Borr Drilling, the start-up of Norwegian investor Tor Olav Troim, will be applying for a listing on the Oslo Stock Exchange in the second half of this month.
The move is partly aimed at preparing the company for further asset purchases or mergers and acquisitions, it says.
The Olso-listing will not involve an initial public offering (IPO) but a listing of its 315 million shares valued at about $1.5bn.
Troim, who started Seadrill with John Fredriksen in 2005 and exited in 2014, registered Borr on the Norwegian over-the-counter (OTC) market for unlisted shares in December 2016.
In March, US-listed oil services giant Schlumberger confirmed that it was a major investor in Borr Drilling through a fund it started with the stated aim of allowing oil companies to increase exploration and production spending.
The size of the investment was previously reported to have been about $220m for about a 20% stake via a private placement.
Borr previously bought two jack-ups from Hercules Offshore for about $130m and 15 jack-ups from Transocean for about $1.3bn.
Borr secured financing for the transaction through the private placement of $800m in March.
