NORTH Sea-focused Chrysaor has secured access to up to $2 billion (£1.6bn) debt funding in a development which could provide a boost for the hard-pressed industry in the area.

The London-based company won funding offers from a range of international banks two months after agreeing to buy a big portfolio of North Sea assets from Shell for up to $3.8bn.

With banks ready to lend much more than Chrysaor needed, the funding round suggests lenders share the company’s confidence in its ability to generate good returns from the assets.

Chrysaor’s success will be welcomed by North Sea industry players following complaints that banks have turned off the funding taps amid the crude price plunge which started in 2014.

It will boost hopes that independents such as Chrysaor may be able to provide a badly-needed boost to activity in the North Sea by investing in assets that majors have decided are non-core.

Chrysaor chief executive Phil Kirk said the company won strong support from leading UK and international banks, such as Citi and BNP Paribas, in its efforts to secure a syndicated debt facility. The facility was significantly oversubscribed.

“Given difficult sector and financial market conditions over the past two years, the success of the syndication is an endorsement of the quality of the team and asset base being put together by Chrysaor and our equity backers,” said Mr Kirk.

Chrysaor won backing from US private equity investors in advance of the Shell deal.

The firm secured a six-year $1.5bn facility to finance the acquisition of the Shell assets. Lenders agreed to provide an additional $0.5bn facility.