Proserv sheds drilling services business
Energy services company Proserv has sold its drilling services business, formerly known as TIC, to pressure control systems provider C-Automation Inc.
Proserv said on Tuesday that the divested business would now trade as C-Automation Services.
As a part of the sale agreement, Proserv and C-Automation will work in partnership to provide customers with shared products and services.
Proserv will supply its drilling control products, including its Gilmore-branded valves and field-testing equipment, while C-Automation will provide welding, electrical, piping, flushing, and tubing services.
As a result of the acquisition, C-Automation will more than double its staff of service technicians and broaden the customer base that it serves.
Scott Shugart, president of drilling controls at Proserv, stated: “Following a strategic review of our portfolio, providing manpower to our customers to perform welding, electrical, piping, and tubing services no longer complemented Proserv’s core offering, so a sale process was activated last year, and it has resulted in this successful announcement today.”
Davis Larssen, chief strategy officer for Proserv, added: “We have been in the process of reviewing and adapting our development plan and we are committed to focusing exclusively on our core controls technology as we move forward.
“Our products and services in the drilling market remain a strong proposition. But as we conclude this divestment, we wish the team at C-Automation well for the future.”
It is worth noting that both parties agreed to keep the financial terms of the deal undisclosed.