Former CEO of Schlumberger Paal Kibsgaard is set to become a new Chairman of the board of the offshore drilling contractor Borr Drilling.
“The Board of Borr Drilling has based on the unanimous decision from the nomination committee, decided to recommend Paal Kibsgaard as new Chairman of the Board of Borr Drilling. The election will take place at the annual general meeting to be held on September 27, 2019,” Borr Drilling said on Thursday.
A petroleum engineer, with a master degree from Norwegian Institute of Technology, he began his career in 1992 working for ExxonMobil. Kibsgaard was most recently the CEO of the oilfield services behemoth Schlumberger, where he held the position for eight years. He spent 22 years with Schlumberger.
Kibsgaard will replace Fredrik Halvorsen as a member of the Board, who will resign as a Director effective September 1, 2019.
Tor Olav Troim said in a comment; “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.”
Paal Kibsgaard said in a comment: “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 utilization 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.”
Tor Olav Troim will continue to serve on the board as Vice Chairman. Patrick Schorn will continue to be Schlumberger‘s representative on the board.
Offshore Energy Today Staff
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