Energy services firm with base in Gorleston sells itself to lenders in restructure
An energy services firm has successfully completed a financial restructure which it claims will shore up long term plans.
Proserv, which recently moved to new premises at Beacon Park in Gorleston, has reached an agreement with its two largest lenders under which they will become owners of the company.
The firm claims it will emerge from the deal with KKR and Oaktree Capital Management “substantially debt-free” and with an improved balance sheet.
As part of the restructure, chief executive David Lamont is stepping down and will be replaced by David Currie, who previously held senior positions at JDR Cable Systems and Aker Solutions.
KKR and Oaktree representatives said the companies were looking forward to “the next stage of the company’s evolution”.
Proserv employs around 185 people at Beacon Park. The company said it secured more than $40m (£29.4m) of contracts in the first four months of 2018.