Shawcor Ltd. closed the CA$35.5 million acquisition of the assets of Tubular Inspection and Management (TIM) and Global Poly businesses, the company said Nov. 26. TIM and Global Poly are operated by Flint Field Services Ltd. and operate from five owned and five leased facilities in Alberta, British Columbia and Saskatchewan.
The TIM business is very similar to the tubular inspection and management business operated by Shawcor's Guardian division. The estimated revenue in 2015 of these acquired businesses is about CA$46 million, Shawcor said, noting it will be accretive to Shawcor's earnings per share within the next year.
Steve Orr, Shawcor’s president and CEO, said Global Poly manufactures and sells plastic and co-extruded liners for line pipe and downhole applications. Shawcor’s Flexpipe business could extend its Western Canadian service offerings and bolster its composite production systems strategy through the acquisition, he added.
Toronto-based Shawcor provides products and services for the pipeline, pipe services and petrochemical segments of the oil and natural gas industry.
Recommended Reading
Marketed: Outpost Energy Alberta Properties Divestiture
2024-04-03 - Outpost Energy has retained Sayer Energy Advisors for a corporate sale process on properties in Alberta.
Dallas Fed Energy Survey: Permian Basin Breakeven Costs Moving Up
2024-03-28 - Breakeven costs in America’s hottest oil play continue to rise, but crude producers are still making money, according to the first-quarter Dallas Fed Energy Survey. The situation is more dire for natural gas producers.
ONEOK CEO: ‘Huge Competitive Advantage’ to Upping Permian NGL Capacity
2024-03-27 - ONEOK is getting deeper into refined products and adding new crude pipelines through an $18.8 billion acquisition of Magellan Midstream. But the Tulsa company aims to capitalize on NGL output growth with expansion projects in the Permian and Rockies.
Global Partners Buys Four Liquid Energy Terminals from Gulf Oil
2024-04-10 - Global Partners initially set out to buy five terminals from Gulf Oil but the purchase of a terminal in Portland was abandoned after antitrust concerns were raised by the FTC and the Maine attorney general.
DXP Enterprises Buys Water Service Company Kappe Associates
2024-02-06 - DXP Enterprise’s purchase of Kappe, a water and wastewater company, adds scale to DXP’s national water management profile.