Practus’ CFO Solutions assisted the oil & gas service provider in process improvement, leading to improved accountability and downward delegation of authority.
|Client||Industry||Ownership||Management||No. of Employees||Size||ROI On Fee||Project Duration|
|An Oil & Gas Service Provider||Services to Oil & Gas Industry||Public||Professional||~300||$13 million||3x||24 months|
About The Company
Oilfield Services is an Oil and Gas industry service provider, offering end-to-end services which extend across the entire upstream value chain, including Geophysical Data Acquisition, Production Facility EPC using the Build-Own-Operate-Transfer model, Turnkey Drilling, and production facility Operation and Maintenance. They offer Integrated Project Management or a specific suite of bespoke solutions, based on what customers require.
Practus’ Role in CFO services
- Assisted in improving the existing process management system including a budgeting process .
- Developed a financial road map based on a diagnostic that was carried out in the first 4 weeks of Practus’ engagement.
- Managed the IFC audit carried out by Grant Thornton.
- Delivered monthly MIS in the form of P&L account, balance sheet, and cash flow statements.
Impact Delivered in CFO services
- The cash flow forecast created by the Practus team helped the management free up their analysis time.
- Improved process management system led to improved accountability and downward delegation of authority.
- Practus project managed the IFC Audit ensuring compliance/implementation of gaps arising out of the IFC audit.