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Proserv wins three contracts

ENGINEERING and energy technology business Proserv has sealed North Sea contracts with a total value of more than £15 million.

The Westhill, Aberdeenshire, firm said the first award is from TAQA and is to install controls for three subsea wells in the Cladhan field.

The second deal, for an unnamed operator, also involves work to control subsea wells using a fibre-optic communication system to allow high-speed data monitoring.

David Lamont, Proserv's chief executive officer, said: "Both contract wins reflect Proserv's industry-leading position and strong track record for delivering high-value integrated technology systems on time and within budget.

"Proserv continues to expand both globally and particularly in the North Sea where our strong and expanding client base is testament to our levels of technology and service."

Proserv, which has a turnover of around £196m, employs 1600 people across 30 sites around the world.

Last month the group sealed a £133m refinancing with a group of banks to help support its growth plans including further acquisitions.

In the last two years it has snapped up Weatherford's subsea controls firm Houston-based Total Instrumentation & Controls, which specialises in process and control systems equipment.

US private equity firm Intervale Capital continues to back Proserv.

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