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Borr Drilling to buy 15 Transocean rigs in $1.35 billion deal
March 20, 2017 / 8:23 AM / 9 months ago

Borr Drilling to buy 15 Transocean rigs in $1.35 billion deal

OSLO, March 20 (Reuters) - Oslo-listed rig operator Borr Drilling has agreed to buy 15 drilling rigs from Swiss-based Transocean in a $1.35 billion deal, Borr said in a statement on Monday.

The letter of intent comprises 10 rigs from Transocean’s current fleet and five that are currently under construction, it added.

Borr also said a group of investors had agreed to an $800 million share issue, and that the proceeds will be used to fund the Transocean deal.

The new shares will be sold at $3.5 each, a discount to the 32.5 Norwegian crowns ($3.85) that Borr currently trades at. ($1 = 8.4491 Norwegian crowns) (Reporting by Terje Solsvik, editing by Nerijus Adomaitis)

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