T-3 Energy Services Inc. announced that it has completed the purchase of both Energy Equipment Corporation and HP&T Products Inc. for approximately $96.4 million in cash, subject to final working capital adjustments. The acquisitions of EEC and HP&T were funded from T-3's working capital and the use of its $180 million amended and restated senior credit facility which was closed on October 26, 2007. These acquisitions evolve from T-3 Energy's growth strategy focused on improving its geographic presence and enhancing its product mix through complementary product additions.
The acquisitions of EEC and HP&T provide further evidence of T-3 Energy's commitment to developing engineered products for both surface and sub-sea applications. EEC manufactures proprietary HP&T high-performance gate valves for both drilling and sub-sea applications; a wide range of Model HPT valve manifolds, including under-balanced drilling and flow-back manifolds; proprietary Model HXE high-performance chokes; and a host of other oil and gas valve and drilling products. EEC products are predominantly manufactured in their newly expanded manufacturing center located in Houston, Texas, which is supported by HP&T's manufacturing facility in Pune, India. Along with their commitment to manufacture high quality products, EEC and HP&T continue to support a healthy product development pipeline of new innovations that should yield similar successful trends for the future.
T-3 Energy Services Inc. provides a broad range of oilfield products and services primarily to customers in the drilling and completion of new oil and gas wells, the work-over of existing wells and the production and transportation of oil and gas.
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