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Nordic shipping dynasties share a similar fate in oil downturn

After profiting significantly on the oil price boom, Nordic shipping families such as Mærsk and Fredriksen have seen billions of kroner vanish during the profound crisis in the drilling sector. Maersk Drilling alone has seen its market value plunge by DKK 18 billion.

Borr Drilling books USD 110 million loss

The loss grew to almost USD 110 million in the second quarter at drilling company Borr Drilling, which also lost revenue due to the coronavirus crisis. The company sees a need for consolidation in the strained offshore industry.

Borr Drilling appoints new CEO

Svend Anton Maier steps down as CEO of Borr Drilling. He will, going forward, serve as consultant to the rig company's new chief executive, who has a past at oil service company Schlumberger.

Oil collapse could remove more than 100 drilling rigs

A new, deep downturn in the drilling industry is expected to cause "a wave" of restructurings, projects Nordea Markets. The bank expects to see a high number of rigs taken off-market over the coming years. So does Maersk Drilling's CEO.

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