Proserv’s boss said today that the north-east energy service firm was in “ongoing proactive discussions” over its “capital structure”.
Proserv chief executive David Lamont also reiterated that investors were committed to the Westhill-based firm and that he was confident about the oil industry’s fundamentals.
In November, Riverstone Holdings, the US-based investment firm which acquired Proserve from Intervale Capital and other shareholders in 2014, said the business had a bright future.
Pre-tax losses at Proserv UK in 2016 came in at £8.2million, against a deficit of £3.9million in 2015, on revenue down by 33% at £57.19million.
Mr Lamont said today: “We have extremely committed investors and lenders who remain positive about the long-term prospects of Proserv.
“Like so many others in our sector we have been impacted by the downturn, however we remain confident in the fundamentals of the oil and gas industry and the underlying strength of our business to weather the storm, which has been further confirmed after securing in excess of $10million of contracts in the first month of this year.
“There is a more positive outlook for the sector this year and we are in ongoing proactive discussions with our investors and funders about the most appropriate capital structure to support future growth.”
