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Schlumberger says bought stake in rig firm Borr Drilling
March 28, 2017 / 6:12 AM / in 8 months

Schlumberger says bought stake in rig firm Borr Drilling

OSLO, March 28 (Reuters) - Schlumberger, the world’s top oil services provider, has bought a stake in upstart rig operator Borr Drilling.

The investment was made through a newly created venture fund, which has the ultimate goal of securing more activity for Schlumberger, Chief Executive Paal Kibsgaard said in a statement.

He did not disclose the size of the investment and the company was not immediately available for comment.

Norwegian financial daily Finansavisen reported on Tuesday that Schlumberger had taken a 20 percent stake in Borr through a $220 million investment. (Reporting by Terje Solsvik, editing by Gwladys Fouche)

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