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.

Photo: Colourbox

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.

With the acquisition, Borr Drilling – controlled by Tor Olav Trøim – will become the world's biggest owner of jack-up rigs with a total of 57. This means that the company controls 10 percent of all jack-up rigs in the world, notes analyst firm Rystad Energy in an update.

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