US Hunting Buys UK Upstream Services Co

US oilfield services company Hunting has bought a UK peer, Aberdeen-based Enpro Subsea and its US, Norwegian and Ghanaian subsidiaries for $33mn plus a potential maximum earn out of $3mn depending on pre-tax earnings for this year, Enpro said February 21. In December it said 2019 had been a record year with more patents added to its range.

Enpro was founded in 2011 and has developed subsea production technology that has been adopted by offshore operators within the global oil and gas industry. Two years ago it had a private equity injection to fund its growth. Products include flow access modules and flow intervention services that enhance oil and gas recovery; and decommissioning services. Modular configurations enable shorter development timescales, Enpro said.

The company will continue to trade under the Enpro Subsea brand and operate with the existing senior management team from its existing facilities.

Enpro CEO Ian Donald said that the Hunting deal would give it "significant opportunity to globalise our business and to enhance delivery of our production enhancing subsea technologies and services to our valued customers.”

Hunting CEO Jim Johnson said the deal "strengthens Hunting’s subsea offering and adds a high technology product group to our portfolio. 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.”