Energy companies firm Proserv has entered right into a restructuring settlement with its principal lenders which is able to strengthen the long run monetary construction of the corporate.
The settlement will lead to as much as $50 million of recent capital being injected in to the enterprise and can see present lenders Oaktree Capital Management and KKR turn into majority shareholders. U.S. personal fairness investor Riverstone Holdings LLC, previously the principal shareholder of Proserv, will preserve a minority share within the firm.
Under the phrases of the settlement, Proserv will emerge considerably debt free with enough liquidity to ship its strategic plan.
David Lamont, Proserv CEO, stated: “We have dedicated buyers who see an especially constructive future for Proserv and I’m delighted that we’re shifting forward with a restructuring settlement that may allow us to give attention to constructing our enterprise.There is a extra constructive outlook within the vitality sector this yr which is already obvious in our outcomes with greater than $15 million of contracts secured this yr so far and an much more constructive world gross sales pipeline.
“I want to thank all of our devoted workers in addition to our clients, suppliers and enterprise companions for his or her help all through this course of. We stay up for finishing this milestone in our journey and constructing on these relationships for a few years to come back.”
Proserv is a technology-driven firm offering merchandise, companies and bespoke options to purchasers throughout the drilling, manufacturing and decommissioning market sectors. Operating worldwide via 22 working facilities throughout 12 nations, Proserv is headquartered in Aberdeen, Scotland.
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