Subsea services group Acteon is adding subsea cutting expertise to its Claxton brand with the acquisition of Proserv’s international Field Technology Services and Survey business units.
The Field Technology Services business offers cutting, friction stud welding and pipeline maintenance services from bases in Stavanger (Norway), Houma (USA), Singapore and Aberdeen (UK). These additional services and facilities will be integrated into Acteon under the Claxton brand, enabling rapid globalisation of Claxton’s complementary well decommissioning, riser and conductor and surface pressure control offerings.
The Survey business unit will join Acteon’s existing UTEC Survey business – an independent global surveying company.
“This a fantastic opportunity to join two complementary businesses together, firstly by adding capabilities and capacity to our UTEC Survey offering and secondly by rapid globalisation of our Claxton product and service range, particularly in Norway and the Far East. The subsea cutting expertise of Proserv’s Field Technology Services, with its recognised position in the decommissioning of subsea structures and pipelines, fits really well with Claxton’s existing position in the well plugging and abandonment market,” said Richard Higham, Acteon’s chief executive.
The transaction is expected to be completed at the end of July 2019.
Sam Hanton, president of the Proserv businesses, will join Acteon with his complete management team.
Acteon’s principal advisers for the transaction were Evercore, Birketts and KPMG.