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BlackRock becomes major shareholder in Borr Drilling

BlackRock, one of the largest asset managers in the world, has been revealed as a major shareholder in Norwegian jackup rig owner Borr Drilling.

In a filing to the Oslo Stock Exchange, it has emerged that BlackRock acquired around 6.37m shares, boosting its ownership to 8.67m shares, equal to 5.67% of the shares and voting rights in the company. The transaction is valued at approximately $37m.

The New York and Oslo-listed Borr Drilling announced on Monday that it had signed a binding letter of intent with an undisclosed third party to sell three of its rigs under construction at Keppel FELS shipyard for $320m.

The sale is part of Borr’s move to refinance and optimise its capital structure. The company said it was in talks with its creditors to complete its refinancing and expects to update the market further on the progress in the coming days.

Norwegian tycoon Tor Olav Trøim founded Borr Drilling in 2016. After the sale, the driller will have a fleet of 23 delivered rigs and two rigs under construction at Keppel FELS.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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