Centurion Group extends its Revolving Credit Facility
Centurion’s credit facility size increased by ~$18 million, taking the total committed to ~$270 million.
Aberdeen, UK, January 2020 – Centurion Group (“Centurion”), a global leader in the supply of critical services to the energy industries, announces the successful extension of its revolving credit facility. The facility size has increased by ~$18m, taking Centurion’s total committed facilities to ~$270m. The funding will support Centurion as it continues to grow organically and through strategic acquisitions.
Following Centurion’s ~$60m prior facility extension in 2019, the Group expanded with the successful acquisition of three companies; Tango Delta Rentals, a Canadian communications and specialty equipment rentals business; Osprey3, a UK-based integrated manufacturing and rental company specialising in innovative water, waste and completion fluids products and G5S Energy Resources, a fast growing and well-respected US-based frac stacks and valves technology company. Centurion also acquired the pressure control assets from TotalFrac and the Isolation Tools fleet from Red Dirt Rentals, significantly expanding its capabilities within the US Land pressure control business.
Centurion is funded by a seven-strong syndicate of banks including: HSBC, Wells Fargo, ATB Financial, Royal Bank of Scotland, Clydesdale Bank, Iberia Bank and Amegy Bank. Existing funders Royal Bank of Scotland, HSBC and ATB Financial all increased their commitments as part of this extension to the facility.
Euan Leask, CFO of Centurion, commented:
“We are delighted to once again increase our facilities with our existing bank group, further strengthening the Group’s capital structure and ensuring Centurion is well-positioned to execute its strategy with sufficient firepower. Centurion has a strong financial position with a robust balance sheet and strong cash flow, and this extension will allow us to continue expanding through highly selective, complementary acquisitions and capital investments.”
Guy Bates / Marta Parry-Jones +44 (0) 207 353 4200
About Centurion Group
Centurion is a global leader in the supply of critical rental, infrastructure and support services to the energy industries. It combines the scale and the breadth of offerings via its global segments: Accommodation & Modular Solutions (AMS); Drilling, Completions and Production (DCP) and Infrastructure (INF), with strong local presence in key energy markets like US, Canada, UK & Europe, Caspian, South East Asia and Australia, to deliver value to customers around the world.
For more information, please visit www.centuriongroup.co.uk
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