Borr Drilling Limited Announces Appointment of Patrick Schorn as CEO
Borr Drilling Limited (NYSE: BORR) announced the appointment of Patrick Schorn as the new CEO, effective September 8, 2020. Schorn, a Director since January 2018, succeeds Svend Anton Maier, who will transition to Special Advisor. Chairman Paal Kibsgaard expressed confidence in Schorn's extensive industry experience to lead the company through current challenges. Schorn emphasized the opportunity within the adversity faced by the oil and gas sector and highlighted Borr Drilling's distinct competitive advantage with its young jack-up fleet and skilled team.
- Patrick Schorn's appointment as CEO brings extensive industry experience.
- Schorn's leadership may enhance the company's position in a challenging market.
- Transition in leadership may introduce continuity concerns.
- Potential experience gaps if key strategies change during leadership transition.
OSLO, Norway, Aug. 10, 2020 /PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE: "BORR", OSE: "BDRILL") is pleased to announce the appointment of Patrick Schorn as its new Chief Executive Officer with effect from 8 September 2020. Mr. Schorn will succeed Svend Anton Maier who will remain with the Company as Special Advisor to the Chief Executive Officer. Mr Schorn has been a Director of the Company since January 2018.
Paal Kibsgaard, Chairman of the Board, commented:
"We are pleased to announce Patrick as the new Chief Executive Officer of Borr Drilling. His extensive industry experience and his tenure as a Director of the Company make him ideally suited to take the Company forward in a challenging operating environment. We also want to thank Svend Anton for his leadership and strong contributions to the Company since its incorporation and look forward to his continued support in the role as Special Advisor to the Chief Executive Officer."
Patrick Schorn, CEO designate said:
"I am very honored with the opportunity to be further involved in Borr Drilling and look forward to working with Svend Anton and the extended Borr Drilling team to deliver differentiating results for our customers and investors. Currently the oil and gas industry is going through a challenging phase, however in this adversity also lies our opportunity. The combination of the first class Borr Drilling people together with the youngest jack up fleet in the industry, serves as a unique foundation to solidify our position as industry leading jack up provider."
Biography: Patrick Schorn
Mr. Schorn was the Executive Vice President of Wells for Schlumberger Limited. Prior to this role, he held various global management positions including President of Operations for Schlumberger Limited; President Production Group; President of Well Services; President of Completions; and GeoMarket Manager Russia. He began his career with Schlumberger in 1991 as a Stimulation Engineer in Europe and held various management and engineering positions in France, United States, Russia, US Gulf of Mexico and Latin America. Mr. Schorn holds a Bachelor of Science degree in Oil and Gas Technology from the University "Noorder Haaks" in Den Helder, the Netherlands.
Hamilton, Bermuda,
10 August, 2020
Questions should be directed to:
Magnus Vaaler,
VP Investor Relations and Treasury
+47 22 48 30 00
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
This information was brought to you by Cision http://news.cision.com
View original content:http://www.prnewswire.com/news-releases/borr-drilling-limited-announces-appointment-of-patrick-schorn-as-ceo-301108886.html
SOURCE Borr Drilling Limited
FAQ
Who is the new CEO of Borr Drilling?
What was Svend Anton Maier's role after the CEO transition?
What experience does Patrick Schorn bring to Borr Drilling?
What challenges is Borr Drilling facing under the new leadership?
