Paal Kibsgaard is set to be named chairman of rig owner Borr Drilling just weeks after stepping away from Schlumberger, where he served as chairman and chief executive.

The long-time executive at the oilfield services giant is taking over the chairman role at Norway-connected jack-up specialist Borr from Fredrick Halvorsen, who is stepping down as of 1 September.

Kibsgaard is set to be confirmed in the role at Dubai-headquartered Borr at the annual general meeting on 27 September.

Borr vice chairman Tor Olav Troim said: "The business model used in shallow-water drilling is gradually moving from being day-rate based to a more integrated service model. At the same time, we see the strong focus from our customers to contract modern and more efficient drilling rigs.

"Borr Drilling is in a leading position to take full advantage of both these emerging industry trends, and by appointing Paal Kibsgaard as our new chairman, we have secured a world-class resource to chair our company going forward."

Kibsgaard himself added: "I am excited to join the board of Borr Drilling at a time when the activity in the shallow-water drilling market is showing strong signs of recovery. Borr has over the past years established themselves as a clear leader in the high specification jack-up rig market, with the largest and youngest rig fleet in the industry."

The qualified petroleum engineer, with a master degree from Norwegian Institute of Technology, continued: "The initial focus will be to increase the utilisation of the existing assets by adding more contracts, develop the business model and at the same time continue to deliver a best in class safe and efficient drilling service."

Kibsgaard started out his career at US supermajor ExxonMobil before moving to Schlumberger, where he was variously vice president of human resources, vice president of engineering, manufacturing & sustaining, president of the reservoir characterisation group and chief operating officer, before taking on the main roles he has just left.

He has been replaced as chief executive by former chief operating officer Olivier Le Peuch.

When Schlumberger announced the change in late July, it also said it was splitting the roles of chairman and chief executive.

Mark Papa, founder and chairman of US shale giant EOG Resources, was named chairman. Papa only has a non-executive brief at Schlumberger, however.

Schlumberger was one of the early investors in Borr and continues to be the drilling company's largest single shareholder, with 14.2%.