Proserv chief exits after restructure deal signed

David Lamont
David Lamont

The chief executive of energy services company Proserv, David Lamont, is stepping down following the completion of a restructuring deal which will see the firm taken over by its two largest lenders.

Mr Lamont, who has led the Westhill-based business since 2011, will be replaced by former Aker Solutions UK president David Currie.

Proserv announced that, through a debt-for-equity exchange and an injection of around £37 million, global investment giants KKR and Oaktree Capital Management will become its owners.

The company, which employs 1,360 people worldwide, including 570 in the UK, said the deal will see it emerge “substantially debt-free and with a well-capitalised balance sheet, enabling it to provide strong life-of-field support to its global customers.”

KKR and Oaktree representatives Lauren Krueger and Colin Smith said: “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 said: “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.”

Mr Lamont declined to comment yesterday.

Proserv said it has secured more than £29m of contracts in the first four months of this year.

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