North Sea driller Proserv in chapter 11 SOS

oil and gas
A North Sea oil services company is considering chapter 11 bankruptcy as it struggles under hefty debts.
Proserv is based in Aberdeen and has contracts with oil giants including Statoil. It was bought by the US private equity house Riverstone Holdings in 2014 and its holding company is American. It has been hit by the oil price slump and downgrades to its debt.
Chapter 11 bankruptcy — a US insolvency process — would allow the company, which has 570 staff in the UK, to continue trading while its debts are restructured.
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Another oil services company, Expro, has emerged from chapter 11 bankruptcy in recent days after entering it late last year.
Proserv chief executive David Lamont said the company was in “ongoing . . . discussions with our investors and funders about the most appropriate capital structure to support future growth”.
He added: “We have extremely committed investors and lenders who remain positive about the long-term prospects of Proserv.” The company won more than $10m (£7m) of new business in January, he said.
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