Proserv Announces Acquisition of Nautronix
Proserv Group Llc (“Proserv”), a leading energy services company, has acquired Nautronix, a leader in the supply of subsea digital acoustic communication products and positioning services to the oil and gas industry, based in Aberdeen, United Kingdom. Proserv is a portfolio company of Riverstone Holdings LLC, an energy-focused private equity firm based in New York.
Employing 120 people, Nautronix is headquartered in Aberdeen where the main research and development, and manufacturing facilities are located. The company, which also has a Houston base, is internationally recognized for its through-water digital acoustic wireless communications and positioning systems, diver communications and vessel systems whilst also providing survey services. The technology focused organization which operates across the global subsea sector provides a range of products and services including; NASNet®, NASCoM, NASDrill, NASDive and Survey Services.
Proserv and Nautronix chief operating officers David Lamont (left) and Mark Patterson join forces through acquisition
The transaction, which includes Nautronix chief operating officer Mark Patterson joining Proserv, heightens Proserv’s position as a leading player in the controls and communications market and presents the company with the opportunity to expand its offering by providing fully integrated subsea controls, communications, positioning and survey services.
David Lamont, Proserv’s chief executive officer, said: “I am thrilled to welcome the Nautronix team to Proserv. We have been working together on bringing the two companies together for over a year, and while times in our industry are challenging, the rationale and benefits to all stakeholders including employees, shareholders and our clients remain as strong, if not stronger than ever.
“I am also excited to have Mark join the senior management team at Proserv. Mark will lead the Nautronix team through the transition and integration process as well as assuming his senior global position as head of strategy and new ventures for the Proserv Group. Individually, the two companies have been doing well in these more demanding times; together, however, we are much stronger, bringing a combined technology platform that is both unique and of great potential to deliver truly game changing solutions to our customers to meet the challenges and more importantly deliver the opportunities facing the industry today and in the future.”
Mark Patterson, chief executive officer of Nautronix, added “It was important for us to find the right company to partner with and we are delighted that it’s Proserv. Strategically, this is a fantastic opportunity for Nautronix as we can leverage from the increased exposure globally. That, combined with our considerable experience in the drilling, subsea and survey market, presents us with considerable opportunities going forward. We relish joining David and the Proserv team in building what we feel will be a compelling service offering, particularly with the significant cost savings and life-of-field benefits our products and services can bring within an increasingly challenging market.”
Proserv, which is headquartered in Aberdeen, UK, is an integrated energy services company working with clients to meet their subsea, drilling and production challenges. A company that is passionate about technology, Proserv has a large global footprint employing some 1800 people in five regions.
Riverstone is an energy and power-focused private investment firm founded in 2000 with over $30 billion of equity capital raised. Riverstone conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power, and renewable sectors of the energy industry.
With offices in New York, London, Houston, and Mexico City, Riverstone has committed approximately $29 billion to more than 110 investments in North America, Latin America, Europe, Africa, and Asia.