KUALA LUMPUR (Feb 26): Integrated oil and gas services and solutions provider Sapura Energy Bhd has secured a new credit facility for up to RM700 million to finance working capital requirements, in light of the gradual recovery in the energy sector.

"The facility will boost Sapura Energy group of companies’ financial strength to execute existing projects and undertake future contracts globally," it said.

In a bourse filing today, Sapura Energy announced that it has signed an Islamic facilities agreement with Maybank Islamic Bhd, with a loan tenure of up to five years.

It said the financing is in addition to working capital facilities of up to US$135 million secured from CIMB Bank Bhd in November 2019. This brings the combined value of the facilities from the two major banks to RM1.2 billion.

The facilities with Maybank Islamic consist of Murabahah revolving and invoice financing facilities, while that with CIMB is a multi-option line under trade financing.

The group had announced global contract wins of RM1.85 billion earlier this month.

Sapura Energy shares closed down 0.5 sen or 3.33% at 14.5 sen today, bringing a market capitalisation of RM2.32 billion.