Malaysian oilfield services giant Sapura Energy said it has signed agreements to refinance 10.3 billion ringgit (US$2.5 billion) of its existing borrowings to give it "timely financial headroom in a recovering energy market”.

The multi-currency financing facilities agreements (MCF 2021) were signed with a consortium of Malaysian, regional and international banks, for a tenure of seven years.

The refinancing is part of Sapura's capital management programme to lengthen the maturity of its debt.

“The refinancing exercise and previously announced RM1.2 billion working capital provides us timely financial headroom in a recovering energy market”, said Sapura Energy chief executive Anuar Taib. “This will allow us to continue our track record of winning new oil and gas contracts, and explore emerging opportunities in the renewable energy sector”.

The co-ordinating banks were Maybank and CIMB Bank, and the participating banks were Maybank, CIMB Bank, RHB Bank, AmBank, EXIM Bank Malaysia, United Overseas Bank, ING Bank, Sumitomo Mitsui Banking Corporation, Standard Chartered Bank and First Abu Dhabi Bank.