Proserv enters into restructuring agreement

ABERDEEN -- Energy services company Proserv has entered into a restructuring agreement 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. U.S. private equity investor Riverstone Holdings LLC, formerly the principal shareholder of Proserv, will maintain a minority share in the company.

Under the terms of the agreement, Proserv will emerge substantially debt free with sufficient liquidity to deliver its strategic plan.

David Lamont, Proserv CEO, said: “We have committed investors who see an extremely positive future for Proserv 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.

“I would like to thank all of our dedicated employees as well as our customers, suppliers and business partners for their support throughout this process. We look forward to completing this milestone in our journey and building on these relationships for many years to come.”

Proserv is a technology-driven company providing products, services and bespoke solutions to clients across the drilling, production and decommissioning market sectors. Operating worldwide through 22 operating centers across 12 countries, Proserv is headquartered in Aberdeen, Scotland.