Prysmian Group will acquire Gulf Coast Downhole Technologies (GCDT) for about $45 million in cash through an agreement, Prsymian said Sept. 25.
The energy and telecom cable systems company is based in Milan, Italy. The transaction involves an earn-out determined on an average combined EBITDA in the next three years and for a maximum earn-out payment of about $21 million.
Houston-based GCDT’s downhole control, injection flow assurance and monitoring products are installed in oil and gas wells around the world GCDT’s customers include Halliburton, Baker Hughes, Weatherford and Schlumberger. Companies that use the products include Chevron Corp. (CVX), ExxonMobil (XOM) and Shell (RDS-A).
GCDT fits fully into Prysmian’s expansion strategy in subsea umbilicals, risers and flowlines and complements its product range. The portfolio of protectors will be enhanced, the company added.
The acquisition is scheduled to close soon, the company said, subject to certain conditions.
Recommended Reading
Gushing, Ohio: EOG Joins Ascent, Encino in Top Oil Wells
2024-01-22 - EOG’s latest wells in its new Ohio oil play are rolling into state public records, while Ascent Resources and Encino Energy are reporting the biggest producers. All three are landing 3-milers. Some are 3.5 miles.
E&P Highlights: Jan. 8, 2024
2024-01-08 - Here’s a roundup of the latest E&P headlines including the second biggest deepwater gas find of 2023 and new contract awards.
Prairie Operating Acquires More D-J Basin Assets for $94.5MM
2024-01-15 - Houston-based Prairie Operating Co. is scaling its D-J Basin footprint with a $94.5 million acquisition of Nickel Road Operating LLC.
Despite GoM Struggles, 2024 is Still Ripe for Offshore Rigs
2024-01-07 - Though industry experts are predicting 2024 to be a slow year for rigs in the Gulf of Mexico, there is plenty of opportunity for contracts to be awarded in other markets.
US Drillers Add Oil, Gas Rigs for First Time in Three Weeks
2024-01-19 - U.S. energy firms this week added oil and natural gas rigs for the first time in three weeks