SOGP Sovereign Oil

 

TIDMSOGP 
 
RNS Number : 3105U 
Sovereign Oilfield Group plc 
23 June 2009 
 

 
 
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| FOR IMMEDIATE RELEASE                 |                         23 June 2009  | 
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SOVEREIGN OILFIELD GROUP Plc 
 
 
("Sovereign" or "the Company" or "the Group") 
 
 
Property Disposal 
 
 
 
 
Sovereign Oilfield Group plc are pleased to announce the sale of a property in 
Cambuslang for GBP420,000, of which GBP350,000 was paid at completion.  The 
balance is secured by a second charge on the property.  The property, now 
surplus to the Groups requirements, was previously used by RDT Precision 
Engineers Limited prior to their move into larger leased facilities. 
 
 
This sale is part of a debt reduction programme implemented by the Board over 
the last twelve months which has realised GBP10,040,000 over this period, 
including the sale of Diamant Drilling Services in Belgium, Vertec Engineering 
Limited and the rental fleet of Labtech Services Limited.  Further disposals 
have been earmarked in the Drilling Division in order to focus the future growth 
of the Sovereign Group on its Fabrication Services Division. 
 
 
The Fabrication Division continues to be profitable despite the challenging 
environment and the lower prevailing oil prices, which has dampened the demand 
for oil services in the North Sea, a prime market for the Group.  However, the 
management team have initiated cost reduction programmes across the Group to 
remain competitive and the Group presently has an order book in excess of 
GBP25m.  Cost cutting includes reducing the corporate overhead and, since 
completion of the Group's refinancing, one off and exceptional costs have also 
been significantly reduced. 
 
 
 
 
 
 
 
 
Further information: 
 
 
Sovereign Oilfield Group Plc Tel: 01224 261900 
Graham Burgess, Executive Chairman 
Julie Cowie, Finance Director 
 
 
Buchanan CommunicationsTel: 0207 466 5000 
Tim Thompson/Catherine Breen 
 
 
Charles Stanley Securities - Nominated AdvisorTel: 0207 149 6000 
Mark Taylor/Freddy Crossley 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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