Proserv agreed on July 8 to sell its field technology services (FTS) business unit to subsea services group Acteon Group Ltd. for an undisclosed amount.
The divestment by Proserv, a global energy services firm based in Aberdeen, continues the firm’s strategy of realigning its focus to its core controls technology. Proserv also recently agreed to sell its through-water digital acoustic communications and positioning systems business, Nautronix, to Imenco.
“Following the recent strategic review of our business, it was decided that capabilities such as cutting, friction stud welding, pipeline maintenance and surveying no longer equated to Proserv’s core controls technology offering, so a sale process was subsequently initiated,” Davis Larssen, chief strategy officer at Proserv, said of the FTS deal.
The FTS business comprises cutting, friction stud welding and pipeline maintenance and incorporates bases in Norway, Singapore, Aberdeen and in the U.S. in Houma, La.
Acteon, based in the U.K., will integrate the FTS services and facilities under its Claxton brand. The survey division, also included in the sale, will join Acteon’s existing UTEC Survey business.
Additionally, Sam Hanton, president of FTS, will join Acteon with his complete management team and lead the integration process. A total of 177 employees will move across to Acteon as part of the sale agreement.
“The FTS team has been an integral part of Proserv’s portfolio for a number of years but this divestment enables both businesses to move forwards with great positivity and optimism for the future,” Larssen continued in the statement. “We wish Sam and his team well as they commence their new chapter at Acteon.”
In a separate release, Aceton said the FTS acquisition will enable for the rapid globalization of Claxton’s complementary well decommissioning, riser and conductor and surface pressure control offerings.
“This a fantastic opportunity to join two complementary businesses together, firstly by adding capabilities and capacity to our UTEC Survey offering and secondly by rapid globalization of our Claxton product and service range, particularly in Norway and the Far East,” Acteon CEO Richard Higham said in a statement.
Higham added that Proserv’s FTS has a recognized position in the decommissioning of subsea structures and pipelines, which he believes will fit well with Claxton’s existing position in the well plugging and abandonment market.
Proserv said a transitional service agreement will be in place at several FTS sites as the process of separating the businesses is concluded. The companies expect to complete the transaction by the end of July.
Acteon’s principal advisers for the transaction were Evercore, Birketts and KPMG.
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