US bank CIT has opened a US$60mn credit facility with Independence Contract Drilling (ICD).

The finance will be used to build a fleet of fast-moving land-based oil and gas programmable AC drilling rigs. No further details on the terms of the finance are available.

Commenting on the transaction, Byron Dunn, CEO of ICD, says: “Our drilling fleet remains 100% utilised. This financing allows us to continue expanding our fleet for top–flight exploration and production companies that want best-in-class technology while emphasising health, safety and concern for the environment.”