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Last updated on April 18, 2014 at 17:24 EDT

Proserv to Expand Through Business Venture With Weatherford International

April 30, 2012

HOUSTON, Texas, April 30, 2012 /PRNewswire/ –

Global-leading energy production technology services company Proserv is bolstering its
rapidly-expanding subsea capabilities and specialist integrated services and increasing
its workforce by more than 300 people.

Proserv, which has operations globally, has agreed terms to assume Weatherford
International’s subsea controls’ business, which specializes in subsea and topside
communication and control systems and subsea termination equipment for offshore production
optimization, control and monitoring to customers around the globe.

The venture will include the 300-plus personnel who form Weatherford’s subsea controls
business and all subsea control systems operations in the UK, Norway, North America,
Middle East and Far East. In the deal, Proserv will acquire the business assets, and
Weatherford’s existing subsea controls management will continue to run the day-to-day
operations as part of the Proserv organization. In return, Weatherford will acquire common
and preferred equity in Proserv and will have representatives on Proserv’s Board.

David Lamont, Proserv’s chief executive officer, said: “Our plan for growth is to
invest in complementary world-class technologies and build on our existing range of
value-added products and services. The prospective business venture with this Weatherford
group of businesses is a perfect strategic fit for Proserv. This Weatherford group has an
excellent track record in delivering industry-leading technology on time and within budget
consistently. We share our core values and ambition to be the provider of choice to our
customers and together, as a partnership, we will be even stronger.

“It will be an exciting new partnership that enhances our integrated capabilities and
creates significantly more capacity to develop our international business. 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.”

Kevin Snowling, head of Weatherford’s subsea controls’ business, said: “This exciting
and complementary merging of these two like-minded businesses provides a solid platform
from which the obvious growth potential of the individual businesses can be realized and
further increased as a combined team.

“We have started a journey here that, once complete, will result in a stronger company
- one which is built around a team of experienced and committed people who are focused on
providing high quality and technically advanced solutions that are tailored to suit the
requirements of our clients and their business.”

The deal is expected to be completed within the next two weeks, subject to regulatory
clearances.

Notes to editor:

About Proserv:

Proserv is a market-leading energy production technology services company which
operates worldwide in more than 7 regions and 30 sites including the UK, the USA,
Scandinavia, the Middle East, Far East, Africa and Australia. The company has a 35-year
track record in delivering bespoke technologies and services for the energy industry,
particularly in the drilling, production, subsea and decommissioning market sectors.Last
year, five separate entity companies were consolidated under the Proserv brand. These
were: Proserv Offshore, Proserv Technology, Hydrafit Subsea, Gilmore Valve and Argus
Subsea.

By bringing all five businesses together under one cohesive organization with its own
identity Proserv has been able to enhance its market-leading presence as well as extend
its global footprint and support coverage.

Proserv specializes in 4 key service areas – Drilling & Production, Subsea Technology,
Equipment & Support Services and Infrastructure Services.

About Intervale Capital:

Proserv is a portfolio company of Intervale Capital, an energy-focused private equity
firm with offices in Cambridge, Massachusetts and Houston, Texas. Intervale invests
exclusively in middle-market oilfield services companies; its other portfolio companies
include Ulterra Drilling Technologies, (PDC drill-bits & down-hole tools), Casedhole
Solutions (wireline & pumping services), Allied Oil and Gas Services (cementing services),
Team Oil Tools (completions equipment & services) and Impact Fluid Solutions (drilling
fluids & additives).

About Weatherford:

Weatherford is a Swiss-based, multi-national oilfield service company. It is one of
the largest global providers of innovative mechanical solutions, technology and services
for the drilling and production sectors of the oil and gas industry. Weatherford operates
in more than 100 countries and employs more than 60,000 people worldwide.

For further information and to confirm interviews at the Offshore Technology
Conference in Houston contact The BIG Partnership:

Jackie Robinson – +44(0)7711-281915 or email jackie.robinson@bigpartnership.co.uk

Laura Grant – +44(0)7813-880496 or email laura.grant@bigpartnership.co.uk

SOURCE Proserv


Source: PR Newswire