Tor Olav Troim has launched an IPO for Borr Drilling in New York as it looks to join its major peers in the world’s largest capital market.
Borr was initially listed on Oslo’s over the counter market and has moved through the Norwegian system to the main board.
Now it has set its sights on the New York Stock Exchange, fresh from a $645m deal which left the company’s commitments fully funded.
Borr is seeking a modest pot of between $10m and $50m from the IPO.
Sources say this reflects its wish to join the exchange and its lack of immediate capital requirements.
Borr has earmarked proceeds from the listing for general corporate purposes, which could include future merger and acquisition activity or other investments.
However, it stressed there were no ongoing discussions on deals that would set the capital to work.
“We intend to invest the net proceeds of this offering in short-term, investment grade, interest-bearing instruments or hold them as cash,” Borr said in an SEC filing.
Goldman Sachs and DNB Markets are the bookrunners for the listing, which comes at the same time as Troim’s 2020 Bulkers is upgrading from the OTC to the Oslo Axess.
Troim carries a strong reputation in the capital markets from his time with the Fredriksen system and today has three public companies, Golar LNG, 2020 Bulkers and Borr Drilling.
Troim, a director of tanker and terminal firm Stolt-Nielsen, was once an equity portfolio manager with Storebrand and spent a period as chief executive of DNO before teaming up with Fredriksen.
The investor presently owns 8.3% of Borr, which makes him the third largest shareholder after Schlumberger and Folketrygdfondet.
Allan & Gill Gray Foundation, which is also a major Golar stakeholder, has a 5.1% slice of the jack-up rig specialist.
Borr will boast a fleet of 30 premium jack-rigs by the end of 2020. It lists its five top customers as NDC, TAQA, Perenco, Total and Tulip.
