Hunting PLC (LON:HTG) has announced the completion of its acquisition of Enpro Subsea for an initial US$33mln.
The acquired business has leading oil and gas subsea production technology. Hunting noted that the Enpro assets offer low cost, flexible field development solutions.
Notably, Enpro’s business focusses on technology and product development with manufacturing outsourced to third parties, and post-acquisition Hunting intends to bring this work in-house and then commercialise the technology across all the group’s key regional hubs.
"The acquisition of Enpro further strengthens Hunting's subsea offering and adds a high technology product group to our portfolio,” said Jim Johnson, Hunting chief executive.
“The offshore market continues to strengthen and we look forward to providing a wider technology offering to our customers who continue to seek lower cost, enhanced production and more efficient solutions to the production of oil and gas."
Enpro chief Ian Donald, meanwhile, added: “Enpro's technology offering has been utilised by major operators in key offshore development basins across the world.
“In joining the Hunting group we look forward to utilising its global operating platform to develop new customers and sales and to capitalise on this growing market segment."
Enpro generated US$14.1mln of revenue and made underlying earnings (EBITDA) of US$3.4mln last year, it ended 2019 with US$9.4mln of net assets and a US$11mln order book.