Weir Oil & Gas has entered into an agreement to acquire KOP Surface Products, a provider of advanced pressure control wellhead technologies, systems and services. The acquisition is for an equivalent enterprise value of US$114 million.
KOP has a long history and leading market positions in South East Asia, with an emerging business in the Middle East.
KOP is headquartered in Singapore and employs 450. It 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. KOPs current management team will continue to lead the business, reporting into Weirs Oil & Gas division.
Weir Oil & Gas president Paul Coppinger said, Weve admired KOP for some time. They have great technology and strong customer relationships in attractive markets. Weir Oil & Gas is already a global leader in pressure pumping and through this acquisition well be able to expand our pressure control offering even further, building on Weirs traditional strengths in North America and the Middle East.
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 worlds leading engineering businesses with a strong record of investing in innovative technology and customer service, said KOP Surface Products chief executive Gordon Cameron.
The acquisition is expected to be completed in the third quarter of 2017.
Weir Oil & Gas provides products and service solutions, which make its upstream customers more efficient. More customers choose the pressure pumping solutions than any other.
It provides well service & stimulation pumps, flow control products and replacement expendable parts from leading brands including SPM, Mesa and Novatech.
Pressure Control includes trusted brands such as Seaboard, which provides wellheads, valves and frac trees, and Mathena, which delivers drilling mud-gas separation equipment including chokes, separators, & environmental containment equipment.
Engineered mechanical and rotating equipment repairs and upgrades, oilfield and drilling equipment repair and certification, rapid prototyping of spare parts, robust asset management and field engineering services, are delivered globally by Weir Oil & Gas Services based in Dubai, UAE.
Weir Oil & Gas is part of The Weir Group PLC. Founded in 1871, Weir is one of the worlds leading engineering businesses with 14,000 people operating in more than 70 countries.