Schlumberger buys into drilling start-up

Multinational

OSLO, March 28, 2017 – Schlumberger, through a special venture fund, has taken a stake in newly established Norwegian drilling company Borr, CEO Paal Kibsgaard confirmed late on Monday.

Launched in late-2016, Borr Drilling earlier this month issued equity in an effort to fund its USD 1.35-billion acquisition of Transocean’s fleet of jackup rigs, 15 in total.

According to Norwegian daily Finansavisen on Tuesday, Schlumberger landed a 20% stake in Borr for the sum of USD 220 million.

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