Argan Inc. (AGX) said May 12 it entered into an agreement to acquire Atlantic Projects Co. Ltd. (APC) in exchange for a combination of cash and common stock.
APC, based in Dublin, Ireland, meets the needs of clients in the oil and gas industry by installing, commissioning, upgrading and maintaining large rotating equipment, boilers and associated systems onshore and offshore.
The company also provides turbine, boiler and large rotating equipment installation, commissioning and outage services to original equipment manufacturers, EPC contractors and plant owners worldwide.
With offices in Hong Kong, Singapore and New York, the acquisition of APC will expand Argan’s operations internationally.
APC will continue to operate under its own name and with its own management team as part of the Argan group of companies, based in Rockville, Md.
"By combining the technical and operational strengths of APC with the financial and management capabilities of Argan we will be able to expand and enhance the range of services and benefits that we provide to our clients,” said Philip Healy, managing director of APC, in a statement.
The transaction is expected to close by May 31.
Recommended Reading
Rhino Taps Halliburton for Namibia Well Work
2024-04-24 - Halliburton’s deepwater integrated multi-well construction contract for a block in the Orange Basin starts later this year.
Halliburton’s Low-key M&A Strategy Remains Unchanged
2024-04-23 - Halliburton CEO Jeff Miller says expected organic growth generates more shareholder value than following consolidation trends, such as chief rival SLB’s plans to buy ChampionX.
Deepwater Roundup 2024: Americas
2024-04-23 - The final part of Hart Energy E&P’s Deepwater Roundup focuses on projects coming online in the Americas from 2023 until the end of the decade.
Ohio Utica’s Ascent Resources Credit Rep Rises on Production, Cash Flow
2024-04-23 - Ascent Resources received a positive outlook from Fitch Ratings as the company has grown into Ohio’s No. 1 gas and No. 2 Utica oil producer, according to state data.
E&P Highlights: April 22, 2024
2024-04-22 - Here’s a roundup of the latest E&P headlines, including a standardization MoU and new contract awards.