Tor Olav Troim-backed Borr Drilling has agreed a deal to sell three standard jack-up rigs as it secured new financing worth $645m.
The Oslo-listed company said it will bank $9m from offloading the Baug, Eir and C20051 for non-drilling activities.
They will be retired from the international jack-up rig fleet.
It has received $6m from selling two of the trio in May, with the remaining unit to go by the first quarter of 2020.
The transaction resulted in an impairment of $11.4m in the first quarter for Eir.
But the sale of Baug and C20051 will result in a gain of $3m.
"These divestments bring the total number of rigs being divested and retired from the international jack-up rig fleet to 30 by the company, including those of Paragon, since the beginning of 2018," Borr said.
New financing arranged
In its fourth quarter report, the company said it had previously received an indicative term sheet for a bank loan facility of $500m.
Since then, it has won final credit approved commitments for $645m of borrowings from five lenders.
These will replace all short-term credit facilities totalling $510m and enable Borr to fully finance the remaining newbuilding programme and activate further rigs.
It has no debt maturity until 2022.
Revenue in the quarter grew to $51.9m from $10.6m, while the net loss reached $56.4m, against $33.8m in 2018, as operating costs jumped.
Technical utilisation for the operating rigs was 99.1%.
Borr was awarded two 18-month contracts for two premium newbuild jack-up rigs with Pemex in Mexico.
