Westhill-based energy production technology service company Proserv is taking over a unit of Weatherford International.
There is no cash element to the deal, which also involves Weatherford taking a minority stake in Proserv.
Proserv, which has operations worldwide, will now own Weatherford’s subsea-controls business.
The unit employs more than 300 people in the UK, Norway, North America, Middle East and Far East.
The Proserv subsea operation at Westhill employs 235 people while the Weatherford operation being acquired has 15 people in Aberdeen.
Proserv chief executive David Lamont said: “The prospective business venture with this Weatherford group of businesses is a perfect strategic fit for Proserv.
“It will be an exciting new partnership that enhances our integrated capabilities and creates significantly more capacity to develop our international business. It will also bring further positive benefits for employees and give them the opportunity to become involved in a broader, more diverse range of projects as well as considerable benefits to our fast-growing portfolio of clients through the delivery of an enhanced service capability.”
Kevin Snowling, head of Weatherford’s subsea-controls business, said: “This exciting and complementary merging of these two like-minded businesses provides a solid platform from which the obvious growth potential of the individual businesses can be realised and further increased as a combined team.”
Proserv is owned by Intervale Capital, an energy-focused private-equity firm. Weatherford is based in Switzerland