Lamprell has announced the signing of a definitive agreement for a $350m syndicated facility to refinance existing debts.

Certain conditions for the agreement remain, but the rigbuilding and engineering firm expects those to be met within a few weeks, with drawdown anticipated "shortly".

The lion's share of the $350m facility comprises $200m of working capital for project financing, along with a $100m term loan and $50m in general working capital.

A $250m bonding facility has also been agreed with the lending banks for use in any project bonding requirements attached to new contracts.

John Kennedy, chairman of Lamprell, commented: "We are pleased to announce the completion of this new refinancing which is a major step in the financial recovery of the company and sets it on strong footing for future growth. Along with greater financial flexibility, it is expected to result in material savings from reduced interest margins and from lower bonding costs for our projects."

Lamprell beat its own expectations last year to return a $36.4m profit, up from a $111.1m loss in 2012.