Hunting Snatches Houston-Based Energy Equipment Business

Acquired assets of

Hunting Plc, London, (London: HTG) has acquired the business and assets of Houston-based W.L. Doffing LP for US$20.8 million (£12.8 million) in cash.

Doffing is owned by a group of investors, which includes two of Doffing's senior managers.

Doffing provides high precision machining services to the energy industry focusing on equipment used for measurement-while-drilling and logging-while-drilling. The business also holds intellectual property for manufacturing other key components used in the oil and gas well bore.

The Doffing assets will be added to Hunting's well construction and well completion segments.

Hunting chief executive Dennis Proctor says, “Doffing's machining expertise is an excellent fit with Hunting's existing manufacturing capabilities and complements our technology offering. The delivery of products to exacting machining requirements is increasingly a feature of oil and gas drilling and the ability to complete a machining job on a first-pass will enable Hunting to participate in increasingly complex well designs, with corresponding opportunities to supply other products and services from our portfolio.”