Proserv CEO departs as restructuring finalised

Energy services company Proserv today announced chief executive David Lamont is stepping down after the completion of a financial restructuring which has seen $50 million injected into the business.

The debt-for-equity swap deal saw its two largest lenders – KKR and Oaktree Capital Management – take control of the Aberdeen-based business which is now substantially debt-free. David Currie, a former UK president for Aker Solutions, is to take over from Lamont as chief executive.

In a joint statement by KKR and Oaktree, the lenders 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. We would also like to thank David Lamont for his leadership and for all he’s done to position the company for future success.”

In the first four months of 2018,thecompanyhassecured more than $40m of contracts.