Engineering company Weir Group Plc is close to selling a unit, which supplies pumps and valves to power and oil and gas industries, for more than 300 million pounds (US$390 million), a source with knowledge of the matter told Reuters.
The 148-year-old company said in April 2018 that it would start a process to sell the flow-control division, which contributes about 15% to its total revenue.
The source said U.S.-based private equity firm First Reserve Management was among a number of buyers eyeing the unit.
"The process is ongoing and there are still a number of interested parties that are looking at the asset," the source said.
The proposed sale comes after oilfield services companies were hit by a slowdown in demand last year as regional oil prices fell due to transportation bottlenecks faced by producers.
Weir, which agreed to buy ESCO Corp. for $1 billion last year to bolster its mining business, declined to comment. First Reserve did not immediately respond to a request for comment.
Sky News first reported the development in the sale process on Jan. 31. (US$1 = 0.7634 pounds)
Recommended Reading
SM Energy Marries Wildcatting and Analytics in the Oil Patch
2025-04-01 - As E&P SM Energy explores in Texas and Utah, Herb Vogel’s approach is far from a Hail Mary.
US Oil Rig Count Rises to Highest Since June
2025-04-04 - Baker Hughes said oil rigs rose by five to 489 this week, their highest since June, while gas rigs fell by seven, the most in a week since May 2023, to 96, their lowest since September.
EOG Secures Award to Explore Abu Dhabi for Unconventional Oil
2025-05-16 - U.S. shale giant EOG Resources will evaluate 900,000 acres in a hydrocarbon-rich basin in Abu Dhabi under a new concession agreement with ADNOC.
E&P Highlights: April 28, 2025
2025-04-28 - Here’s a roundup of the latest E&P headlines, including field redevelopment in Iraq and an estimate of gas resources in Namibia.
NextEra: US Power Demand Will Call for Extra 71 Bcf/d Equivalent
2025-04-29 - NextEra Energy expects that of the total 450 GW of new electricity demand in the coming few years, 75 GW will be gas-fired—or some 12 Bcf/d. But turbines and skilled labor are needed.