Borr Drilling to list in Oslo, eyes M&As

The remarkably rapid rise of Borr Drilling continues with news the company has applied for a listing on the Oslo Børs in the second half of this month.

“The target for the listing is to increase public awareness of the company, improve the liquidity in the trading of the shares, and prepare the Company for further growth through asset acquisitions and M&A transactions,” Borr said in a statement.

Borr Drilling was formed by a clutch of former confidantes of John Fredriksen. Rune Magnus Lundetræ, a former CFO of Seadrill, is the CEO while Fredriksen’s former right hand man Tor Olav Troim is a key boardmember.

In January this year it bought a pair of rigs from Hercules Offshore and then in March it snapped up the entire fleet of 15 jackups owned by Transocean in a $1.35bn deal. In the same month, Schlumberger, the world’s top oil services provider, bought a stake in the rig operator.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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