Energy services firm Hunting has bought a Houston-based specialist machining firm for £20million.
Specialty Supply, the last three recent acquisitions by Hunting, was founded in 2003, manufactures precision machined measurement while drilling parts used in directional drilling.
Hunting is to pay £19.5million and a further £3.2million based on performance over two years.
Specialty, which turned over £11.4million and had pre-tax profits of £3.5million in 2010, also makes drill pipe screens for drilling and has a line of downhole filter sub rentals.
Dennis Proctor, chief executive of Hunting said: “Specialty has a broad customer base in the growing measurement while drilling market and provides Hunting with additional products and services in this area of oil and gas drilling.
“The business complements Hunting’s drilling tools activities and will benefit from Hunting’s operational footprint in key shale drilling regions.
“With the completion of the acquisition of Specialty and other recent transactions, Hunting provides many key products for measurement while drilling and logging while drilling applications.
“Our strengthening portfolio in specialist manufacturing for complex conventional and unconventional oil and gas wells positions the group to provide products and services that enable companies to drill in demanding environments.”
Earlier this year Hunting said it was buying Dearborn Precision Tubular Products, a specialist precision machining service business based in the US state of Maine, for £51.1million, and US well specialist Titan Group for £475million.