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Borr Drilling invests USD 1.3 billion in new rigs

Rig company Borr Drilling expects to invest USD 1.3 billion in nine jack-up rigs.

Jack-up drilling rig from Maersk Drilling

Borr Drilling plans to purchase nine new rigs in a move that will boost the total number of rigs in the company to 26.

The investment concerns USD 1.3 billion in all for the nine jack-up rigs, which will be constructed at PPL Shipyard, according to a corporate statement from the rig company, headed by Tor Olav Trøim.

"The acquired rigs have been built or are under construction at PPL's yard and are of a well-known design consistent with the Company's existing fleet," writes Borr Drilling in a statement released Oct. 6 2017.

Borr Drilling will take delivery of the first rig in this year's fourth quarter, and the rest will be delivered by early 2019.

In a new statement, released Oct. 9 2017, Borr Drilling writes that it has raised half of the sum, USD 650 million, in a share issue.

English Edit: Gretchen Deverell Pedersen

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