Proserv Strikes Restructuring Deal with New Majority Shareholders

Aberdeen-based energy services company Proserv has entered into a restructuring agreement with its principal lenders in order to strengthen its long term financial structure.

The agreement will result in up to $50 million of fresh capital being injected into the business and will see existing lenders Oaktree Capital Management and KKR become majority shareholders. US private equity investor Riverstone Holdings, formerly the principal shareholder of Proserv, will maintain a minority share in the company.

Under the terms of the agreement, Proserv should 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.”

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

More info

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OCEANS 2019

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OTC Brasil

The conference is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum…

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Europort 2019

Europort, organised in the world port city of Rotterdam, will be the leading exhibition for special purpose vessels…

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