Prospecțiuni SA, geological and geophysical services provider for the oil industry, entered into insolvency proceedings after it made a request in this regard at the Bucharest Court. The Court has appointed as trustee the Euro Insol company, the insolvency house that takes care of Hidroelectrica own problems.

The data provided by the trustee shows that in 2013, Prospecțiuni SA had a turnover worth 382 million lei, but revenue fell in 2014 to 307 million lei and in 2015 to 192 million lei. In the previous year, the company marked losses of 26 million lei. Its debts amount to 97 million lei. The company has assets worth about 200 million lei and has ongoing contracts of over 40 million euros.

“Prospecțiuni is a Romanian company with a long experience, with an impressive portfolio of work, with exceptional technical equipment and an extraordinary collection of professionals who in recent years brought the company among the top 3 major European players in the geological exploration services. The opening of the insolvency procedure means a breath of oxygen, in order to overcome the temporary financial difficulties of the company, caused by the restriction of exploration of oil and gas deposits amid falling oil prices.

With a more dynamic management, involved and responsible, with greater mobility in the commercial area, Prospecțiuni will overcome the temporary liquidity crisis faced by accessing new contracts in hydrocarbon rich blocks. Between 1-4 of April I paid a visit to Kuwait where I had meetings with officials of the Ministry of Petroleum and the Kuwait Oil Company, during which we presented an integrated offer of services based on geological and feasibility studies (Prospecțiuni SA), oil equipment delivery, installation and maintenance (Vulcan SA Bucharest and Uztel SA Ploiești). This consortium of Romanian companies is very likely to obtain contracts in Kuwait of tens of millions of dollars starting in 2016″, said Remus Borza, the Euro Insol representative.