Schlumberger Ltd. (NYSE: SLB), the world's top oilfield services provider, has bought a stake in upstart rig operator Borr Drilling.
The investment was made through a newly created venture fund, which has the ultimate goal of securing more activity for Schlumberger, CEO Paal Kibsgaard said in a statement.
He did not disclose the size of the investment and the company was not immediately available for comment.
RELATED: Schlumberger, Weatherford JV Creates $3.8 Billion Frack Leviathan
Norwegian financial daily Finansavisen reported on March 28 that Schlumberger had taken a 20% stake in Borr through a $220 million investment.
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