Digital Energy Journal- Proserv acquires Weatherford's subsea controls business

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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

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