Proserv Acquires Subsea Engineering Firm Velocious (Australia)

Market leading energy production technology services company Proserv has strengthened its global position with the acquisition of pioneering subsea engineering firm Velocious.

The deal for the business, based in Perth, Australia, will see Proserv integrating more than 20 members of staff specialising in intervention, tooling, engineering innovation and project management into their business.

Established in 2006, Velocious has been involved in providing innovative solutions to some of the most demanding projects faced by oil and gas companies across the globe. The company specialises in the subsea domain with intervention on subsea production equipment being a particular area of strength.

Delivering innovative solutions to clients operating in the subsea space relies on the multi-disciplinary team of engineers at Velocious and their very significant knowledge and experience.

Velocious has a strong track record for oil & gas project management and has worked for a host of international companies.

The deal comes six months after Proserv acquired US company Total Instrumentation & Controls (TIC), taking on its 300 members of staff. In addition, Proserv also took on Weatherford’s subsea controls subsidiaries during 2012, adding a further 300 staff to the company.

This latest deal sees Proserv increase its talent pool to in excess of 1900 employees and reinforces the company’s position as a leader in drilling and subsea innovation.

David Lamont, Proserv’s chief executive officer, said: “Velocious is a widely respected business which fits well with Proserv’s ethos of ingenuity and innovation.

“As we have shown in the past, we are always looking to invest in companies which strengthen and diversify our suite of products and services. The Velocious team bring a variety of skills and a great depth of knowledge to Proserv.”

The Velocious announcement comes days after Mr Lamont was named Ernst & Young Scotland Entrepreneur of the Year 2013. At the event, he was praised by the judging panel for moulding “a phenomenal business of a truly global nature” in overseeing a 25% year-on-year growth during his two years at the company.

Brian Matthews, director at Velocious, said: “Proserv has grown to become a leading player in the energy sector in recent years. Joining forces with Proserv will allow us to continue growing on a global scale.”

Proserv, which is headquartered in Aberdeenshire, UK, is a market-leading company specialising in exploration & production, drilling, and infrastructure technical solutions and services to the global energy industry. The company operates worldwide across several regions.

Proserv has experienced exceptional growth over the past 12 months particularly in the subsea services sector.

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Press Release, June 24, 2013