HOUSTON – Cameron (NYSE: CAM) has agreed to acquire the drilling equipment business of TTS Energy Division from TTS Group ASA. The all cash transaction valued at $270 million is expected to close during the middle of 2012. The transaction is subject to customary closing conditions, including review and approval by the Norwegian Competition Authorities.
TTS Energy products include drilling rig control systems, top drives, traveling blocks, automated pipe handling, iron rough necks, drawworks, derrick structures, drill floor tools, fingerboards, BOP handling equipment, deadline anchors, and drill line spoolers.
Jack Moore, chairman, president and CEO of Cameron, said: “The addition of TTS Energy’s portfolio of drilling equipment will complement the acquisition of LeTourneau Technologies, which occurred last year, and will add to our existing products offering and will enhance the growth opportunities for our drilling systems platform.”