Former Schlumberger chief executive Paal Kibsgaard is set to become the new chairman of the board at offshore drilling contractor Borr Drilling.
Borr Drilling announced on Thursday that its board unanimously recommends Kibsgaard as the new chairman. The election will take place at the annual general meeting on September 27.
Kibsgaard, a 27-year oil industry veteran, will replace Fredrik Halvorsen as a member of the board, who will resign as a director effective September 1. Current chairman Tor Olav Troim will stay on as vice chairman.
A petroleum engineer, with a master degree from Norwegian Institute of Technology, Kibsgaard began his career in 1992 working for Exxon Mobil, and went on to hold a number of senior management positions at Schlumberger, including chairman and CEO, COO, president of the reservoir characterization group, VP of engineering, manufacturing and sustaining, and VP of human resources.
Troim said, “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.”
Kibsgaard said, “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.”
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