Ex-Schlumberger CEO to become Borr Drilling chairman

Former CEO of Schlumberger Paal Kibsgaard is set to become a new Chairman of the board of the offshore drilling contractor Borr Drilling.

Paal Kibsgaard
Paal Kibsgaard ^ Image source: Schlumberger – The image has been cropped

“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.”

Related: Borr, Schlumberger team up to offer performance based drilling contracts

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

Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.

Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.

Share this article

Follow Offshore Energy Today


<< Sep 2019 >>
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

Africa Oil & Power 2019

The Africa Oil & Power conference will bring together an elite class of ministers and senior-level government…

read more >


Over the two-day conference, 25+ expert speakers will share exclusive insight on how to develop an integrity, production and P&A strategy…

read more >

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

Argentina Oil and Gas Expo 2019

The Argentine Oil and Gas Institute (IAPG) organizes the Argentina Oil & Gas Expo bringing together the most…

read more >


Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...


Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...