Proserv Takes Reins of Weatherford's Subsea Controls Business
Proserv Group Inc. has acquired the subsea controls business of Weatherford International. Proserv is backed by Intervale Capital, a private equity firm focused on investments in middle-market oilfield services companies. The acquired businesses specialize in subsea and topside communication and control systems, subsea intervention services and subsea termination equipment for offshore production optimization, control and monitoring.
The acquisition will include more than 300 personnel and all control systems operations in the UK, Norway, North America, the Middle East and the Far East. The transaction will bolster Proserv's rapidly-expanding subsea capabilities and specialist integrated services.
"Our plan for growth is to invest in complementary world-class technologies and build on our existing range of value-added products and services. This transaction is a perfect strategic fit for Proserv," Proserv's Chief Executive Officer David Lamont commented
"This is a transformative transaction for Proserv and provides the company with a significantly broader suite of subsea and offshore capabilities. We anticipate that the addition of these business lines will further accelerate the company's already robust growth," Managing Partner at Intervale Capital Charles Cherington added
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