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

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Division Order Analyst - DJ Land Administration
Expertise: Business Analyst|Commercial Management|Landman
Location: Denver, CO
 
Automation Engineering Manager
Expertise: Electrical Engineering|Engineering Manager
Location: Houston, TX
 
Staff Land Analyst Job
Expertise: Lease Analyst
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $56.86/BBL 0.76%
Light Crude Oil : $50.66/BBL 0.21%
Natural Gas : $2.959/MMBtu 0.30%
Updated in last 24 hours