Borr Drilling has hired Magnus Vaaler as its new chief financial officer, replacing Christoph Bausch with immediate effect.
Mr Vaaler currently serves as vp of investor relations and treasury for the drilling contractor.
Mr Vaaler also spent seven years as treasurer and vp finance in Frontline and three years as vp finance in Offshore Merchant Partners.
He holds a Bachelor of Commerce degree from University College Dublin.
Chief executive Patrick Schorn said: “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.”
Mr Vaaler 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.”