It will be used to refinance the credit facilities secured by the semi-submersibles West Pegasus and West Orion and the drillship West Gemini.

The John Fredriksen drilling company said it had received commitments from 17 banks for the new five-year facility which has a 10 year amortization profile

Seadrill said the transaction was initially launched as a $900m facility secured by two ultra-deepwater units.

“However,