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Rival drilling tycoons betting on offshore oil-rig recovery

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Mr Troim's Borr Drilling Ltd, which announced its first rig deal after setting up three months ago, is now buying Transocean Ltd's entire fleet of jack-up rigs for US$1.35 billion.

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BILLIONAIRE John Fredriksen and his former top adviser Tor Olav Troim may not see eye to eye anymore, but they agree on this: It's time to buy offshore rigs again.

Foreseeing a boom in oil drilling a decade ago, the shipping tycoon and his right-hand man built one of the

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