PRODUCTION technology service provider Proserv said today it had expanded its operations significantly.
The new organisation, with global headquarters at Westhill, Aberdeenshire, brings together five firms under the new Proserv brand.
The five businesses now known as Proserv were three from the north-east – Proserv Technology, Proserv Offshore and Hydrafit Subsea – plus Houston-based Gilmore Valve and Argus Subsea.
The latter three firms were formerly part of the Galathea Group.
Proserv said a new £72million financing arrangement allowed it and the Galathea businesses to merge into one single entity. Chief executive David Lamont said the merger strengthened Proserv’s capabilities and expertise in the energy service arena, particularly in drilling, production, subsea and decommissioning.
He said Proserv – which employs about 850 people – would be announcing additions to its workforce and new contract wins in the months ahead.
Expansion plans include new facilities in fresh overseas markets, while the company will also remain on the lookout for new strategic acquisitions.
Private-equity firm Intervale Capital is Proserv’s majority shareholder.