International oil services firm Petrofac announced today that it has secured £235 million in additional banking facilities.
The firm said that it had brokered the sum with existing relationship banks.
The new agreements are due to mature in 2020 and will provide additional liquidity and reduce the requirement of the firm’s current revolving credit facility.
Petrofac said this new financing is “in line the the company strategy” and will enable the firm to “pre-fund expected liquidity requirements for at least the next 12 months, including maturity of Petrofac’s US$677 million 3.40% bond in October 2018”.
Recommended for you
