The Peak Group Secures Credit Facility from RBS

The Peak Group has agreed an £11 million finance structure with the Royal Bank of Scotland (RBS) to enhance the services the company provides for its clients' well construction projects.

The agreement follows a thorough review of The Peak Group's financial, commercial and contractual processes to enhance further development of the company's innovative multi-well, multi-client programme.

Multi-well programmes are being undertaken for Dana Petroleum and Century Exploration in the Central and Southern North Sea, and offshore Australia for AED Oil Limited and Methanol Australia Limited.

As a market-leading bank recognised for supporting significant advances in the oil and gas industry, the RBS will provide The Peak Group with an £11 million general corporate purpose facility to strengthen its contracts with service providers and support client requirements.

The Peak Group's Chief Financial Officer Gordon Angus said: "The package that RBS put together clearly distinguished them from their competitors. The way that the RBS team got close to Peak's business, and their ability to create innovative solutions to financing requirements, were critical in our choice of bankers. This year has seen a quantum change in Peak's activities and we are delighted to have RBS supporting us in our business development."

Brian Johnston, RBS Regional Director of Corporate Banking in Aberdeen and the North of Scotland, said: "We are delighted to welcome Peak as a new customer. They are a progressive company at the forefront of their sector. We took the time to develop a comprehensive understanding of Peak's business requirements and were able to offer them a specifically tailored deal. We look forward to helping Peak achieve further growth.