ABERDEEN-based oil providers group Centurion has lined up a further $60m (£46m) firepower because it eyes acquisitions amid the restoration in markets such because the North Sea.
Centurion, which offers providers starting from container rental to help with pipeline growth, has secured a $60m enhance within the dimension of a credit score facility offered by a gaggle of banks, to $250m.
The transfer alerts confidence within the outlook for the oil providers sector, which went by means of robust occasions following the stoop within the crude value from 2014 to 2016.
Activity ranges have began to extend in areas such because the North Sea following the partial restoration in oil costs since late 2016.
Centurion’s chief monetary officer Euan Leask stated the extension of the credit score facility would make sure the group had “ample firepower to increase by means of extremely selective, complementary acquisitions and capital investments”.
He stated the agency, which has operations around the globe, is producing robust money stream.
The enhance within the facility offers additional proof that financiers see potential within the oil providers sector. Some oil and gasoline companies discovered credit score onerous to come back by amid the downturn.
Centurion famous that Royal Bank of Scotland has joined the group of lenders that gives the credit score facility. This additionally consists of Clydesdale Bank and worldwide giants reminiscent of HSBC and Wells Fargo.
The Centurion group was created final yr by US personal fairness enterprise SCF, which merged a lot of companies lively within the oil providers, mining and infrastructure sectors to kind a worldwide enterprise run from Aberdeen. It consists of operations within the USA and Canada.
Last week Aberdeen engineering big Wood stated it anticipated to realize average progress within the North Sea this yr after enterprise within the space fell amid the downturn.
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