Petrostem (UK) Limited (03581607): administration
- Status
- Administration ended
- Administration began
- 2018-08-29
- Administrators
- Gavin Yuill, Colin Peter Dempster
- Administrators' firm
- EY
- Formerly
- PPCL Limited
- Incorporated
- 1998-06-15
- Location
- Leeds
- Industry
- 46711 Wholesale of petroleum and petroleum products
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
- Loss of a key customer, supplier or contract
From the administrators' statement
The Petrostem Group was formed in 2007 and its principal activity is the rental (and supply) of surface and downhole drilling tools, such as drilling pipe and collars, to drilling contractors / oil field service businesses.
The Petrostem Group trades worldwide, but predominantly in the Middle East.
Historically, most of its revenue was generated from one-off rentals to customers - but over the past 12 months, it has sought to provide a firmer revenue “bedrock” by putting in place longer-term contracts with customers.
Administrators' statement of proposals (2018-11-06) · Companies House register