The FTS business comprises cutting, friction stud welding and pipeline maintenance and incorporates bases in Stavanger (Norway), Louisiana (USA), Singapore and Aberdeen (UK). These services and facilities will be integrated into Acteon under its Claxton brand. The survey division will join Acteon’s existing UTEC Survey business.
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.
Davis Larssen, chief strategy officer at Proserv, said of the deal:
“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.
“The FTS team has been an integral part of Proserv’s portfolio for a number of years but this divestment enables both businesses to move forwards with great positivity and optimism for the future. We wish Sam and his team well as they commence their new chapter at Acteon.
“Proserv will continue to develop and roll out leading solutions, based around its controls technology, for its clients across the energy sector.”
A transitional service agreement will be in place at several FTS sites as the process of separating the businesses is concluded. It is hoped the deal will be completed at the end of July 2019.
The exact terms of the transaction have not been disclosed.
Read the article online at: https://www.oilfieldtechnology.com/special-reports/15072019/proserv-agrees-to-sell-field-technology-services-business-unit-to-acteon/