UK's Weir Oil & Gas has agreed to buy KOP Surface Products, a provider of advanced pressure control wellhead technologies from Akastor for US$114 million.
The deal is expected to complete in the third quarter of 2017.
KOP is headquartered in Singapore and has a manufacturing facility in Batam, Indonesia. It has a leading market positions in South East Asia, with an emerging business in the Middle East.
Paul Coppinger, Weir Oil & Gas President said: “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,”
"KOP has done an excellent job in recent years of improving operations and expanding its footprint while adapting to challenging market conditions Weir is an ideal owner of KOP and is well positioned to take the company to the next level," added Kristian Røkke, CEO of Akastor.