US hedge funds invest £50m in Scottish oil field services company

Proserv technicians at work
Proserv technicians at work

Aberdeen-based oil field drilling and decommissioning services firm Proserv has agreed a restructuring deal with its principal lenders which will strengthen the long term financial structure of the company.

The agreement will result in up to $50 million of fresh capital being injected in to the business and will see existing lenders Oaktree Capital Management and KKR become majority shareholders. 

US private equity investor Riverstone Holdings LLC, formerly the principal shareholder of Proserv, will maintain a minority share in the company.

Consequently, Proserv – which operates worldwide from 22 bases in 12 countries –  emerges substantially debt-free with sufficient liquidity to deliver its strategic plan.

David Lamont, Proserv chief executive, said: “We have committed investors who see an extremely positive future for the company and I’m delighted that we are moving ahead with a restructuring agreement that will enable us to focus on building our business. 

“There is a more positive outlook in the energy sector this year which is already apparent in our results with more than $15 million of contracts secured this year to date and an even more positive global sales pipeline.”

12 Mar 2018

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