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UK — Prodrill up for sale

11 August 2009

Prodrill Engineering Limited, the specialist oilfield drilling recruitment consultants, will be sold to an undisclosed party for 2.25 million Pounds by parent company Sovereign Oilfield Services, the Aberdeen based oil services group, in order to reduce corporate debt, the Scotsman reports.

Prodrill was established 20 years ago to address the need for professional highly-qualified and experienced personnel for the international energy sector.
Prodrill has contractual relationships with oil majors, oil operators, independents and integrated service contractors throughout the world.

Last September, Sovereign’s shares were suspended from trading, pending clarification of its financial position. The lenders who back the group agreed to continue to support Sovereign after it announced the disposal of two of its businesses in May, but required it to sell off non-core assets.



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