THE chief executive of Proserv, the Aberdeen-based energy services company, has stepped down following a restructuring which resulted in its two biggest lenders take ownership of the business.
David Lamont, who has been in post since 2011, has been replaced by David Currie following a debt for equity deal which has seen private equity giant KKR and funds managed by Oaktree Capital Management take control.
Proserv, which operates in 12 countries, has also received a capital injection of $50 million as part of the restructuring, with the company now described as “substantially debt-free”.
The company, which has around 900 employees, said it has secured contracts worth more than $40m so far this year.
Lauren Krueger and Colin Smith, representatives of KKR and Oaktree, said in a joint statement: “Now that the restructuring process is complete, we look forward to the next stage of the company’s evolution which we believe is very bright. At this time, we would also like to thank David Lamont for his leadership at Proserv for the last several years and for all he’s done to position the company for future success.”
Mr Currie, formerly chief executive of JDR Cable Systems, said: “I am delighted to join the Proserv team and embark on this exciting next chapter for the company.
“With committed shareholders, a strong balance sheet, and a more positive evolving outlook in our sector, we are well positioned to drive significant growth across our business by providing superior value to our customers.”
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