You are Home   »   News   »   View Article

Proserv acquires Weatherford's subsea controls business

Tuesday, May 1, 2012

UK energy services company Proserv has acquired Weatherford's subsea controls business, which provides subsea and topside communication and control systems for subsea equipment.

Weatherford's subsea controls business has over 300 employees, who will all transfer employment to Proserv, and operations in the UK, Norway, North America, Middle East and Far East.

The deal is an unusual one in that Proserv will acquire the business assets, but Weatherford will continue to manage the operations. Weatherford will also acquire equity in Proserv and have representatives on its board.

Proserv is a portfolio company of Intervale Capital, an energy-focused private equity firm with offices in Cambridge, Massachusetts and Houston, Texas.

'It will be an exciting new partnership that enhances our integrated capabilities and creates significantly more capacity to develop our international business," says David Lamont, CEO of Proserv.

"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.'



Associated Companies
» Proserv
» Weatherford
comments powered by Disqus

CREATE A FREE MEMBERSHIP

To attend our free events, receive our newsletter, and receive the free colour Digital Energy Journal.

FEATURED VIDEO

Digitalisation starts with your basic data
Sturle Drageset
from ShareCat

DIGITAL ENERGY JOURNAL

Latest Edition Feb-March 2018
Feb 2018

Download latest and back issues

COMPANIES SUPPORTING ONE OR MORE DIGITAL ENERGY JOURNAL EVENTS INCLUDE

Learn more about supporting Digital Energy Journal