Proserv Acquires Well Abandonment and Decommissioning Company
"Twachtman, Snyder & Byrd's deep capabilities and know-how in consulting, project management and contracting will complement Proserv's existing strengths as we expand internationally into the offshore well abandonment and decommissioning market," said Robert Finch, Proserv Group senior vice president of well abandonment and decommissioning. "The company's outstanding financial performance provides a strong foundation to maximize existing synergies and facilitate future growth plans."
Based in Houston with field operations in Houma, Louisiana, Twachtman, Snyder & Byrd (TSB) has established a strong brand in the abandonment and decommissioning market, Finch said. The company has extensive service capabilities in project management, contracting, consulting, and a host of related services. These range from assessing liability, acquisition and divestiture, and plugging the well to clearing the site and creating an artificial reef.
"This year, 2007, we celebrate 20 years of operations. We can now also celebrate our new and exciting future with Proserv as our partner. The acquisition will allow TSB to enhance its services in all phases of decommissioning," said Ron Twachtman, TSB's president and CEO. "Combining TSB's expertise with the Proserv Group's global reach and strength will help us meet our clients' increasingly complex demands."
The engineering challenges in the offshore oil and gas industry are becoming ever more complicated, not just in abandonment and decommissioning, but throughout the lifecycle of the well, according to Arve Sem-Henriksen, CEO of Proserv Group AS. "The TSB addition illustrates how Proserv is meeting these challenges while adding value for our customers and creating value for our shareholders," he said. "By bringing associated and complementary engineering services companies together under the Proserv banner, we can offer the widest choice of reliable, specialized engineering solutions and services."
Proserv Group AS, established in 1974, provides leading technical products and services to the oil and gas industry in the demanding fields of test and control systems, instrumentation and calibration, oil and gas sampling, abandonment and decommissioning and specialty machining. Northern Industries acquired the Proserv Group, a Norway-based private equity house, in April 2006. Northern Industries is supported by a group of premier investors in Norway that have an ambition to build Proserv Group into an international leading niche supplier to the oil and gas industry.
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