Cameron to Acquire TTS Energy Division
Cameron has agreed to acquire the drilling equipment business of TTS Energy Division from TTS Group ASA (Oslo Stock Exchange) in an all cash transaction valued at $270 million. The transaction is subject to customary closing conditions, including review and approval by the Norwegian Competition Authorities (NCA). The transaction is expected to close during the middle of 2012.
TTS Energy Division delivers high performance drilling equipment, rig packages and rig solutions for both the jackup and onshore rigs to the international energy industry. TTS Energy products include drilling rig control systems, top drives, traveling blocks, automated pipe handling, iron rough necks, drawworks, derrick structures, drill floor tools, fingerboards, BOP handling equipment, deadline anchors, and drill line spoolers.
"The addition of TTS Energy's portfolio of drilling equipment will complement the acquisition of LeTourneau Technologies, which occurred last year, and will add to our existing products offering and will enhance the growth opportunities for our drilling systems platform," said Jack Moore, Chairman, President and CEO of Cameron. "We look forward to welcoming the TTS Energy team to the Cameron family and look forward to providing our customers and theirs with a greater suite of products and services."