Romanian company Group Servicii Petroliere (GSP) recently finished modernization work worth some USD 44 million at its Uranus off shore drilling unit.

The company used a USD 30 million loan from EximBank, as well as its own funds, to finance the project. The loan was used to purchase equipment and revamp the offshore drilling unit.

Around 400 people, all of which Romanians, have been working on upgrading the Uranus unit.

“Our development plans include fleet expansion and modernization, keeping our company among the top players in this industry in the Black Sea area, as well as accessing new markets. Off shore drilling currently offers special opportunities, and by finishing the works on GSP Uranus, we are doing the first step towards achieving our targets,” said Gabriel Comanescu, president of Grup Servicii Petroliere.

He added that this investment adds to the other EUR 1 billion investments the company has conducted during the last ten years of activity.

EximBank ended 2013 with a net profit of almost RON 50 million, four times higher than in 2012, due to a more dynamic commercial activity and efficient resources management. In 2013, the bank expanded its client portfolio, concluding deals with several companies, such as Grup Servicii Petroliere, Alro, Antibiotice Iaşi, Agricover IFN, Adrem Invest or Romcab.

Grup Servicii Petroliere (GSP) is an integrated service provider for the gas and oil offshore industry, covering several areas, such as offshore drilling, subsea construction, hydro technical construction, sea transportation, search and rescue services on sea, pollution intervention and training.

Some of GSP’s clients are Petrom OMV, ExxonMobil, Gazprom, TPAO, PEMEX, Petroceltic and Wintershall.

Irina Popescu, irina.popescu@romania-insider.com