hold and debt stays in check.

Investors watch for sustained offshore capital spending. Fleetwide utilization rates hit highs lately, signaling tight supply. Borr’s results now tie more to long-term industry trends than spot oil prices.

GeoSphere’s move comes as rig markets firm up. Offshore contractors face less idle time. Contract backlogs lengthen for harsh-environment and premium jack-ups. Borr, with its modern fleet, benefits from the shift.

The filing offers a window into hedge fund bets on energy recovery. GeoSphere joined others eyeing cyclical plays in drilling services. Borr’s orderbook supports earnings growth into 2026, according to company updates.

Oil majors ramp up shallow-water campaigns in regions like the North Sea, Gulf of Mexico and Southeast Asia. Borr’s rigs suit those waters perfectly. Contract fixtures show day rates 20-30% above 2023 lows.

Challenges linger. A sudden drop in crude prices could crimp budgets. Yet analysts point to multi-year underinvestment leaving rig supply constrained. That dynamic favors operators like Borr.

GeoSphere manages concentrated portfolios. This Borr position fits its strategy of picking winners in recovering sectors. The fund reported the trade under 13F rules, standard for institutional managers with over $100 million in U.S. equities.