Oil service firm Frank’s International has agreed to buy a US well engineer for about $320million.
Frank’s will pay $150million in cash and hand over 12.8million shares for Houston-headquartered Blackhawk Speciality Tools, according to Simmons and Co, which advised on the deal.
Founded in Louisiana in 2008, Blackhawk supplies cement products, well intervention tools and service to the global oil and gas industry. It’s main focus is on the Gulf of Mexico.
Frank’s employs about 3,000 employees and provides services in over 60 countries. It has a base in the Altens Industrial Estate in Aberdeen.
Frank’s president Gary Luquette said: “Similar to Frank’s, Blackhawk has a reputation for combining exceptional service with an innovative portfolio of technology that delivers consistent value to customers.
“Together we will continue to offer the same reliable service customers expect, while furthering customer relationships with new products and services across the Frank’s global footprint.
“Joining Blackhawk’s cementing tool expertise with Frank’s global tubular running services franchise will allow us to offer customers worldwide a more integrated suite of best-in-class products and services to address their well construction needs across all environments from land to shelf to deepwater.”
Blackhawk chief executive Billy Brown said: “Joining the Frank’s global family is the next step in continuing the expansion of Blackhawk’s industry leading specialty products and equipment.
“Our team is proud of the progress we have made in developing innovative products and strong customer relationships through quality and reliable service, and we appreciate the support we have enjoyed from our partners at Bain Capital.
“Combining Frank’s and Blackhawk is the right strategic move at the right time, providing customers the same exceptional service with a broader platform to accelerate future growth.”
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