Tor Olav Troim-backed Borr Drilling is working on financing worth a total of $660m as its liquidity needs increase.
The Oslo-listed rig company has so far this year secured additional cash consisting of a $100m revolving credit facility and a $60m credit line for issuance of guarantees with two international commercial banks.
These mature in May 2020.
It has also released another $25m from an existing $200m facility that had previously been restricted.
"These new facilities will give Borr headroom to complete the activation of several more rigs than has already been committed," it said.
Borr was originally capitalised to keep a "good buffer" of liquidity for several years in an all laid-up rig scenario, it added.
But increased activity in the contracting of its rigs has led to increased need for cash linked to activation and contractual guarantee commitments.
It has begun talks over long-term financing and has received an indicative term sheet for a bank loan facility of $500m, which it hopes to tie up this year.
Borr has also received proposals for bond structures, "at somewhat higher margins", but against higher leverage and longer duration, it said.
Loss grows in fourth quarter
The company said its net loss was $110.7m in the final three months of 2018, versus $61.7m in 2017, with finance costs growing as it took delivery of more jack-ups.
Revenue grew to $53.5m against $0.1m in 2017.
The full year loss was $190.9m.
Technical utilisation for the operating rigs was 99.6% in the fourth quarter.
It has a total contract backlog of 108 months with estimated revenue of $257m.
It said: "The board is optimistic that Borr will have a major part of its open marketed capacity contracted out at attractive day rate levels before year-end 2019.
"Further upside potential in the company will be linked to the contracting of seven newbuilds to be delivered in 2020. The board sees clear evidence that the offshore cycle has turned and has started its path to a healthy recovery."
