Oil services giant Schlumberger has taken a stake in Tor Olav Troim's start-up rig company Borr Drilling.
It set up a new venture fund to make the investment, according to a statement by Schlumberger chief executive Paal Kibsgaard.
The aim is to secure more activity for the group, he added.
The size of the deal was not disclosed, but Norwegian financial daily Finansavisen reported that it had acquired a 20% stake for $220m.
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