In the latest in a spate of mergers and acquisitions in the oil and gas industry, oilfield services major Weir Oil & Gas has announced the acquisition of KOP Surface Products, a provider of advanced pressure control wellhead technologies, systems and services.
According to a press release received by arabianoilandgas.com, the acquisition is for an equivalent enterprise value of $114mn, and is expected to complete in the third quarter of 2017.
Singapore-based KOP, which employs 450 people, is a provider of wellheads, surface trees, valves, actuators and aftermarket services for the oil and gas industry.
KOP’s primary business in the South East Asia market, with the company intending to strengthen its foothold in the Middle East. The business has a manufacturing facility in Batam, Indonesia, in addition to a network of sales and service offices in Malaysia, Thailand, Vietnam, Qatar, UAE, Saudi Arabia and India.
KOP’s current management team will continue to lead the business, reporting to Weir’s Oil & Gas division.
“We’ve admired KOP for some time. They have great technology and really strong customer relationships in attractive markets. Weir Oil & Gas is already a global leader in pressure pumping and through this acquisition we’ll be able to expand our pressure control offering even further, building on Weir’s traditional strengths in North America and the Middle East,” Paul Coppinger, Weir Oil & Gas president, was quoted as saying.
“We are delighted to be joining Weir Oil & Gas. This means we will be able to better serve our customers by benefiting from being part of one of the world’s leading engineering businesses with a strong record of investing in innovative technology and customer service,” said Gordon Cameron, chief executive of KOP Surface Products.
