Refrigeration Engineering
Refrigeration Engineering is a process cooling and gas compression company.
Need
Refrigeration Engineering’s customer required advance payment bonds to secure progress payments for equipment manufacture.
Solution
We provided Refrigeration Engineering’s bank a performance and warranty bond, and three advance payment bonds, to support the deal.
Refrigeration Engineering, a process cooling and gas compression company, won a contract with Korean company GS Engineering & Construction Corporation to supply a refrigerated peroxide storage unit for a polyethylene manufacturer in Saudi Arabia.
GS sought advance payment bonds to secure progress payments for the equipment, so Refrigeration Engineering came to us for help. We provided Refrigeration Engineering’s bank a performance and warranty bond, and three advance payment bonds, to support the deal. These bonds allowed Refrigeration Engineering to finance the export contract with facilities beyond those already being provided by its bank, giving it working capital to fund its growing orders.
We are really excited to have Export Finance Australia on board with us and to have its assistance in delivering on this important contract
Ben Adamson
Director, Refrigeration Engineering
The contract with GS was important, as Refrigeration Engineering felt it could lead to follow-up orders and further export growth. “Our assistance for Refrigeration Engineering underlines our commitment to local manufacturing companies,” said Export Finance Australia’s Andrew Watson. “Refrigeration Engineering is a company with world-class technology and a proven track record of supplying multinationals, demonstrated by this contract win with GS.”