Borr Drilling to seek IPO in Norway

The new drilling company, founded by two former senior execs from Fredriksen's Seadrill, plans to go public in Norway and expects to submit an application in late August, says the company in a press release.

Photo: Transocean

Recently established Borr Drilling plans to seek an IPO in Norway. The driller was founded by the two former Fredriksen senior execs Tor Olav Trøim and Fredrik Halvorsen, expect to submit an application for a listing to the stock exchange in the latter half of August.

"The target for the listing is to increase public awareness of the company, improve the liquidity in the trading of the shares, and prepare the company for further growth through asset acquisitions and M&A transactions," writes the company in a press release.

Trøim and Halvorsen have already demonstrated that they are not playing around. This spring they acquired 15 drilling rigs from US-based Transocean for USD 1.35 billion, thus establishing a fleet in one stroke. But the upcoming IPO is not the result of the company needing more money, CFO Rune Magnus Lundetræ tells Dagens Næringsliv.

Norway's Borr Drilling in giant order for 15 rigs

"We've already raised capital and we have enough money for now. This is just a matter of being listed on a de facto stock market," he tells the paper.

The company's shareholders include Rasmussengruppen and one of the world's biggest oil service companies, Schlumberger, which according to Norwegian daily Finansavisen has also bought shares for USD 220 million in Borr Drilling.

The company appointed a new CEO in late July, Simon Johnson, who joins Borr Drilling from one of the world's largest drilling companies, Noble. On that occasion Johnson said the following:

"We face a challenging industry outlook but I am encouraged by our growing fleet, the support of our investors and the opportunities that lie in front of us."

Borr Drilling is currently listed on the OTC exchange in Oslo. DNB Markets will handle the upcoming IPO, says Borr Drilling.

English Edit: Daniel Logan Berg-Munch

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