Borr Drilling, a Norwegian rig outfit created less than a year ago by executives formerly close to John Fredriksen, celebrates today its first day’s trading on the Oslo Bors.
Trading under the ticker code BDRILL the company is expected to have a busy first day’s trading.
“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 earlier this month.
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 June, Borr Drilling completed a deal to take the entire Transocean jackup rig fleet for $1.35m.