HOUSTON, Texas, April 30, 2012 /PRNewswire/ --
Global-leading energy production technology services company Proserv is bolstering its rapidly-expanding subsea capabilities and specialist integrated services and increasing its workforce by more than 300 people.
Proserv, which has operations globally, has agreed terms to assume Weatherford International's subsea controls' business, which specializes in subsea and topside communication and control systems and subsea termination equipment for offshore production optimization, control and monitoring to customers around the globe.
The venture will include the 300-plus personnel who form Weatherford's subsea controls business and all subsea control systems operations in the UK, Norway, North America, Middle East and Far East. In the deal, Proserv will acquire the business assets, and Weatherford's existing subsea controls management will continue to run the day-to-day operations as part of the Proserv organization. In return, Weatherford will acquire common and preferred equity in Proserv and will have representatives on Proserv's Board.
David Lamont, Proserv's chief executive officer, said: "Our plan for growth is to invest in complementary world-class technologies and build on our existing range of value-added products and services. The prospective business venture with this Weatherford group of businesses is a perfect strategic fit for Proserv. This Weatherford group has an excellent track record in delivering industry-leading technology on time and within budget consistently. We share our core values and ambition to be the provider of choice to our customers and together, as a partnership, we will be even stronger.
"It will be an exciting new partnership that enhances our integrated capabilities and creates significantly more capacity to develop our international business. It will also bring further positive benefits for employees and give them the opportunity to become involved in a broader, more diverse range of projects as well as considerable benefits to our fast-growing portfolio of clients through the delivery of an enhanced service capability."
Kevin Snowling, head of Weatherford's subsea controls' business, said: "This exciting and complementary merging of these two like-minded businesses provides a solid platform from which the obvious growth potential of the individual businesses can be realized and further increased as a combined team.
"We have started a journey here that, once complete, will result in a stronger company - one which is built around a team of experienced and committed people who are focused on providing high quality and technically advanced solutions that are tailored to suit the requirements of our clients and their business."
The deal is expected to be completed within the next two weeks, subject to regulatory clearances.
Notes to editor:
Proserv is a market-leading energy production technology services company which operates worldwide in more than 7 regions and 30 sites including the UK, the USA, Scandinavia, the Middle East, Far East, Africa and Australia. The company has a 35-year track record in delivering bespoke technologies and services for the energy industry, particularly in the drilling, production, subsea and decommissioning market sectors.Last year, five separate entity companies were consolidated under the Proserv brand. These were: Proserv Offshore, Proserv Technology, Hydrafit Subsea, Gilmore Valve and Argus Subsea.
By bringing all five businesses together under one cohesive organization with its own identity Proserv has been able to enhance its market-leading presence as well as extend its global footprint and support coverage.
Proserv specializes in 4 key service areas - Drilling & Production, Subsea Technology, Equipment & Support Services and Infrastructure Services.
About Intervale Capital:
Proserv is a portfolio company of Intervale Capital, an energy-focused private equity firm with offices in Cambridge, Massachusetts and Houston, Texas. Intervale invests exclusively in middle-market oilfield services companies; its other portfolio companies include Ulterra Drilling Technologies, (PDC drill-bits & down-hole tools), Casedhole Solutions (wireline & pumping services), Allied Oil and Gas Services (cementing services), Team Oil Tools (completions equipment & services) and Impact Fluid Solutions (drilling fluids & additives).
Weatherford is a Swiss-based, multi-national oilfield service company. It is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford operates in more than 100 countries and employs more than 60,000 people worldwide.
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