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Borr Drilling launches New York IPO

Tor Olav Troim’s Borr Drilling has launched its previously announced initial public offering of 5m common shares on the New York Stock Exchange, aiming to raise $50m.

Borr Drilling is also granting the underwriters of the offering a 30-day option to purchase up to an additional 750,000 common shares at the IPO offer price.

Borr Drilling has been granted approval to list on the NYSE under the ticker symbol BORR, and says it will use the funds raised for general corporate purposes, which may include future mergers, acquisitions or investments.

The company, which currently owns a fleet of 25 jackup rigs and one semi-submersible rig, will continue to be listed on the Oslo Børs.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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