The company finished June with around $230 million cash.

“We are in a very strong financial position right now, with net cash at the end of the 2015 financial year in excess of $50 million, after deducting debt and other financial commitments,” Macmahon CEO Sybrandt van Dyk said.

“Given the size of our business, this is more than enough cash to fund our existing operational requirements.”

The company has completed its banking review and decided the current syndicated facility is no longer required.

The closure of the facility will lower Macmahon’s financial costs.

“The market has shifted to a point where equipment financing has become more readily available and accessible than it has been previously,” van Dyk said.

“Given this shift, we intend to fund future projects using a mix of cash reserves and equipment finance.”

The company’s existing bank guarantees will be cash-backed from here on in, with negotiations underway for a $30 million multi-option facility.

Macmahon is tendering for more than $2 billion worth of projects in Australia and overseas.