Proserv Raises Debt to Support Growth Strategy
Aberdeen-based oilfield services company Proserv announced Wednesday that it has completed a $215 million refinancing agreement to support its growth strategy.
The funds will be used to pay down Proserv's existing debt and to pursue new strategic acquisitions, as well as to help driving organic growth at the business. The company pointed out that it has undergone "exceptional growth" during the past two years, with turnover rising from $118 million in 2011 to around $316 million within 12 months – partly as a result of two acquisitions made in 2012 which saw the firm's employees increase from 600 people to more than 1,600.
Proserv CEO David Lamont commented in a company statement:
"In light of the difficult economic climate and challenging conditions faced by many businesses globally, to be able to secure refinancing at this level is a huge testament to the confidence that the financial community have in our company and in its future prosperity.
"Proserv is entering an exciting new era and the new refinancing agreement will underpin our strong business plan for growth which includes investing in complementary world-class technologies and building on our existing range of value-added products and services, often through new strategic acquisitions."
Proserv specializes exploration & production, drilling and infrastructure technical solutions for the energy industry worldwide.
The debt agreement – a term loan and revolving credit facility – has been arranged with HSBC, Lloyds, Barclays, Santander, Wells Fargo and RBS.
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