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.