UAE-based Gulf Drilling International (GDI) has closed a $430m credit facility from a syndicate of three banks, for its proposed business expansion.

The syndicate consists of the Qatar National Bank(QNB), Samba Financial Group and International Bank of Qatar(IQB).

The credit facility has a term of ten years and four months and QNB will also act as the facility agent and security agent.

GDI will use the funds to finance a planned $538m business expansion that includes the construction of two new hi-spec premium jack-up rigs, two new land rigs and the acquisition of a jack-up accommodation barge.

GDI Chairman Saad Sherida Al-Kaabi said these new investments will nearly double the value of GDI’s existing assets.

"This will help GDI pursue its strategic plans, to increase its share of Qatar’s drilling market and to diversify into complimentary lines of business," added Kaabi.