Enpro Subsea acquired by Hunting PLC in all-cash deal
LONDON - Production optimization specialist Enpro Subsea has been acquired by Hunting PLC for a total consideration of US $33 million payable on completion, plus a potential maximum earn out of US $3 million based on EBITDA performance in 2020. Hunting confirmed acquisition of one hundred percent of the issued share capital of Enpro Subsea and its subsidiaries in Norway, the U.S. and Ghana.
Enpro previously received growth capital investment from EV Private Equity in January 2018 to assist the Company’s growth strategy.
Enpro was founded in 2011 and 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 a low cost, flexible field development solution to clients and allow for multiple production and intervention modules to enhance recovery from oil and gas wells. Due to its modular configuration shorter development timescales can often be delivered to enable quicker production of hydrocarbons.
The company will continue to trade under the Enpro Subsea brand and operate with the existing senior management team from its existing facilities in Westhill, Aberdeen. The business currently has a headcount of 40 personnel.
Commenting on the acquisition, Ian Donald, Enpro Subsea CEO, said “This is an exciting and positive transaction which represents a new chapter in the successful evolution of the company. With Hunting, we see significant opportunity to globalize our business and to enhance delivery of our production enhancing subsea technologies and services to our valued customers.”
Jim Johnson, chief executive of Hunting added “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.”
