Tuesday 15 May 2018

Proserv, an energy services company, announced the completion of a successful financial restructuring, strengthening the long term plans of the company.

Through a debt-for-equity exchange and injection of a $50 million investment, the company’s two largest lenders - KKR and funds managed by Oaktree Capital Management, L.P. - will become owners of the company. Proserv emerges substantially debt-free and with a well-capitalised balance sheet, enabling it to provide strong, life-of-field support to its global customers. In the first four months of 2018, the company has already secured more than $40 million of contracts.