OSLO, Norway, Aug. 22, 2019 /PRNewswire/ -- The Board of Borr
Drilling has based on the unanimous decision from the nomination
committee, decided to recommend Paal
Kibsgaard as new Chairman of the Board of Borr Drilling. The
election will take place at the annual general meeting to be held
on September 27, 2019.
Mr. Kibsgaard has through his 27 years of experience, a deep
knowledge of the oil and gas industry. He has held a variety of
global senior management positions at Schlumberger Limited,
including Chairman and CEO, COO, President of the Reservoir
Characterization Group, VP of Engineering, Manufacturing and
Sustaining, and VP of Human Resources. A petroleum engineer, with a
master degree from Norwegian Institute of Technology, he began his
career in 1992 working for Exxon Mobil.
Mr. Kibsgaard will replace Mr. Fredrik
Halvorsen as a member of the Board, who will resign as a
Director effective September 1, 2019.
Mr. Halvorsen has played an instrumental role in the build-up of
Borr, and the Board would like to thank him for his valuable
contributions to the Company.
Tor Olav Troim said in a comment; "We are delighted that Mr.
Kibsgaard will join the Board of Borr Drilling. Through his
experience, knowledge and network, we are convinced that he will
add significant value and credibility to the Company. The business
model used in shallow-water drilling is gradually moving from being
day-rate based to a more integrated service model. At the same
time, we see the strong focus from our customers to contract modern
and more efficient drilling rigs. Borr Drilling is in a leading
position to take full advantage of both these emerging industry
trends, and by appointing Paal
Kibsgaard as our new Chairman, we have secured a world-class
resource to chair our Company going forward."
Paal Kibsgaard said in a comment;
"I am excited to join the Board of Borr Drilling at a time when the
activity in the shallow-water drilling market is showing strong
signs of recovery. Borr has over the past years established
themselves as a clear leader in the high specification jack-up rig
market, with the largest and youngest rig fleet in the industry. I
look forward to working with the rest of the Board of Directors and
the strong management team that is in place. The initial focus will
be to increase the utilisation of the existing assets by adding
more contracts, develop the business model and at the same time
continue to deliver a best in class safe and efficient drilling
service. Through these measures we should significantly
strengthening the financial returns from our existing assets, to
the benefit of our customers, employees, partners and
shareholders."
Tor Olav Troim will continue to serve on the board as Vice
Chairman. Mr Patrick Schorn will
continue to be Schlumberger's representative on the board.
Hamilton, Bermuda
22 August 2019
This information is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
Svend Anton Maier:
Chief Executive Officer
Borr Drilling Management DMCC
+ 971-4-448-7501
Rune Magnus Lundetræ
Chief Financial Officer
Borr Drilling Management DMCC
+ 971-58-864-3915 / +47-90088411
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SOURCE Borr Drilling Limited