Analyst: remarkable development at Borr Drilling

"It is remarkable what Tor Olav Trøim has achieved in such a short amount of time," writes analyst firm Rystad Energy about the news of Borr Drilling's acquisition of Paragon Offshore. Another analyst describes the acquisition as unexpected.

BY LOUISE VOGDRUP-SCHMIDT, SHIPPINGWATCH

Borr Drilling took a big step up in the hierarchy of rig companies with its announcement last week that it will buy the remaining shares in Paragon Offshore.

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Borr Drilling to expand rig fleet with USD 232.5 million acquisition
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Borr Drilling invests USD 1.3 billion in new rigs
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