Dril-Quip Inc. (NYSE: DRQ) said Jan. 6 it acquired The Technologies Alliance Inc., doing business as OilPatch Technologies (OPT), for about $20 million.
Based in Houston, OPT is a provider of offshore riser systems and components, proprietary threaded connections and other products, with a focus on deepwater Spar and TLP Systems. The company was founded in 1990.
The deal will complement and further strengthen Dril-Quip's position as "a leading provider of dry tree systems and associated riser products," Blake DeBerry, the company's president and CEO, said in a statement.
RELATED: Land Ho! Dril-Quip Comes Ashore In $143 Million Deal
The acquisition is only Dril-Quip's second since the company was founded in 1981. In November, the company acquired TIW Corp., a 99-year-old family-owned manufacturer of consumable downhole products, for $143 million.
Dril-Quip, also based in Houston, will fund the OPT acquisition with cash on hand.
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