TechnipFMC (NYSE: FTI) reached an agreement with Plexus Holding Plc to acquire its wellhead exploration equipment and services business for jackup applications, the company said Oct. 19.
In conjunction with TechnipFMC’s global footprint and market presence, the company said it expects the acquisition to expand its portfolio in the mud line and HP/HT arena, boosting its products and services to the global jackup exploration-drilling market. Terms of the transaction weren't disclosed.
The business will be integrated into the TechnipFMC's surface technologies segment and will include the transfer of key personnel from Plexus, with their specialized know-how, to ensure continuity and ongoing customer support. The business will continue to operate from the existing location in Dyce, Aberdeen in the U.K.
Richard Alabaster, president of TechnipFMC’s surface technologies business, said in a statement: “I am very pleased that we have reached this agreement, which fits within TechnipFMC surface technologies’ strategy to extend and strengthen our position in exploration-drilling products and services while leveraging our global field presence. It also enhances TechnipFMC’s capability in HP/HT applications.”
Completion of the transaction is subject to the satisfaction of certain closing conditions, according to the TechnipFMC press release.
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