Refrigeration Engineering


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. 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 Efic’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.”

“ We are really excited to
have Efic on board with us
and to have its assistance
in delivering on this
important contract.”
Ben Adamson
Director, Refrigeration Engineering

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