North-east energy service company Proserv announced a multimillion-pound US acquisition yesterday.
Houston-based Total Instrumentation and Controls (TIC) specialises in advanced process and control-system equipment.
The deal will increase Proserv’s workforce by more than 300 staff to 1,600-plus.
TIC’s turnover this year was about £34million.
Proserv chief executive David Lamont 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 blowout preventer manufacturers, meaning the deal will create a greater stronghold for Proserv in the Gulf of Mexico market.
“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.”
Steve Lykins, chief operating officer at TIC, said: “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.”
Westhill-based Proserv specialises in exploration and production, drilling and infrastructure technical services to the global energy industry.
It has experienced strong growth this year with turnover increasing from £109million in 2011 to £196million in 2012.
In May this year, Proserv acquired Weatherford’s subsea controls business.