Proserv Acquires the Subsea Controls Business of Weatherford International
ABERDEEN, Scotland, May 10, 2012 /PRNewswire/ — Proserv Group Inc., a leading global energy production technology services company headquartered in Aberdeen, Scotland, 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. David Lamont, Proserv’s Chief Executive Officer, commented “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.”
Charles Cherington, Managing Partner at Intervale Capital, added “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.”
Proserv Group Inc. was formed by Intervale in June 2011, through the combination of Proserv Group AS and Galathea Group Inc. Proserv’s operating businesses include Proserv Technology, Proserv Offshore, Hydrafit Subsea, Gilmore Valve and Argus Subsea.
About Proserv Group:
Proserv is a production technology and services company for the energy industry focused on maximizing recovery, minimizing costs and enhancing sustainability for it clients. With headquarters located in Aberdeen, Scotland, Proserv has a large global footprint, employing over 1,100 people in more than 30 operating centers based in 10 countries.
About Intervale Capital:
Intervale Capital is an energy-focused private equity firm, with headquarters in Cambridge, Massachusetts, and an office in Houston, Texas, investing exclusively in middle-market oilfield services companies and related technologies. Intervale’s Fund I closed on $280 million in 2008.
About Weatherford International:
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 over 100 countries and employs over 60,000 people worldwide.
Contacts: David Lamont Chief Executive Officer Proserv Group Inc. +44 1224 737000 email@example.com Tuan Tran Vice President Intervale Capital (617) 401-8405 firstname.lastname@example.org Karen David-Green Vice President Investor Relations Weatherford International (713) 836-7430 Karen.David-Green@weatherford.com http://www.intervalecapital.com
SOURCE Intervale Capital