Scots firm acquired
Enpro Subsea sold to Hunting in $33m deal
Enpro subsea directors Craig McDonald, Ian Donald, Steve Robb, Neil Rogerson and Tom Bryce
Enpro Subsea, whose production technology has been adopted by global oil and gas firms, has been acquired by energy services company Hunting.
The deal is worth $33 million payable on completion, plus a potential maximum earn out of US $3m based on EBITDA performance in 2020.
Enpro, founded in 2011, received growth capital investment from EV Private Equity in January 2018.
It has developed subsea production technology now widely used by offshore operators within the global oil and gas industry.
The company and its 40 staff will continue to trade under the Enpro Subsea brand and operate with the existing senior management team from its existing facilities in Westhill, Aberdeen.
Ian Donald, Enpro Subsea CEO, said: “This is an exciting and positive transaction which represents a new chapter in the successful evolution of the company.
“With Hunting, we see significant opportunity to globalise our business and to enhance delivery of our production enhancing subsea technologies and services to our valued customers.”
Jim Johnson, chief executive of Hunting added: “The acquisition of Enpro further strengthens Hunting’s subsea offering and adds a high technology product group to our portfolio.
“The offshore market continues to strengthen and we look forward to providing a wider technology offering to our customers who continue to seek lower cost, enhanced production and more efficient solutions to the production of oil and gas.”