Yarmouth offshore firm adds major new contract

Proserv technician working on subsea control systems

Proserv technician working on subsea control systems - Credit: Archant

Global-leading energy services company Proserv, which employs more than 300 staff in Great Yarmouth, has continued its growth success story by securing a new contract worth nearly £13m.

The latest award by US-based Hess Corporation is for the provision of a 12-well subsea control system for the deepwater Stampede development in the Gulf of Mexico.

The design and manufacture of the subsea electronics modules and subsea control modules will be carried out by Proserv's team of subsea experts in Yarmouth.

The systems will be delivered in a phased approach through 2015 and 2016 in line with key project milestones.

Proserv, which has four sites on Yarmouth's Gapton Hall Industrial Estate, all focusing on the design, engineering and manufacturing of leading-edge technologies for the subsea sector, has a long-standing relationship with Hess Corporation and over the past three years has secured work with the operator estimated to be worth - including the latest contract - more than £20m.

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David Lamont, Proserv CEO, said: 'This is a significant win for the company that highlights the strength of our technical and engineering expertise as well as our market-leading status in the subsea controls and communications field.

'The award of this contract is testament to the strength of our relationship with Hess Corporation and their trust in our ability to deliver robust technology solutions and services on time and to the highest standards.'

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Proserv, which operates worldwide across several regions, has a 40-year track record in delivering bespoke solutions for the energy industry, particularly in the drilling, production, subsea and marine market sectors.

The latest contract comes just weeks after Proserv was acquired by Riverstone Holdings, a major US private equity investor, in a deal designed to facilitate further rapid growth.

Proserv's Yarmouth operation is recognised throughout the industry as a global subsea centre of excellence, which has been a major achievement for the firm's team in the town and for the local economy.

In March, Proserv announced it had won a £24m contract to provide nine subsea control systems for several projects in Brazil up to 2,500m water depth. Overall project execution for that work is being carried out in Yarmouth.

Proserv was formed by Intervale Capital, a private equity firm primarily focused on the oilfield services industry.

The company's global workforce has grown to more than 2,200 employees worldwide as a result of exceptional organic growth and a series of acquisitions. Its turnover has increased by 168pc from £99m to £263m over the past three years.

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