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Proserv Set for Further International Growth and Expansion

05 September 2011

Production technology services provider Proserv has created a new platform for robust and sustainable growth after restructuring its business into a fully integrated global organisation with a new company brand and fresh strategic focus.

The new organisation, with global headquarters located in Westhill, Aberdeen, UK, brings together five respected and successful companies under the new Proserv brand.Leveraging the strong market positions, track records and capabilities of these individual companies, Proserv can offer clients an enhanced portfolio of field-proven complementary technologies, in-depth engineering expertise and world-class service.

The five businesses now known as Proserv were: Proserv Technology, Proserv Offshore, Hydrafit Subsea, located in north east Scotland and Houston-based Gilmore Valve and Argus Subsea.

The Proserv businesses have enjoyed well-established reputations in their specialist markets; Proserv Technology as a leading provider of Instrumentation and Calibration, Oil and Gas Sampling and Automation and Controls products and services, and Proserv Offshore as a leading specialist of Inspection, Repair and Decommissioning services.

The other three were formerly part of the Galathea Group, which was the parent company to some of the most innovative oilfield service companies in the world. Hydrafit Subsea, which is located at Echt near Aberdeen, is dedicated to the design, manufacture and service of subsea production equipment. Established in 2002, Hydrafit is a trusted partner for subsea tree manufacturers around the world and one of the few service companies able to carry out the build and systems integration testing of subsea trees for OEM manufacturers and end users.

Gilmore Valve was established in the 1960s and has developed an enviable reputation as a world-class valve designer and manufacturer specialising in high-pressure, high-performance hydraulic valve solutions for the drilling, production and subsea markets.

Argus is an innovative company created to meet the growing needs of the highly demanding subsea production sector. Argus focuses on the design, manufacture and delivery of subsea trees ideal for marginal-field developments and fast-tracked projects, where time is critical and quicker deployment can lead to great opportunities and success for operators.

In June 2011, a new financing arrangement was completed for $115m (£72 million), which allowed the Proserv and Galathea companies to merge into one single entity. As one company, Proserv is a leading player in the energy services market, focused on maximising recovery, minimising costs and enhancing sustainability for it clients.

Chief executive officer David Lamont said the merger strengthens Proservís capabilities and expertise in the energy services arena, particularly in the drilling, production, subsea and decommissioning market sectors.

Mr Lamont said: "We are delighted to announce the new Proserv at Offshore Europe this week. The combination of expertise, innovation and dedication from all those within the new Proserv company structure will deliver outstanding results for our clients around the world.

"Each of the companies has a track record of proven project delivery and to bring these businesses together under one cohesive organisation with its own identity will not only enhance our market presence but extend our global reach and support coverage. The depth and breadth of our resources combined will give us a unique capability and establish the foundation for delivery of a far broader portfolio of products and services to clients globally.

Mr Lamont revealed that Proserv has significantly increased the size of its workforce and will be announcing further job opportunities and new contract wins in the months ahead. It intends to expand its geographical coverage and open new facilities into new overseas markets. It will pursue organic growth and will also remain on the lookout for new strategic acquisitions.

Proserv employs approximately 850 people in over 20 operating centres based in 10 countries. Annual revenue is currently in the region of $200m. Intervale Capital, an energy-focused private equity firm that manages a $280 million dollar private equity fund, is the majority shareholder of Proserv.