Aberdeen based well and pipeline service company, Qserv, has acquired
the Weatherford Group’s coil tubing business, with effect from 30th
June, 2006.

The multi-million pound deal will augment Qserv’s position as one of
the leading well and pipeline service companies. This deal
significantly accelerates the company’s international expansion
strategy. The acquisition includes all coil tubing, flowline and
nitrogen related assets, contracts and ongoing business in the North
Sea and Europe and also ongoing work in the Ivory Coast, Equatorial
Guinea, Mauritania and Yemen.

Tommy Dreelan, managing director of Qserv, said: “We are delighted to
have concluded this deal with Weatherford. While we continue to focus
on the North Sea, which is core to our business, we have been looking
to further develop overseas. The acquisition is an important step to
achieve our growth ambitions for integrated operations
internationally and provides the industry with a clear demonstration
of our international objectives without compromising our UK operations.

“We welcome the existing Weatherford staff to Qserv. Additionally we
will begin a major recruitment drive for offshore and onshore staff
to support our development plans both here and overseas providing
fresh opportunities for both existing and new staff. Ensuring that we
have a professional, dedicated team is key to delivering a quality
service for our clients,” continued Dreelan.

“Our very success is attributable to the quality of our team. We will
remain committed to enhancing our operations and providing clients
with added value and the resulting business growth from the
acquisition will facilitate this. We already have a major programme
of work this year and forecast continued growth in 2007 and beyond.
Along with our current £7m headquarters and workshop development due
for completion in December 2006, we have a very busy year ahead of us.

“We wish to thank our advisors and the Royal Bank of Scotland for
their support in concluding the deal,” added Dreelan.

Andrew P. Becnel, Vice President of Finance at Weatherford
International Ltd., said, "Qserv has an extremely talented and
experienced management team who knows the coil tubing business well.
With the addition of these new employees and assets, Qserv has
positioned itself exceptionally well to further strengthen its
business on a global basis."