By Mikael Holter (Bloomberg) -- Tor Olav Troim, who took advantage of a brutal downturn to build Borr Drilling Ltd. from scratch into a $2.3 billion company, warned investors not to grow too enamored with the offshore drilling industry. Investors should keep in mind that offshore drilling is a cyclical industry and get out when the time is right, Borr’s chairman … [Read more...]
Borr Drilling Sells Fourteen Older Jack-Up Rigs Tied to Paragon Offshore Acquisition
Norwegian drilling contractor Borr Drilling has sold 14 old jack-up rigs tied to its acquisition of Paragon Offshore. The rigs will be sold to non-drilling company and retired from the international jack-up drilling market. Going forward, thirteen of the jack-ups instead will be targeted for Mobile Offshore Production Unit (MOPU) work. The remaining rig is allocated to … [Read more...]
Borr Drilling to Acquire Paragon Offshore in Push to Consolidate Jack-Up Rig Market
By Nerijus Adomaitis OSLO, Feb 22 (Reuters) - Offshore rig firm Borr Drilling , controlled by Norwegian investor Tor Olav Troeim, is proposing to buy its rival Paragon Offshore for $232.5 million in a push to consolidate the fragmented rig market, it said on Thursday. A plunge in oil prices in 2014 forced oil firms to cut back on offshore exploration, reducing demand … [Read more...]
Keppel Confirms Talks with Borr Drilling on Sale of Jack-Ups
Singapore-based rig builder Keppel Offshore & Marine has confirmed it is in talks with Norwegian drilling contractor Borr Drilling over the possible sale of jack-up rigs currently being built Keppel FELS. The confirmation of talks comes after a report from the Business Times, which stated that Keppel was seeking to offload six jack-up rigs to the drilling contractor … [Read more...]
Borr Drilling Expands Jack-Up Fleet Further with Purchase of Nine Rigs
Offshore drilling company Borr Drilling has agreed to purchase nine jack-up drilling rigs from a subsidiary of Sembcorp Marine as the freshly-minted offshore driller continues to snatch up rigs at historically low prices. The acquisition will increase the Borr Drilling fleet to a total of 26 jack-up rigs once all rigs under construction have been delivered. The rigs were … [Read more...]