Winterhill Largo wins $1bn asset valuation job

WINTERHILL Largo has won a contract to value the assets of an international oil and gas drilling company that are expected to be worth more than $1bn.

Blackburn-headquartered Winterhill launched a Romanian office earlier this year which will handle the annual valuation project for Grup Servicii Petroliere (GSP), a Romanian company which owns and operates seven offshore drilling rigs globally.

Winterhill (Romania), which employs 10 staff, specialises in the valuation of heavy industrial assets especially in the oil, gas and pharmaceutical sectors, as well as real estate.

The annual contract for GSP will involve the Winterhill team valuing five floating oil rigs in the Gulf of Mexico and the Black Sea.

A further rig, also due for valuation, is currently being upgraded in Turkey, while another rig has been inspected by the team during repairs in Hartlepool. Winterhill will also value GSP’s fleet of 10 ships, including heavy marine cranes, pipe laying vessels and medical evacuation boats, stationed around the world.

Winterhill project manager Victor Stan, who is heading the operation, said: “This job is unusual in the sense that it’s so highly specialised – there are not many companies in central and eastern Europe that have the capability to carry out valuations like this one. It’s a vast project and oil rig values are very high. Just one rig can easily be worth US$200m.”

Following a merger with debt recovery firm Largo in 2010; the acquisition of surveyors and real estate practice David Currie & Co in July 2011; and the acquisition of rival Sovereign Credit Management earlier this month, Winterhill Largo now operates from six UK offices in London, Blackburn, Wakefield, Manchester, Liverpool and Horsham, in addition to five overseas offices. The group employs over 70 staff.