Leading controls technology provider Proserv Controls said Feb. 5 it saw several substantial wins for its globally renowned subsea controls team through third-quarter and fourth-quarter 2019, while each of its other offerings also enjoyed strong performances through the year.
In the second half of the year, Proserv Controls’ subsea team snared a deal with a leading U.S. based independent to deliver a complete subsea production control system, featuring both topside and subsea controls, for a tieback in the Gulf of Mexico (GoM).
Working alongside the same U.S. client, Proserv will also design, build and test subsea distribution units and a subsea controls module (SCM) for a further development well, also located in the GoM.
For both projects, first oil is expected in 2020 and Proserv Controls’ facility in Sommermeyer, Houston will undertake the majority of the work, with the SCMs being built at the team’s state-of-the-art facility in Great Yarmouth, U.K.
In the North Sea, on the United Kingdom Continental Shelf (UKCS), towards the end of 2019, Proserv earned a valuable contract from another U.S. based independent to provide the necessary subsea controls equipment, including SCMs, to enable six additional wells on an existing brownfield development.
Meanwhile, in the Norwegian North Sea, the firm earned an agreement in the fourth-quarter to supply multiple SCMs for an on-going brownfield rejuvenation for a European operator, with the first SCM due for delivery in 2022.
These awards supplement numerous additional wins in the past year, including sizeable deals in the GoM with prominent independents. Proserv also continues to work alongside a supermajor in the UKCS on a gas field development.
“Our subsea team possesses outstanding capability and expertise and so its attainment of a number of notable contracts from prominent players across the globe, is highly encouraging for the potential future benefits of this corporate realignment,” Davis Larssen, Proserv Controls’ CEO, said
Proserv Controls’ other offerings also enjoyed a successful year in 2019 with its global service provision, performing strongly in both Norway and Abu Dhabi. In the Middle East, Proserv was awarded the status of minor engineering, procurement and construction contractor by a leading national oil company (NOC) and the team earned a contract extension from the same NOC to continue production optimization work and maintenance on two offshore fields.
Proserv’s sampling offering is anticipating a healthy year-on-year spike in its revenues, driven by its sale of sampling cylinders. In 2020, the team will target customers in North and South America from a new base in Houston as well as drive forwards its advances in its subsea sampling technology.
The firm’s Aberdeen based IWOCS team secured contracts for new build systems from major global operators, while also winning work in maintenance and preservation support in the UKCS region, including onsite system integration testing.
Proserv’s measurement offering was only acquired in first-quarter 2019 yet it maintained strong revenue returns through the year. An upgrade of a metering control system for a major European operator was a standout win. The team is eyeing global activity in 2020 as operators seek obsolescence management support.
2022-08-10 - Here’s a snapshot of recent energy deals including Devon Energy’s $1.8 billion cash acquisition of Eagle Ford Shale operator Validus Energy and a $555 million Permian Basin deal by Apache.
2022-07-21 - Harvest Midstream announced on July 20 the signing, funding and closing of a transaction to purchase the remaining interest of Arrowhead Gulf Coast Holdings LLC, a critical network of pipelines and terminals serving the Louisiana refinery market and regional production.
2022-06-08 - Here’s a snapshot of recent energy deals including a $170 million Williston Basin bolt-on and Intrepid-backed Rio Grande E&P finds an exit.
2022-06-01 - Here’s a snapshot of recent energy deals including series of transactions by Crestwood totaling roughly $1.2 billion that saw the company exiting its legacy Barnett Shale position.
2022-06-15 - Here’s a snapshot of recent energy deals including Devon Energy’s $856 million bolt-on acquisition of RimRock Oil and Gas in the Bakken plus BP’s exit from the Canadian oil sands.