Enpro Subsea acquired by listed energy services group
Enpro Subsea has been acquired in a £28m deal.
The Aberdeen firm develops technology which maximises the recovery of oil from subsea wells.
Listed energy services group Hunting has moved to acquire the company which reported revenue of $14.1m and earnings before tax of $3.4m in 2019.
It said it will move Enpro’s outsourced manufacturing in-house and expand the commercial potential for its tech.
“The acquisition of Enpro further strengthens Hunting’s subsea offering and adds a high-technology product group to our portfolio,” said Hunting CEO Jim Johnson.
“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.”