Borr Drilling raises fresh capital for acquisition

The Norwegian rig company has issued new shares, raising NOK 1.9 billion for its acquisition of Paragon Offshore. The rig market is improving, says the company.

Photo: Transocean

New Norwegian rig company Borr Drilling has raised NOK 1.9 billion (USD 245 million) in fresh capital through a share issue to finance the acquisition of competitor Paragon Offshore, according to a stock exchange notice.

Borr Drilling also notes that the number of tendered jobs for drilling rigs has increased significantly in recent months.

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