UK-based Proserv has acquired Weatherford Internationals subsea controls business, which provides subsea and topside communication, control systems and subsea termination equipment
Weatherford is a leading player in the Middle East with operations in the UK, Norway, North America and the Far East.
Proserv chief executive officer David Lamont 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."
Weatherford subsea controls business head Kevin Snowling added, "This exciting and complementary merging of the two like-minded businesses provides a solid platform from which the obvious growth potential of the individual businesses can be realised and further increased as a combined team."
The deal is different from a normal acquisition as Proserv will acquire the business assets, but Weatherford will continue to manage the day-to-day operations.
Weatherford, on its part, will obtain equity in Proserv and have representatives on the company's board. The deal is expected to be completed within the next two weeks, subject to regulatory clearances.
Proserv’s Abu Dhabi facility provides clients in the region with control systems for most aspects of oil and gas production, from the wellhead through refinery, along with service support and back-up.
