Selected recent deals

Drilling

PE firm American Securities acquired Ulterra Drilling Technologies LP from ESCO Corp. Ulterra is a leading manufacturer of polycrystalline diamond compact (PDC) drill bits used in the construction of oil and gas wells. Ulterra is now the second largest PDC company in the US.

AFGlobal Corp acquired the Managed Pressure Operations of MHWirth Inc, a subsidiary of Akastor ASA. The deal creates a major player in deepwater managed pressure drilling, with technology covering both onshore and offshore applications. The new business group within AFGlobal’s oil and gas segment will be known as Advanced Drilling Systems.

Rubicon Oilfield International Holdings LLC, backed by Warburg Pincus, acquired Tercel Oilfield Products Ltd, a specialist in drilling and completion technologies. Tercel has a broad portfolio of downhole well construction products and is a leader in torque and drag reduction in the construction of horizontal and extended reach wells.

Schlumberger Ltd acquired the coiled tubing drilling and coiled tubing units from Xtreme Drilling and Coil Services Corp, a provider of international land drilling and coiled tubing drilling services.

Services

Schoeller Bleckmann Oilfield Equipment AG acquired Downhole Technology LLC, a provider of composite frac plugs used to isolate sections of the wellbore during plug-and-perf hydraulic fracturing operations. Schoeller is a leader in high-precision components in the industry.

FMC Technologies Inc and oil-services firm Technip SA merged. The combined company had €18bn in revenue last year, making it among the world’s largest oil-services companies. The tie-up brings together the engineering and construction expertise of Technip with the underwater equipment and systems of Houston-based FMC.

Ironwood Capital invested in Professional Rental Tools LLC (PRT), a provider of stabilisation and support equipment in the Gulf of Mexico. PRT’s equipment and services are mission-critical for operators to safely and efficiently perform completion, maintenance, and plug & abandonment activities on deepwater wells.

Energy equipment maker National Oilwell Varco Inc bought the completion tools operations of Trican Well Service Ltd which designs a variety of downhole tools used for multi-stage fracturing and multi-zone completions. Trican now plans to further invest in its hydraulic
fracturing operations in Canada.

Cinven sold Prezioso-Technilor SA to Altrad SA, a provider of scaffolding, insulation, painting and mechanical services to customers in the industrial, construction and infrastructure sectors. Prezioso provides maintenance services for energy assets such as nuclear plants and oil and gas production facilities.

Buckthorn Partners and Arab Petroleum Investments acquired Ashtead Technology Ltd, a provider of subsea equipment and services.The deal allows Ashtead to increase its service offering and expand its geographical reach, with the Middle East being a particular area of focus.

John Wood Group plc acquired SVT Engineering Consultants Pty Ltd which provides piping and rotating equipment, vibration, noise, integrity engineering and asset integrity services. Its client base covers the onshore and offshore oil and gas market including LNG.

Dorf Ketal Chemicals India Pvt Ltd acquired FlowChem Technologies LLC, a speciality oilfield chemical provider that operates across the Gulf of Mexico and US onshore market. Flowchem’s portfolio of oilfield production and drilling products will be combined with Dorf Ketal’s products currently servicing offshore fields in Brazil.

Testing and inspection

Incline Equity Partners sold AmSpec Holding Corp to Olympus Partners. AmSpec is a global provider of testing, inspection and certification services for petroleum traders and refiners, and has grown into an international organisation with sites across the world.

Eddyfi NDT Inc, a leader in electromagnetic inspection technologies for non-destructive testing (NDT) acquired Silverwing (UK) Ltd. Eddyfi specialises in NDT solutions for the inspection of nuclear generating facilities, refineries and aerospace equipment.

Silverwing manufactures NDT products to inspect storage tanks, vessels and piping.

Automation

Schlumberger Ltd acquired Omron Oilfield and Marine Inc, a global leader in automation technology and solutions. The deal strengthens Schlumberger’s industrial automation control systems capabilities as part of its long-term strategy to develop an integrated well construction system. Omron Oilfield and Marine designs, manufactures, sells, and provides aftermarket services for automated drive and control systems, power houses, and drillers’ cabins.

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