Dril-Quip, Inc. and Proserv Group on Wednesday reported that they have made a strategic agreement under which Drill-Quip will rely upon Proserv to develop and manufacture its subsea control systems as a supplier.
“Our collaboration will provide significant benefits to our customers in the subsea production system market and allows access to complementary award-winning subsea technologies at competitive pricing,” Dril-Quip CEO Blake DeBerry commented in a written statement emailed to Rigzone. “This agreement aligns the interests of both companies in leveraging their respective technical and engineering expertise to deliver high quality subsea trees and controls that will save customers time and money, all while enhancing the execution of their offshore permits. We look forward to engaging with Proserv and our customers with these expanded offerings.”
According to the companies, the deal follows Dril-Quip’s strategic decision to consolidate control system supply and development with a dedicated subsea controls provider. The firms called Proserv “the natural party for Dril-Quip to partner with” given its “independence in the controls area, combined with its versatility to inferface with all subsea tree providers.” They also noted the agreement creates a framework for the companies to seek joint marketing and collaboration efforts through which Dril-Quip would provide subsea trees and Proserv would provide subsea controls via a bundled offering.
“We believe Proserv and Dril-Quip entering this agreement is an exciting and refreshing development for operators and our whole industry as we strive for value solutions focused on best-in-class technologies,” remarked Davis Larssen, CEO of Proserv Controls. “While Proserv will continue to operate independently, Proserv will also now support Dril-Quip with the supply of subsea controls to Dril-Quip’s overall subsea offering, including fully integrated solutions that provide customers access to best-in-class systems and service.”
Larssen added that his company will continue to focus on developing and supplying control systems.
“Following our restructuring in 2019 and the creation of two focused divisions, this reflects the next logical stage for the Proserv Controls business as it continues to focus on the core strengths of technology and innovative partnering for customer success, as evident here with Dril-Quip, as the only truly independent and focused controls provider in an industry that looks to new solutions going forward,” concluded Proserv Group CEO David Currie.
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