‘Worst behind us’ says new Proserv chief exec Energy Services: Currie

Debt deal and oil-price rise work in our favour, says

The new CEO of energy services firm Proserv believes they have “turned a corner” since debt restructuring earlier this year.

David Currie joined in May as Proserv was being taken over by two of its lenders – KKR and Oaktree Capital Management.

The restructuring package, which brought a cash injection of around £37 million, came after

“The growth of backlog orders year-on-year is good”

hefty losses for the Westhill-headquartered firm which employs more than 1,300 people globally.

Since the deal, which allowed Proserv to go “substantially debt-free”, Mr Currie believes the worst days are behind them.

He said: “I think a corner has turned for Proserv and the future looks better.

“We’ve still got problems, like most companies, which we’re dealing with. We still haven’t finished making sure we’re competitive and cost-efficient globally, and at the same time that we don’t lose Proserv’s strengths which are innovation, closeness with the customer, and technology.

“I’ve seen in the last five months that, if I take a global look at the company, the percentage growth of backlog orders year-on-year is good.”

Mr Currie added that growth is back on the cards, with the firm looking at “a couple” of deals. He said: “There are certain aspects of our business that we can strengthen through growth. Not internal growth but looking outside it, either by part- nering or doing something a little different.”

He said the restructuring has forced Proserv to be “globally focused” and that the recent rise in oil price has boosted its work in key markets such as the Middle East, Americas and Africa.

This is good for Aberdeen, which houses one of its centres of excellence for technology development.

He said: “As global mar- kets start to come back for us, that makes us busier here because we drive that technology for the world.

“Serving the North Sea from both the UK and Norwegian sector has always been a strength for Proserv.

“We’ve been pretty active in the last six-to-nine months, and I think some of that will come to a conclusion in the next six-tonine months.”

LOOKING FORWARD: David Currie joined Proserv in May as CEO and believes the company has now turned a corner for the better