ShareHders sha..fted 76mill con Win18 Mar 2019 19:59
Share holders get shafted and along comes a nice 76 million, contract win for IRV.
https://www.bbc.co.uk/news/live/business-47583251
Outsourcing firm Interserve, which was rescued from administration by its lenders over the weekend, says it has secured £76m in new business with Abu Dhabi National Oil Company (ADNOC).
It will work on a range of offshore and gas processing projects for ADNOC, which holds the seventh-largest proven reserves of oil in the world.
Control of Interserve, which has 68,000 staff globally, was moved to a new company after shareholders rejected a rescue plan for the business.
The lenders who are now in control include banks RBS and HSBC, and investors Emerald Asset Management and Davidson Kempner Capital.
Managing director Andrew Beaney said the Abu Dhabi contract wins would "contribute to Interserve’s continued growth and success within the oil and gas industry".