Combination of Proserv Group and Galathea Group Completed

ABERDEEN, Scotland, Oct. 12, 2011 /PRNewswire/ -- Proserv Group AS and Galathea Group Inc. have combined to form Proserv Group Inc. ("Proserv" or "the Company").  The debt of the merged companies was refinanced at the time of the combination.  Headquartered in Aberdeen, Scotland, Proserv is a global oilfield products and services company focused on the growing offshore and subsea markets.  Proserv has over 800 employees globally and is expected to achieve revenue in excess of $200 million annually.  The Company offers products and services that span the drilling, production and decommissioning segments of the oilfield lifecycle.  Proserv's operating divisions offer specialty hydraulic valves, subsea trees and associated preparation and installation services, test and control equipment, instrumentation and calibration equipment, oil and gas sampling cylinders, pipeline inspection and repair services, cold cutting and flushing services.  Intervale Capital, a private equity firm focused on investing in oilfield services, is the majority owner of Proserv.

David Lamont, Proserv's Chief Executive Officer, began his 25 year career in the energy industry with Schlumberger.  He later took a position at Vetco Gray as President of Eastern Region and Subsea Systems.  In 2007, he became Chief Executive Officer of Bateman Litwin.  An Australian Citizen, Lamont holds a degree in mechanical engineering from the University of Western Australia.  He joined Proserv as its Chief Executive Officer in early 2011.

Davis Larssen, Proserv's Chief Financial Officer, spent over eight years at Schlumberger, where he held a variety of finance roles.  He later served as Vice President of Finance at Vetco Gray for its Europe/Africa region.  Most recently, he was the Chief Financial Officer of Bateman Litwin.  Larssen holds an MBA from Erasmus University Rotterdam.  He joined Proserv as its Chief Financial Officer in early 2010.

Lamont remarked, "The combination of Galathea and Proserv creates a business platform with a broad geographical footprint.  We plan to capitalize on numerous cross-selling opportunities within our extensive suite of products and services."

Erich Horsley, a Partner at Intervale Capital added, "We are excited by the prospects of this combination, and look forward to helping the Proserv management team execute its organic and acquisitive growth plan."

About Proserv:

With operations across the globe, Proserv offers products and services that span the drilling, production, and decommissioning segments of the oilfield lifecycle.  Proserv's operating divisions offer specialty hydraulic valves, subsea trees and associated preparation and installation services, test and control equipment, instrumentation and calibration equipment, oil and gas sampling cylinders, pipeline inspection and repair services, cold cutting, and flushing services.  Please see www.proserv.com for more information.

About Intervale Capital:

Intervale Capital is an energy-focused private equity firm, with headquarters in Cambridge, Massachusetts, and an office in Houston, Texas, investing exclusively in middle-market oilfield services companies and related technologies.  Intervale's Fund I closed in 2008 with $280 million in commitments.

SOURCE Intervale Capital

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