NOW Inc. (DNOW) entered into an agreement to purchase Challenger Industries Inc. in an all-cash transaction, NOW said Aug. 4. The amount was not disclosed.
The transaction remains subject to regulatory approval and other conditions. Challenger supplies pipe, valves and fittings for the downstream, midstream and upstream energy markets. The company’s distribution business has about 11 sales and operations locations in the U.S. with about 160 employees.
“With a majority of their revenues tied to the provision of pipe, valves, fittings and flanges to downstream and midstream customers across several areas of the U.S., the Challenger Industries acquisition will expand our capabilities in those markets in addition to strengthening our ability to service upstream customers in the Rockies. We look forward to welcoming the Challenger employees to our team,” said Robert Workman, president and CEO of NOW.
NOW Inc. is a Houston-based distribution business.
Recommended Reading
Santos’ Pikka Phase 1 in Alaska to Deliver First Oil by 2026
2024-04-18 - Australia's Santos expects first oil to flow from the 80,000 bbl/d Pikka Phase 1 project in Alaska by 2026, diversifying Santos' portfolio and reducing geographic concentration risk.
Iraq to Seek Bids for Oil, Gas Contracts April 27
2024-04-18 - Iraq will auction 30 new oil and gas projects in two licensing rounds distributed across the country.
Vår Energi Hits Oil with Ringhorne North
2024-04-17 - Vår Energi’s North Sea discovery de-risks drilling prospects in the area and could be tied back to Balder area infrastructure.
Tethys Oil Releases March Production Results
2024-04-17 - Tethys Oil said the official selling price of its Oman Export Blend oil was $78.75/bbl.
Exxon Mobil Guyana Awards Two Contracts for its Whiptail Project
2024-04-16 - Exxon Mobil Guyana awarded Strohm and TechnipFMC with contracts for its Whiptail Project located offshore in Guyana’s Stabroek Block.