SOURCE: Proserv

Proserv

December 20, 2012 11:08 ET

Proserv Boosts Global Offering Through US Acquisition Deal

HOUSTON, TX--(Marketwire - Dec 20, 2012) - Market-leading energy production technology services company Proserv has bolstered its rapidly-evolving global footprint and specialist integrated services after acquiring major US company Total Instrumentation & Controls (TIC).

The acquisition of Houston-based TIC, which specializes in advanced process and control systems equipment and has a second manufacturing facility in Lafayette (LA), also significantly increases Proserv's talent pool by more than 300 people to over 1600 with the entire American-based workforce joining forces with the company under the Proserv mantle.

TIC provides a broad range of installation and maintenance services to equipment manufacturing, drilling, production and pipeline companies. Specializing in blow-out prevention (BOP) stacking and installation services for offshore applications, the company manufactures drilling and production control systems and supplies ancillary subsea components such as remote terminal units (RTUs) and topside umbilical termination units (TUTUs).

The deal reinforces Proserv's position as a leading player in the drilling and production controls market and provides the company with enhanced capabilities to expand its offering into the BOP subsea controls and services sector.

David Lamont, Proserv's chief executive officer, said: "The acquisition of TIC is completely in line with our ambitious growth strategy -- investing in companies and complementary world-class technologies that strengthen our suite of innovative products and services.

"This is a significant development for Proserv as TIC is a leading independent contractor to subsea BOP manufacturers, meaning the deal will create a greater strong-hold for Proserv in the Gulf of Mexico market, enhancing our integrated capabilities. In turn, this will allow us to cross-sell Proserv products and services through TIC's customer base, creating considerably more capacity to develop our international business.

"Existing product lines, such as our Gilmore Valve range, are complemented by TIC's service offering and will enable us to provide the offshore and land based drilling sector with a more comprehensive drilling controls solution.

"We are thrilled to welcome the TIC team to Proserv. They bring a broad range of technical skills and experience, but most importantly they share our core values and ambition to be the provider of choice to our customers and together, as one company, we are even stronger."

Steve Lykins, chief operating officer at TIC, said: "We are delighted to become part of the Proserv family and believe it will create a unique opportunity to grow our business to benefit our customers and our people.

"TIC has been a leading expert in process control and safety shutdown systems and services for over 20 years and through Proserv's global footprint and world-class portfolio of services, we can look to strengthen our service capabilities and accelerate our international expansion."

Proserv is a market-leading company specializing in exploration & production, drilling, and infrastructure technical solutions and services to the global energy industry. The company operates worldwide from 30 sites in 6 geographical regions namely the Americas, North UK & Africa, South UK & Europe, Scandinavia, Middle East & North Africa and the Far East & Australia.

Proserv has experienced exceptional growth over the past 12 months particularly in the subsea services sector. Earlier this year, more than 300 members of Weatherford staff joined Proserv when the company's subsea controls subsidiaries were acquired in May.

For more information about Proserv, visit: www.proserv.com

Notes to editor:

About Proserv:

Proserv is a production technology and services company for the global energy industry offering customers a wide range of products and services for the entire oilfield lifecycle. Proserv has a large global footprint employing over 1600 people in 11 countries and 30 sites. Our range of products and services are grouped into 3 main categories:

Proserv Americas:

Whilst Proserv is headquartered in the UK, the company has a large regional presence in the Americas. With the TIC acquisition, headcount for the region is close to 600 people who operate from 8 different sites throughout Houston and Louisiana. Proserv Americas regional head office is based in Houston, Texas.

Exploration & Production:
Solutions to enhance operational efficiency, reduce risk and maximise oilfield production

Drilling:
Offering high quality, high technical integrity and high reliability products and supporting services to the drilling sector

Infrastructure Technical Services
Specializing in a wide range of installation, maintenance and repair services for topside and subsea applications

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