Oil States Industries Acquires Piper Valve Systems (USA)

Oil States Industries Acquires Piper Valve Systems (USA)

Oil States International, Inc. announced that its subsidiary, Oil States Industries, Inc., has entered into a definitive asset purchase agreement to acquire Piper Valve Systems, Ltd. Headquartered in Oklahoma City, Oklahoma, Piper Valve Systems designs and manufactures high pressure valves and manifold components for oil and gas industry projects located offshore, onshore and subsea.

For the twelve months ended December 31, 2012, Piper is expected to generate approximately $34.0 million of revenues. Subject to customary post-closing adjustments, total transaction consideration was $48.0 million, funded from amounts available under Oil States’ existing credit facility.

“Piper’s valve technology will be very complementary to our Offshore Products segment, allowing us to integrate their valve products and services in various subsea applications,” said Cindy B. Taylor, Oil States’ president and chief executive officer. “Piper’s valve technology is well respected in the marketplace which will allow us to join forces and increase our suite of global deepwater products and services. We are excited to welcome all of the Piper employees to the Oil States organization.”

Oil States International, Inc. is a diversified oilfield services company and is a leading, integrated provider of remote site accommodations with prominent market positions in the Canadian oil sands and the Australian mining regions. Oil States is also a leading manufacturer of products for deepwater production facilities and subsea pipelines as well as a provider of completion-related rental tools, oil country tubular goods distribution and land drilling services to the oil and gas industry.

Subsea World News Staff , July 06, 2012;  Image: Piper Valve Systems

Share this article

Follow Subsea World News

Events>

<< Feb 2016 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 1 2 3 4 5 6

Oceanology International 2016

Oceanology International is held in London every two years. In its 46th edition, it has firmly established itself as the world leading marine…

read more >

The 16th North Sea Decommissioning Conference

The 2016-programme has been composed to shed light on the effect of the current low oil-price environment on the decommissioning market…

read more >

Substructures for UK Offshore Wind

Design, construction and installation

Optimising offshore substructures is one of the key challenges for reducing LCOE. Foundation designers have produced a variety of different solutions: monopiles, GBS, jackets, suction buckets and floating foundations. Looking at U.K. projects – different soils, water depths,fabrication timelines and installation challengescreate many questions for the industry to solve. We’re entering uncharted territory; projects arelarger, farther and more complex than ever completed.

Now is the time to have a close look at lessons learnt and define the room for improvement for the U.K. wind industry.

More Info

read more >

AOG 2016

AOG is well established as the premier networking forum for oil and gas industry professionals to meet face-to-face with decision-making…

read more >