Norwegian rig operator Borr Drilling to buy 15 rigs from Transocean for $1.35 bn

Norwegian rig operator Borr Drilling today struck a deal to buy 15 shallow-water oil and gas exploration drilling rigs from offshore drilling contractor Transocean in a $1.35 billion deal.

The deal comes three months after Borr Drilling acquired its first two jack-up rigs from Hercules Offshore for $130 million.

The deal comprises Transocean's entire jack-up fleet, comprising 10 rigs, and another five that are under construction.

The total price includes the remaining money to be paid for the five rigs under construction, which works out to an average of $90 million for each of the 15 Transocean rigs

Borr Drilling, based in Oslo, has announced an $800 million equity offering to fund the acquisition, expected to be completed in May.

Borr Drilling was formed last year by former executives of debt-ridden Seadrill run by John Fredriksen.