Norway’s Borr Drilling to acquire Transocean’s 15 oil rigs for $1.4 billion

Linus Unah – Fourth Estate Contributor

Oslo, Norway (4E) – International drilling contractor Borr Drilling Monday said it will buy 15 high-specification jack up rigs from Switzerland’s Transocean for $1.35 billion.

The 15 oil rigs include Transocean’s entire jack-up fleet, comprising 10 rigs in Transocean’s fleet and five new rigs under construction, Norway-based Borr Drilling said in a statement.

A deposit for the deal has been paid to Transocean, Borr said, adding that it financed the transaction through a private placement of equity securities.

The transaction is subject to the execution of agreements and meeting formal closing conditions, including a final approval from the boards of directors of both companies.

The deal is expected to be completed before the end of May.

Borr Drilling was founded last year by Tor Olav Troeim and other executives who departed financially distressed company Seadrill.

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