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Proserv Sells Drilling Services Business to C-Automation

March 26, 2019

ABERDEEN, Scotland--(BUSINESS WIRE)--Mar 26, 2019--Leading controls technology company Proserv and C-Automation, a manufacturing and field services provider specializing in pressure control systems, have today announced the sale of Proserv’s worldwide drilling services business, which was formerly known as TIC, to C-Automation Inc.

The divested business will now trade as C-Automation Services.

Scott Shugart, president, Drilling Controls at Proserv, said of the deal:

“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.

“Proserv remains firmly committed to the drilling market and is actively working on new products to support our customers.”

As a part of the sale agreement, Proserv and C-Automation will work in partnership to provide their customers with shared products and services. Proserv will supply its drilling controls 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 significantly broaden the customer base that it serves.

Mike Gould, CEO of C-Automation stated, “Purchasing this drilling services business from Proserv is a critical component of our longer-term global growth strategy. We have consistently prided ourselves on our custom manufacturing and field service capabilities, and this acquisition provides us a unique opportunity to accelerate entry into new markets and strengthen our capacity to serve our customers’ complex drilling needs.”

Davis Larssen, chief strategy officer for Proserv, commented, “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.”

Both parties have agreed to keep the financial terms of the deal undisclosed.

Proserv is a controls technology company providing tailored solutions to clients across the drilling, production, decommissioning and renewables market sectors. The firm has offices in 18 countries across four continents and employs approximately 1,200 people. Proserv is presently operating in more than 60 countries around the world. For more information, visit www.proserv.com

C-Automation is a global, full-service provider of API 16D BOP Control Systems and field service offerings for clients in a variety of industries including oil and gas, steel and paper. Specializing in a range of capabilities including instrument tubing, piping, welding, electrical, flushing and testing services. C-Automation provides exceptional customer service and custom solutions to solve its clients’ complex challenges. Headquartered in Houston, Texas, C-Automation has facilities in Saudi Arabia, Brazil, Midland and Odessa. For more information, visit www.c-automation.com

View source version on businesswire.com:https://www.businesswire.com/news/home/20190326005625/en/

CONTACT: Emily Henson, Public Relations Manager

Tel: 281-299-0538

Emily@hallaronadvertising.comJonathan Sheikh-Miller, Global Content & PR Manager

Tel: +44 (0)1244 737121

Jonathan.Sheikh-Miller@proserv.com

KEYWORD: UNITED KINGDOM UNITED STATES EUROPE NORTH AMERICA TEXAS

INDUSTRY KEYWORD: ENERGY OIL/GAS TECHNOLOGY OTHER TECHNOLOGY MANUFACTURING STEEL OTHER MANUFACTURING NATURAL RESOURCES FOREST PRODUCTS

SOURCE: C-Automation

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PUB: 03/26/2019 09:57 AM/DISC: 03/26/2019 09:58 AM

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