Proserv Group Takes Over Weatherford’s Subsea Control Business

Acquired subsea controls business, gaining control systems operations in the U.K., Norway, North America, the Middle East and the Far East.

Privately held, Aberdeen, U.K-based Proserv Group Inc., an Intervale Capital-based company, has acquired the subsea controls business of Weatherford International, Geneva, (NYSE: WFT) for an undisclosed price.

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 U.K., Norway, North America, the Middle East and the Far East. The transaction will bolster Proserv's expanding subsea capabilities and specialist integrated services.

Proserv chief executive David Lamont says, “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."

Intervale managing partner Charles Cherington says, “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. Intervale Capital is a private equity firm focused on investments in middle-market oilfield services companies.