Malaysian services and energy company Sapura Energy has secured a new credit facility of up to 700 million ringgit (US$173 million) to help finance its working capital requirements.

The new Islamic Facilities Agreement with Maybank Islamic is in addition to working capital facilities of up to US$135 million with CIMB Bank from November 2019.

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“With the gradual recovery in the energy sector, the working capital facilities will boost Sapura Energy group of companies’ financial strength to execute existing projects and undertake future contracts globally,” said Sapura.

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.

Sapura announced new orders worth 1.85 billion ringgit earlier this month “demonstrating the group of companies’ resilience in capturing opportunities in addressable markets and delivering its promises to clients and stakeholders”.