Borr Drilling, founded by former executives of financially troubled Seadrill, has snapped up Transocean’s fleet of shallow-water drilling rigs for $1.35 billion.

The rig market deal is Borr’s biggest since it was set up in 2016 by Tor Olav Troeim and other executives who had left Seadrill, once the jewel in the crown of Norwegian-born shipping tycoon John Fredriksen but now battling with $14 billion in debt and liabilities.

After years at Fredriksen’s side, Troeim split with him in 2014.
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Source: Daily Dose of ShaleDirectories.com News