UK services player Proserv has agreed to acquire Swiss services giant Weatherford International’s subsea controls unit in an assets-for-shares deal.

Proserv said the draft deal would add 300 staff to its expanding subsea sector presence as well as all of Weatherford’s subsea control operations in the UK, Norway, North America, Middle East and Far East.

Weatherford International’s subsea controls arm specializes in subsea and topside communication and control systems as well as subsea termination equipment for offshore production optimization, control and monitoring.

Proserv will acquire the business assets of Weatherford while staff and management will remain in place. In return, Weatherford will acquire common and preferred equity in Proserv and will have representatives on Proserv’s board.

Proserv chief executive David Lamont said the tie-up was a “perfect strategic fit”

The deal is expected to be completed within the next two weeks, subject to regulatory clearances.

Aberdeen-based Proserv is a production technology and services company for the global energy industry with a staff of more than 800 people in ten countries.

Swiss-based, New York-listed Weatherford International is a global oilfield services provider with operations in more than 100 countries.

Source: Upstream Online