Borr Drilling To Buy Five Jackup Oil Rigs For $720 Million

Norway’s Borr Drilling plans to buy five new jackup oil drilling rigs from an Asian shipyard for a total of $720 million, the company said on May 15.

The company, founded by Norwegian investor Tor Olav Troeim and backed by oil service firm Schlumberger (NYSE: SLB), said it would issue a $350 million convertible bond to help fund the purchase.