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Borr Drilling sells off rigs as losses widen in Q1

Borr Drilling's 391 jack-up rig, formerly owned by Paragon, struck gas on Pegasus West in 2014.
Borr Drilling's 391 jack-up rig, formerly owned by Paragon, struck gas on Pegasus West in 2014.

Oslo-listed firm Borr Drilling has announced the sale of three jack-up rigs as it reports a widening of its losses in the first quarter of 2019.

The firm’s pre-tax losses widened significantly from £26.7 million for Q1 2018 to £44.2m for the same period this year.

However, Borr’s operating profit was up from £8.3m for the first quarter last year to £41m for Q1 2019.

The company also revealed it has received credit approved commitments for loan financing of £510m since its last financial report.

The firm also reported that it had entered into a sale agreement for the Baug, C20051 and Eir jack-up rigs, of which it made a £9m loss on the Eir.

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Craigmill, Pitcaple, Inverurie, Aberdeenshire, United Kingdom, AB51 5HP
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