Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Proserv Raises Debt to Support Growth Strategy

change text size

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.
 

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Northern Petroleum Awarded Two Permits... (Jul 24)
 -  BW Offshore Takes 100% Ownership of Pe... (Jul 24)
 -  Centrica Comes Up Dry near Ula Field (Jul 23)
 -  Ruspetro Conducts Successful Flow Test... (Jul 23)
 -  Kongsberg Bags $53M Contracts from Chi... (Jul 23)
Most Popular Articles
From the Career Center
Jobs that may interest you
MWD
Expertise: MWD/LWD
Location: PA, TX, CA, ND, AK, OK, WY
 
Field Service Technician- Yukon, OK
Expertise: Electronics Tech, Field Service Tech
Location: Yukon , TX
 
Field Service Technician - Alva, OK
Expertise: Electronics Tech, Field Service Tech, Rig Instrument Tech
Location: Alva, OK
 
search for more jobs