Business
Acquisition of Enpro Subsea Limited
Acquisition of Enpro Subsea Limited.
About this update from Hunting Plc
[{"type":"text","content":"\n \n \n RNS Number : 6633D\n Hunting PLC\n 21 February 2020\n \n \n \n \n \n \n \n \n For Immediate Release\n \n \n \n \n 21 February 2020\n \n \n \n \n \n \n \n \n \n \n \n \n Hunting PLC\n \n \n \n \n \n (\"Hunting\" or \"the Company\" or \"the Group\")\n \n \n \n \n \n Acquisition of Enpro Subsea Limited\n \n \n \n \n \n Hunting PLC (LSE:HTG), the international energy services group, today announces the completion of the acquisition of Enpro Subsea Limited (\"Enpro\") for a total consideration of US$33.0m payable on completion, plus a potential maximum earn out of US$3.0m based on EBITDA performance in 2020. The consideration payable is on a cash-free-debt-free basis and payable in cash and has been funded from Hunting's existing cash resources. Enpro is being acquired from members of the Enpro management team and Energy Ventures Private Equity.\n \n \n \n \n \n Enpro was founded in 2011 and since this time has developed leading subsea production technology that has been adopted by offshore operators within the global oil and gas industry. Enpro's products focus on delivering production enhancing technologies and include Flow Access Modules, Flow Intervention Services and Decommissioning. These products offer low cost, flexible field development solutions to clients including production and intervention modules to enhance recovery from oil and gas wells. The Flow Access Module technology supports the use of standard subsea SPS hardware leading to shorter development timescales and quicker production of hydrocarbons.\n \n \n \n \n \n Enpro's products are protected by patents that focus on the application and methods of incorporating these products into the subsea system. To date, over 70 Enpro applications have been adopted in the North Sea, the Gulf of Mexico and West Africa.\n \n \n \n \n \n Enpro's business model is focused on technology and product development, with all manufacturing outsourced to third parties. It is the intention to bring much of this manufacturing in-house and utilise Hunting's existing global manufacturing platform to commercialise further the technology across all of the Group's key regional operating hubs. In addition, Hunting's broad customer base offers significant opportunities to extend Enpro's current market reach.\n \n \n \n \n \n Thi...