Equity deal eases Proserv’s financial concerns

May 17, 2018
Proserv has completed a successful financial restructuring program to help secure its long-term future.

Offshore staff

ABERDEEN, UK – Offshore controls system specialist Proserv has completed a successful financial restructuring program to help secure its long-term future.

This involved a debt-for-equity exchange and injection of $50 million. Its two largest lenders - KKR and funds managed by Oaktree Capital Management, L.P. - will both become owners of the company, the arrangement leaving Proserv largely debt-free.

As part of the restructuring, David Lamont is stepping down as CEO, to be replaced by David Currie, formerly head ofJDR Cable Systems and UK president for Aker Solutions.

05/17/2018

Courtesy Altera Infrastructure Holdings
Altera Infrastructure Holdings has agreed to sell its membership interests in Altera Shuttle Tankers
ID 326457873 © Arsenii Palivoda | Dreamstime.com
offshore wind
Photo 45185193 © Rawpixelimages | Dreamstime.com
Business Briefs