Houston’s Dril-Quip has signed an agreement acquired OilPatch Technologies (OPT) in a US$20 million cash deal.
Founded in 1990 and 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.
"We welcome OilPatch Technologies and its employees to Dril-Quip and are confident their product offerings will complement and further strengthen our position as a leading provider of dry tree systems and associated riser products," Blake DeBerry, Dril-Quip president and CEO said.
The acquisition is subject to closing adjustments.
In October, Dril-Quip signed a deal to acquire Houston-based TIW Corp. for approximately $143 million. TIW is a 100-year old manufacturer of consumable downhole products for the global oil and gas market, which provides liner hanger systems and related equipment and services worldwide.
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