NOW Inc. has entered into an agreement on March 1 to acquire from GR Energy Services, a portfolio company of Pine Brook, substantially all of the assets used in connection with its Flex Flow business, predominantly relating to the rental, sale and service of surface-mounted horizontal pumping systems and horizontal jet pumping systems. Terms of the all-cash transaction, which remains subject to customary closing conditions, including regulatory approval, were not disclosed.
“We are excited about the opportunity to add the Flex Flow business to DistributionNOW,” David Cherechinsky, president and CEO of NOW Inc., said. “With its established position in the horizontal multistage centrifugal pump (H-pump) packages and water management solutions market, Flex Flow will provide numerous attractive opportunities in the midstream space for DNOW. We are looking forward to the opportunity to welcome the Flex Flow employees to our team. DNOW plans to continue to seek acquisitions that can add to its historical return profile in a positive manner and we believe the Flex Flow acquisition will be an excellent example of that.”
Flex Flow is a leading provider of H-pump solutions for applications across the energy industry. Flex Flow has earned a widespread reputation of H-pump expertise throughout the lifecycle of the application, via its suite of rental, permanent installation and service and support offerings. Flex Flow is based out of Midland, Texas, currently serving the Permian, Bakken/Rockies and Mid-Continent regions.
NOW Inc. is one of the largest distributors to energy and industrial markets on a worldwide basis, with a legacy of over 150 years. NOW Inc. operates primarily under the DistributionNOW and DNOW brands. Through its network of approximately 195 locations and 2,450 employees worldwide, NOW Inc. offers a comprehensive line of products and solutions for the upstream, midstream and downstream energy and industrial sectors. Our locations provide products and solutions to exploration and production companies, energy transportation companies, refineries, chemical companies, utilities, manufacturers and engineering and construction companies.
A federal judge ruled late Tuesday that the Interior Department violated federal law by failing to take into account the climate impact of its oil and gas leasing in Wyoming.
Around 160 km (100 miles) of the gas pipeline, which will supply Russian gas to Germany and other European countries, remains to be laid, the consortium behind the project said earlier on Dec. 23.
Kuwait and Saudi Arabia signed on Dec. 24 an agreement and a memorandum of understanding on dividing the Neutral Zone, which contains jointly-operated oilfields, between the two countries, Kuwait's state-run news agency (KUNA) said.