Subsea services group Acteon announced on Monday it has acquired Proserv's field technology services (FTS) business unit, including its surveying capability. The exact terms of the transaction were been disclosed.
The services and facilities of the FTS business, which offers cutting, friction stud welding and pipeline maintenance services from bases in Stavanger (Norway), Houma (USA), Singapore and Aberdeen (UK), will be integrated into Acteon under the Claxton brand. The survey business unit will join Acteon's existing UTEC Survey business, an independent global surveying company.
Richard Higham, Acteon's chief executive, said, "This a fantastic opportunity to join two complementary businesses together, firstly by adding capabilities and capacity to our UTEC Survey offering and secondly by rapid globalization of our Claxton product and service range, particularly in Norway and the Far East. The subsea cutting expertise of Proserv's Field Technology Services, with its recognized position in the decommissioning of subsea structures and pipelines, fits really well with Claxton's existing position in the well plugging and abandonment market."
Sam Hanton, president, FTS, will join Acteon with his complete management team and will lead the integration process. A total of 177 employees will move across to Acteon as part of the sale agreement, Proserv said.
The company added that a transitional service agreement will be in place at several FTS sites as the process of separating the businesses is concluded. The transaction is expected to be completed at the end of July 2019.
For Proserv, the sale is the latest in a string of divestments as part of a strategy to realign its focus onto its core controls technology.
Davis Larssen, chief strategy officer at Proserv, said, "Following the recent strategic review of our business, it was decided that capabilities such as cutting, friction stud welding, pipeline maintenance and surveying no longer equated to Proserv's core controls technology offering, so a sale process was subsequently initiated.
"Proserv will continue to develop and roll out leading solutions, based around its controls technology, for its clients across the energy sector."