TechnipFMC (NYSE: FTI) reached an agreement with Plexus Holding Plc to acquire its wellhead exploration equipment and services business for jackup applications, the company said Oct. 19.
In conjunction with TechnipFMC’s global footprint and market presence, the company said it expects the acquisition to expand its portfolio in the mud line and HP/HT arena, boosting its products and services to the global jackup exploration-drilling market. Terms of the transaction weren't disclosed.
The business will be integrated into the TechnipFMC's surface technologies segment and will include the transfer of key personnel from Plexus, with their specialized know-how, to ensure continuity and ongoing customer support. The business will continue to operate from the existing location in Dyce, Aberdeen in the U.K.
Richard Alabaster, president of TechnipFMC’s surface technologies business, said in a statement: “I am very pleased that we have reached this agreement, which fits within TechnipFMC surface technologies’ strategy to extend and strengthen our position in exploration-drilling products and services while leveraging our global field presence. It also enhances TechnipFMC’s capability in HP/HT applications.”
Completion of the transaction is subject to the satisfaction of certain closing conditions, according to the TechnipFMC press release.
Recommended Reading
Petrobras CEO Prates to Step Down
2024-05-15 - Brazil’s President Luiz Inácio Lula da Silva has requested that Petrobras CEO Jean Paul Prates resign following a dispute over dividend payments.
TotalEnergies to Invest $400MM in LPG
2024-05-14 - TotalEnergies is investing more than $400 million into LPG to provide more than 100 million people in Africa and Asia access to clean cooking methods by 2030.
Quantum’s Wil VanLoh on Turning ESG into E$G
2024-05-21 - Wil VanLoh, founder and CEO of Quantum Energy Partners said private companies need to change their mindset on ESG because they’re building a product to sell to public companies — and may be missing out on cost savings.
E&P Earnings Season Proves Up Stronger Efficiencies, Profits
2024-04-04 - The 2024 outlook for E&Ps largely surprises to the upside with conservative budgets and steady volumes.
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
2024-05-04 - Tamboran Resources Corp. is majority owned by Permian wildcatter Bryan Sheffield and chaired by Haynesville and Eagle Ford discovery co-leader Dick Stoneburner.