Borr Drilling has announced that the board plans to appoint Paal Kibsgaard as its new chairman, which his election set to take place at the annual general meeting to be held on September 27.
Kibsgaard began his career in 1992 working for Exxon Mobil and has extensive experience in the oil and gas industry. He has served several senior management positions at Schlumberger, including chairman, CEO, and COO.
Kibsgaard will replace Fredrik Halvorsen as a member of the board, who will resign as a director effective September 1, while Tor Olav Troim will continue on the board as vice chairman.
“We are delighted that Mr. Kibsgaard will join the board of Borr Drilling. Through his experience, knowledge and network, we are convinced that he will add significant value and credibility to the Company. The business model used in shallow-water drilling is gradually moving from being day-rate based to a more integrated service model. At the same time, we see the strong focus from our customers to contract modern and more efficient drilling rigs,” said Tor Olav Troim, vice chairman of Borr Drilling.
According to Kibsgaard, his initial focus will be to increase the utilisation of existing assets by adding more contracts, developing the business model and at the same time continue to deliver a best in class safe and efficient drilling service.
Schlumberger is Borr Drilling’s largest shareholder as of the end of 2018, with a stake of 14.2%.