Global energy production technology services company Proserv is bolstering its rapidly-expanding subsea capabilities and specialist integrated services and increasing its workforce by more than 300 people.

Proserv, which has operations globally, has agreed terms to assume Weatherford International’s subsea controls’ business, which specializes in subsea and topside communication and control systems and subsea termination equipment for offshore production optimization, control and monitoring to customers around the globe.

The venture will include the 300-plus personnel who form Weatherford’s subsea controls business and all subsea control systems operations in the UK, Norway, North America, Middle East and Far East. In the deal, Proserv will acquire the business assets, and Weatherford’s existing subsea controls management will continue to run the day-to-day operations as part of the Proserv organization. In return, Weatherford will acquire common and preferred equity in Proserv and will have representatives on Proserv’s Board.

David Lamont, Proserv’s chief executive officer, 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. The prospective business venture with this Weatherford group of businesses is a perfect strategic fit for Proserv. This Weatherford group has an excellent track record in delivering industry-leading technology on time and within budget consistently. We share our core values and ambition to be the provider of choice to our customers and together, as a partnership, we will be even stronger.

Tags: Proserv Offshore