Energy production technology services company Proserv revealed yesterday it had won two North Sea contracts worth more than £15million.
The first deal is with Taqa for the Cladhan field.
Westhill-based Proserv will install a system to control three subsea wells.
The second contract is with an unnamed operator and also involves work to control subsea wells.
Proserv’s chief executive David Lamont said: “Both contract wins reflect Proserv’s industry-leading position and strong track record for delivering high-value integrated technology systems on time and within budget.
“Proserv’s fast-growing suite of technologies have been developed based on the company’s ‘ingeniously simple’ philosophy and are underpinned by the company’s international talent pool of technical and engineering expertise which has expanded considerably through organic growth and strategic acquisition.
“As a result, Proserv continues to expand both globally and particularly in the North Sea where our strong and expanding client base is testament to our levels of technology and service.”
The systems for both contracts will be manufactured at Proserv’s facility at Great Yarmouth.
Proserv has experienced fast growth in the past two years with turnover rising from £112million in 2011 to around £196million.
Proserv made two significant acquisitions last year.
The company acquired US company Total Instrumentation & Controls (TIC), which specialised in advanced process and control systems equipment. The deal saw TIC’s American-based workforce of more than 300 people joining Proserv. More than 300 members of Weatherford staff also joined Proserv after it acquired the group’s subsea-controls business in the UK, Norway, North America, Middle East and Far East. Proserv employs more than 300 people in the Aberdeenshire area and anticipates recruiting more locally this year. Proserv now has a global workforce of more than 1,600. The firm said last month it was on the acquisition trail at home and abroad after a £133million refinancing agreement.
The term loan and revolving credit facility is being supported by HSBC, Lloyds, Barclays, Wells Fargo, Santander and the Royal Bank of Scotland.
Simmons and Co advised on the deal, which will be used to pay down debt, pursue strategic acquisitions and support growth.
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