Borr Drilling Limited - Appointment of Magnus Vaaler as CFO
Borr Drilling Limited (NYSE: BORR) has appointed Magnus Vaaler as the new Chief Financial Officer, effective December 28, 2020, succeeding Christoph Bausch. Vaaler, who has been with the company since 2018, aims to ensure continuity during the company's financial restructuring and improve liquidity. CEO Patrick Schorn expressed confidence in Vaaler's capabilities, highlighting his extensive experience in finance. Vaaler previously held roles at Frontline Ltd. and Offshore Merchant Partners, bringing valuable industry experience to his new role.
- Magnus Vaaler's appointment is expected to bring continuity and stability during financial restructuring efforts.
- Vaaler has significant experience in finance and has been with the company since 2018, indicating familiarity with its operations.
- Concerns about the transition as Christoph Bausch departs during a critical restructuring phase.
HAMILTON, Bermuda, Dec. 28, 2020 /PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE: BORR) and (OSE: BORR) is pleased to announce the appointment of Mr. Magnus Vaaler as its new Chief Financial Officer, replacing Mr. Christoph Bausch with effect from 28 December 2020.
Patrick Schorn, Chief Executive Officer, commented:
"I am pleased to announce Magnus as the new Chief Financial Officer of Borr Drilling. Magnus has been with the company since 2018 and has taken increasing responsibility in our finance team in the past year. We are confident that this succession plan provides continuity and stability in this period where we are working with key stakeholders to complete our financial restructuring and strengthening our liquidity profile. I also want to thank Christoph for his strong contribution to Borr Drilling during this critical time and wish him well in pursuing his other interests."
Magnus Vaaler, CFO designate said
"I am honoured that the Board has appointed me to succeed Christoph as Chief Financial Officer. We have a world class business with high quality people, a young and modern fleet and strong client relationships. There are short term challenges in the industry, but we have a strong dedicated team working to ensure that Borr Drilling overcomes these."
Mr. Vaaler currently serves as VP of Investor Relations and Treasury in the Company. He brings many years of financial and offshore industry experience though seven years as Treasurer and VP Finance in Frontline Ltd. and three years as VP Finance in Offshore Merchant Partners. Mr. Vaaler holds a Bachelor of Commerce degree from University College Dublin.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Magnus Vaaler
ir@borrdrilling.com
Phone: +47 22 48 30 00
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SOURCE Borr Drilling Limited
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