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Proserv secures Weatherford subsea business
Posted 11.05.2012 08:04:11 av John Bradbury
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Aberdeen-headquartered Proserv has swooped in to buy the subsea controls business owned by Weatherford International with the backing of a private equity firm.

Proserv's deal will see the acquisition of specialised topsides and subsea controls and communications products and technology from Weatherford.

The deal has been put together with backing from Intervale Capital, based in Cambridge, Massachusetts in the US, which also has offices in Houston. The cost of the acquisition has not been disclosed.

Proserv chief executive 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. This transaction is a perfect strategic fit for Proserv.”

Intervale managing partner Charles Cherington said the move should allow Proserv to grow further. He said: “This is a transformative transaction for Proserv and provides the company with a significantly broader suite of subsea and offshore capabilities.”

Proserv formed in June last year, combining Proserv Group AS and Galathea Group Inc and the company's portfolio includes Proserv Technology, Proserv Offshore, Hydrafit Subsea, Gilmore Valve and Argus Subsea.
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