Sapura Energy Berhad (“Sapura Energy”) a leading global integrated oil and gas services and solutions provider, today announced that it has signed an Islamic Facilities Agreement of up to RM700 million with Maybank Islamic Berhad (“Maybank Islamic”). The financing tenure of this facility is up to five years.
The financing is in addition to working capital facilities of up to USD135 million secured from CIMB Bank Berhad (“CIMB”) in November 2019. The combined value of facilities from the two major banks is approximately RM1.2 billion.
The facilities with Maybank Islamic consist of murabahah revolving and invoice financing facilities whereas the facilities with CIMB is a multi-option line under trade financing.
With the gradual recovery in the energy sector, the working capital facilities will boost the Sapura Energy group of companies’ financial strength to execute existing projects and undertake future contracts globally.
Sapura Energy announced global contract wins of RM1.85 billion earlier this month, demonstrating the group of companies’ resilience in capturing opportunities in addressable markets and deliver its promises to clients and stakeholders.
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