New boss at Sovereign

SOVEREIGN Oilfield Group, the Aberdeen-based diversified oilfield service business, has announced the appointment of Robert Ellis as a director and his election as chairman by the board.

Mr Ellis, 57, is an experienced business leader and chairman of a number of private companies. He will assist Sovereign through its current refinancing and allow the board to continue to develop the business.

As part of the restructuring of the board, former chairman Peter Felter continues as deputy chairman.

In September, Sovereign announced that trading in its Aim-listed shares had been suspended because it was unable to publish its annual report and accounts for the year to March 31 by September 30.

It said it was in advanced negotiations with lenders, including its existing lenders, on a restructuring of the group’s debt arrangements.

It added that while it believed this process would conclude successfully, the directors recognised that there was uncertainty, given the state of the banking sector, as to the time it would take to conclude such negotiations.

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