|A conventional wellhead from KOP Surface Products (Photo: Business Wire)|
FORT WORTH, Texas--(BUSINESS WIRE)--Weir Oil & Gas has entered into an agreement to acquire KOP Surface Products, a provider of advanced pressure control wellhead technologies, systems and services. KOP has a long history and leading market positions in South East Asia, with an emerging business in the Middle East.
KOP employs 450 people and is a provider of wellheads, surface trees, valves, actuators and aftermarket services for the oil and gas industry. The business is headquartered in Singapore and has a manufacturing facility in Batam, Indonesia, in addition to a network of sales and service offices in Malaysia, Thailand, Vietnam, Qatar, UAE, Saudi Arabia and India. KOP's current management team will continue to lead the business, reporting into Weir’s Oil & Gas division.
The acquisition is for an equivalent enterprise value of US$114m.
“We’ve admired KOP for some time. They have great technology and really strong customer relationships in attractive markets. Weir Oil & Gas is already a global leader in pressure pumping and through this acquisition we’ll be able to expand our pressure control offering even further, building on Weir’s traditional strengths in North America and the Middle East,” said Paul Coppinger, Weir Oil & Gas President.
“We are delighted to be joining Weir Oil & Gas. This means we will be able to better serve our customers by benefiting from being part of one of the world’s leading engineering businesses with a strong record of investing in innovative technology and customer service,” said Gordon Cameron, Chief Executive of KOP Surface Products.
The acquisition is expected to complete in the third quarter of 2017.