Tor Olaf Troim is standing down as chairman of the Borr Drilling, the Oslo-listed shallow-water focusssed drilling rig operator he started.

Industry veteran and former Schlumberger chairman and chief executive Paal Kibsgaard is set to take over the post if approved at the company’s AGM on 27 September.

Kibsgaard boasts 27 years of experience in the oil and gas industry and has previously held a number of senior management positions, Borr said.

A petroleum engineer, with a master degree from Norwegian Institute of Technology, he began his career in 1992 working for Exxon Mobil.

Kibsgaard will replace Fredrik Halvorsen as a member of the Borr Drilling board, who will resign as a director effective 1 September 2019.

Borr Drilling said Halvorsen played an “instrumental role in the build-up of Borr” and thanked him for his “valuable contributions” to the company.

“We are delighted that Kibsgaard will join the board of Borr Drilling,” said Tor Olav Troim, who will take up the role as vice-chairman.

“Through his experience, knowledge and network, we are convinced that he will add significant value and credibility to the company.”

Troim said 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,” he said.

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.

“The initial focus will be to increase the utilisation 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.”