Dubai's National Petroleum Services signs $200m financing deal

February, 16th 2015

Dubai: Dubai-based oilfield services firm National Petroleum Services (NPS) has secured a $200 million (Dh734 million) refinancing deal from a group of banks and financial institutions, Arab Petroleum Investments Corp (APICORP), one of the participants, said on Sunday. APICORP said in a statement that HSBC, Emirates NBD and Abu Dhabi’s Al Hilal Bank were also participating in the deal which includes a $150 million fixed rate Islamic facility and $50 million to be used by the company for working capital. The interest rate and lifespan of the facilities were not disclosed in the statement, although NPS CEO Adnan Ghabris was quoted as saying in the statement that the cash would help fuel NPS’ growth over the next five years.

Source: gulfnews.com