Norwegian outfit Borr Drilling has taken delivery of the Frigg (formerly Hercules Resilience) and the Ran (formerly Hercules Triumph) jackup drilling rigs from Hercules Offshore.
The two rigs, bought for US$130 million late last year, are KFELS Super A class design, built at Keppel, Singapore, in 2013.
Borr Drilling, previously called Magni Drilling, listed in Oslo and raised the cash for the purchase late last year. The firm was set up with the "ambition of acquiring and operating modern drilling assets."
"The industry is currently under significant stress, and we wish to establish a platform upon which we can capitalize on identified opportunities," the firm says. "By uniting record low asset prices with a capable operating organization, we will take advantage of opportunities in a rapidly changing oil and gas industry. With our fleet of rigs we will deliver safe and high quality drilling operations to our customers."
Rune Magnus Lundetræ, an economist by training and former CFO at driller Seadrill, joined the company as CEO and Svend Anton Maier joined as COO in December last year.
“Through the acquisition of the two Super A class jack-ups, we have executed a very attractive entry into the drilling industry at close to historical low valuations. We believe Borr Drilling can serve as an effective operational platform to further drive and execute distressed asset investments to capitalize on the low assets prices and continued volatility in the offshore industry” Lundetræ said at the time he joined.
