Thursday, 12 December 2019

Finance News

GATE Energy Setup for Growth & Success, Inks Deal with Prosperity Bank

GATE Energy announces the strategic expansion of its credit facility with Prosperity Bank. This demonstrates Prosperity's confidence with GATE Energy's performance and future growth. As part of this partnership, GATE Energy has access to additional capital that will fund organic growth and strategic acquisitions.

Chase Zalman, President of Prosperity Bank, said, "We are definitely excited to be associated with a strong and healthy company such as GATE Energy who showed vision and growth out of the downturn. With a seasoned management team, strong backlog, and solid performance, they are setup for growth and success."

Raymond Turner, CFO of GATE Energy, said, "The macroeconomic picture of deepwater and FID's from our clients signals strong growth ahead and investments in our operations. This is a testament to our engineering, commissioning, and specialty field services teams that have consistently demonstrated project and financial success. GATE Energy continues to deliver results to our clients and shareholders, as it has in the past."

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