Tor Olav Troim-backed Borr Drilling has tied up a $645m financing deal after receiving final credit commitments.
The Oslo-listed rig owner said documentation is now completed and the funds have been made available to the company.
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 upped this to $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.
