The multi-million pound deal will augment Qserv's position as one of the leading well and pipeline service companies. This deal significantly accelerates the company's international expansion strategy. The acquisition includes all coil tubing, flowline and nitrogen related assets, contracts and ongoing business in the North Sea and Europe and also ongoing work in the Ivory Coast, Equatorial Guinea, Mauritania and Yemen.
Tommy Dreelan, managing director of Qserv, said: "We are delighted to have concluded this deal with Weatherford. While we continue to focus on the North Sea, which is core to our business, we have been looking to further develop overseas. The acquisition is an important step to achieve our growth ambitions for integrated operations internationally and provides the industry with a clear demonstration of our international objectives without compromising our UK operations.
"We welcome the existing Weatherford staff to Qserv. Additionally we will begin a major recruitment drive for offshore and onshore staff to support our development plans both here and overseas providing fresh opportunities for both existing and new staff. Ensuring that we have a professional, dedicated team is key to delivering a quality service for our clients," continued Dreelan.
"Our very success is attributable to the quality of our team. We will remain committed to enhancing our operations and providing clients with added value and the resulting business growth from the acquisition will facilitate this. We already have a major programme of work this year and forecast continued growth in 2007 and beyond. Along with our current £7m headquarters and workshop development due for completion in December 2006, we have a very busy year ahead of us.
"We wish to thank our advisors and the Royal Bank of Scotland for their support in concluding the deal," added Dreelan.
Andrew P. Becnel, Vice President of Finance at Weatherford International Ltd., said, "Qserv has an extremely talented and experienced management team who knows the coil tubing business well. With the addition of these new employees and assets, Qserv has positioned itself exceptionally well to further strengthen its business on a global basis."
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