Weir Oil & Gas, the upstream oilfield services division of UK-based Weir Group has announced it has completed the acquisition of Singapore-based KOP Surface Products.
The acquisition is estimated to be worth an enterprise value of $114mn.
KOP Surface Products is a provider of advanced pressure control wellhead technologies, systems and services.
The acquisition, announced in mid-June, reflects Weir Oil & Gas’ commitment to global expansion, with a significant focus on Asia Pacific.
“Since opening the first wellhead manufacturing facility in Dubai’s Jebel Ali Free Zone a short while ago, we have continued to expand our global reach by supporting our customers, no matter where the job takes them,” Paul Coppinger, Weir Oil & Gas president, was quoted as saying in a press release.
“Our ability to manufacture products nearby is only part of the equation. We must continue to support customers through the service and products we provide. Acquiring KOP underlines that commitment and strengthens our promise to operators in this vital region.”
KOP has a long history and leading market positions in South East Asia, with a strong emerging business in the Middle East. KOP employs 450 people and is a provider of wellheads, surface trees, valves, actuators and aftermarket services for the oil and gas industry.
The business is headquartered in Singapore and 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 into Weir’s Oil & Gas division.
“From a technology, service and talent standpoint, this is an excellent fit and we look forward to our future together as a combined organisation,” said Gordon Cameron, chief executive of KOP Surface Products. “We see this as a substantial opportunity to offer more to our customers and prospects in the region. No doubt, we are stronger together.”
Cameron will continue to serve as president and report to Weir Oil & Gas president Coppinger.
