SSV Siteserv

TIDMSSV

RNS Number : 3252V

Siteserv PLC

10 January 2012

Siteserv plc ("Siteserv")

Statement re Petroplus Coryton Oil Refinery

As previously announced, Deborah Services, a Siteserv subsidiary, renewed its contract with Petroplus Refining and Marketing Limited, which is a subsidiary of Petroplus Holdings AG ("Petroplus"), in connection with the Coryton Refinery for a 3 year period in 2011. The value of the 3 year renewal is estimated at circa EUR40m.

Since 27 December 2011, Petroplus has made a number of announcements concerning its financial condition and that it is in discussions with its lenders. As at the date of this announcement, the Coryton Refinery remains open and Deborah Services continues to be actively engaged with Petroplus regarding its financial situation. Deborah Services is currently owed approximately GBP1.49m by Petroplus.

Siteserv will continue to actively monitor the situation as it evolves. Deborah Services and its Industrial Services division are both expected to remain profitable for the year ended 30 April 2012. A further announcement will be made in due course as more information becomes available.

 
 Siteserv plc             Davy Corporate Finance   FTI Consulting 
  Brian Harvey | Chief     Des Carville             Jonathan Neilan /Jenny 
  Executive                Nicholas O'Gorman        Kilroy 
  Niall Devereux |Group    +353 1 679 6363          +353 1 663 3686 / 
  Finance Director                                  +353 1 663 3683 
  +353 1 601 1550                                   jonathan.neilan@fticonsulting.com 
-----------------------  -----------------------  ----------------------------------- 
 

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