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Borr, Schlumberger aim to collaborate on more offshore oil, gas projects

Norwegian drilling start-up Borr Drilling Ltd and oilfield services major Schlumberger Ltd are seeing rising demand for combined services at various oil and gas projects around the world, Borr CEO Svend Maier said.

Maier, without going into specifics during a May 31 earnings call, said that with its Schlumberger partner, the company has its first project in Africa. Borr has a fleet of mobile jack-up rigs that specialize in offshore drilling in shallow waters. Schlumberger owned more than 14% of Borr at the end of 2017, according to S&P Global Market Intelligence data.

Borr and Schlumberger are looking at several opportunities for integrated services, but these are more long term and require a lot of planning, Maier said. "There is an increase of interest to that service that we can provide with Schlumberger, but these will take longer to develop as they are larger projects."

Schlumberger's venture fund bought a stake in Borr in early 2017 and later in the year the two signed an agreement to offer integrated, performance-based drilling contracts in the offshore jack-up market. In January, Borr appointed Schlumberger's executive vice president of new ventures to its board.