OSLO (Reuters) - Schlumberger (SLB.N), the world's top oil services provider, has bought a stake in upstart rig operator Borr Drilling BORR.NFF.
The investment was made through a newly created venture fund, which has the ultimate goal of securing more activity for Schlumberger, Chief Executive Paal Kibsgaard said in a statement.
He did not disclose the size of the investment and the company was not immediately available for comment.
Norwegian financial daily Finansavisen reported on Tuesday that Schlumberger had taken a 20 percent stake in Borr through a $220 million investment.
Reporting by Terje Solsvik, editing by Gwladys Fouche