Hunting acquires subsea production technology provider Enpro Subsea
Hunting acquisition of Enpro Subsea : London based energy services provider Hunting PLC has made a $36 million worth acquisition of Enpro Subsea from members of the latter’s management team and Energy Ventures Private Equity.
Founded in 2011, the Scotland based Enpro Subsea had developed subsea production technology that is used by offshore oil and gas operators across the world.
Its products are said to help in delivering production boosting technologies and include Flow Access Modules, Flow Intervention Services and Decommissioning.
The products are claimed to provide low cost, flexible field development solutions to clients including production and intervention modules to improve recovery from oil and gas wells.
The Flow Access Module technology is said to support the use of standard subsea SPS hardware, thereby helping to achieve shorter development timescales and faster production of hydrocarbons.
So far, more than 70 Enpro Subsea applications have been adopted in the North Sea, the Gulf of Mexico and also in West Africa.
Hunting acquires Enpro Subsea, a subsea production technology provider . Photo courtesy of ENPRO SUBSEA.
Ian Donald – CEO of Enpro Subsea said: “Enpro’s technology offering has been utilised by major operators in key offshore development basins across the world. In joining the Hunting group we look forward to utilising its global operating platform to develop new customers and sales and to capitalise on this growing market segment.”
Enpro Subsea is focused on developing technology and products, with all manufacturing outsourced to third parties. Hunting said that it intends to bring most of the manufacturing in-house and use its existing global manufacturing platform to commercialize further the technology across all of its major regional operating hubs.
Additionally, the customer base of the energy services provider is said to give considerable scope to extend the current market reach of the subsea production technology provider.
Commenting on Hunting acquisition of Enpro Subsea, Jim Johnson – Chief Executive of Hunting, said: “The acquisition of Enpro further strengthens Hunting’s subsea offering and adds a high technology product group to our portfolio. The offshore market continues to strengthen and we look forward to providing a wider technology offering to our customers who continue to seek lower cost, enhanced production and more efficient solutions to the production of oil and gas.”