Prodrill Engineering has completed a buy-out from Sovereign Oilfield Group plc (Sovereign) for £2.25million, and will now trade under the new name of Prodrill Energy Resource Solutions.
The specialist international drilling consultancy is now under the ownership of two of its current directors, Managing Director Louise Wood and Business Development Director Mike Macdonald, and three directors of Sovereign, who are also directors of the new parent company, Claymore Investments Ltd. Steve Redgrave will remain as Prodrill's Chairman.
The Company buy-out follows three years of significant growth under the leadership of Louise Wood.
"Prodrill has a 25-year trading history and has seen an increase in turnover by 26% from 2007 to 2009. Although there is currently some uncertainty within the global oil and gas sector and fluctuation of the oil price, we have sustained industry growth due to our market credentials," commented Louise.
"As drilling activity increases, particularly within developing region markets such as North and West Africa, and the Middle East, Prodrill is well positioned to capture these opportunities.
"We are confident that the established management team and shareholders have both the commercial and market experience to take the business forward, continuing a successful growth strategy. We also anticipate a strengthened oil price to deliver sales in line with our forecasted growth."