Dril-Quip reaches deal to buy downhole tool specialist

Offshore staff

HOUSTONDril-Quip has agreed to acquire TIW Corp., a manufacturer of liner hanger systems and related products for the global oil and gas market for around $143 million, subject to regulatory approvals.

TIW expects to deliver annual revenues of $80-100 million by 2018.

Blake DeBerry, Dril-Quip’s president and CEO, said: “We are particularly excited about [TIW’s] expandable liner hanger technology that is frequently used in deepwater or high-pressure/high-temperature environments.

“This acquisition will be the first in Dril-Quip’s history…TIW’s products and services fit squarely with and complement our current product offerings.”

10/17/2016

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