Upetrom 1 Mai, a company owned by Gabriel Comănescu, went into insolvency due to losses, which last year amounted to 4.34 million euros. The company recorded consecutive losses in the last seven years. PricewaterhouseCoopers Business Recovery Services IPUR has been appointed the company’s legal administrator.

Upetrom is a company that manufactures hydrocarbon extraction and construction equipment and last year had a turnover of just over 29 million lei (about 6.5 million euros) but recorded losses of 19.3 million lei (about 4.3 million euros). Upetrom 1 May recorded losses in the last seven years and debts at the end of 2016 amounted to 240 million lei. Businessman Gabriel Comănescu bought in 2001 the Petroleum Equipment Factory1 Mai Ploieşti, renamed Upetrom, with a surface area for ten Palaces of Parliament, according to economica.net.

For this year, the company’s representatives recently said they expect a 35% increase in turnover. Upetrom had 435 employees at the end of last year and another 30 people were recruited in the last month.

Gabriel Comănescu also owns the Petroleum Services Group, part of GSP Holding, an integrated service provider for the oil and gas industry that provides services in areas such as drilling, marine construction, shipping, aviation, shipyards, design, logistics, catering, training, conducting operations around the world.