FORT WORTH, Texas--(BUSINESS WIRE)--Weir Oil & Gas has entered into an agreement to acquire KOP Surface Products, a provider of advanced pressure control wellhead technologies, systems and services. KOP has a long history and leading market positions in South East Asia, with an emerging business in the Middle East.
KOP employs 450 people and is a provider of wellheads, surface trees, valves, actuators and aftermarket services for the oil and gas industry. The business is headquartered in Singapore and has a manufacturing facility in Batam, Indonesia, in addition to a network of sales and service offices in Malaysia, Thailand, Vietnam, Qatar, UAE, Saudi Arabia and India. KOP's current management team will continue to lead the business, reporting into Weir’s Oil & Gas division.
The acquisition is for an equivalent enterprise value of US$114m.
“We’ve admired KOP for some time. They have great technology and really strong customer relationships in attractive markets. Weir Oil & Gas is already a global leader in pressure pumping and through this acquisition we’ll be able to expand our pressure control offering even further, building on Weir’s traditional strengths in North America and the Middle East,” said Paul Coppinger, Weir Oil & Gas President.
“We are delighted to be joining Weir Oil & Gas. This means we will be able to better serve our customers by benefiting from being part of one of the world’s leading engineering businesses with a strong record of investing in innovative technology and customer service,” said Gordon Cameron, Chief Executive of KOP Surface Products.
The acquisition is expected to complete in the third quarter of 2017.
About Weir Oil & Gas
Weir Oil & Gas provides superior products and service solutions, which make our upstream customers more efficient. More customers choose our pressure pumping solutions than any other. We provide well service & stimulation pumps, flow control products and replacement expendable parts from leading brands including SPM, Mesa and Novatech. Pressure Control includes trusted brands such as Seaboard, which provides wellheads, valves and frac trees, and Mathena, which delivers drilling mud-gas separation equipment including chokes, separators, & environmental containment equipment. Engineered mechanical and rotating equipment repairs and upgrades, oilfield and drilling equipment repair and certification, rapid prototyping of spare parts, robust asset management and field engineering services, are delivered globally by Weir Oil & Gas Services based in Dubai, UAE.
Weir Oil & Gas is part of The Weir Group PLC. Founded in 1871, Weir is one of the world’s leading engineering businesses with 14,000 people operating in more than 70 countries. Discover more at www.global.weir.
About KOP Surface Products
KOP Surface Products is a leading global supplier of surface wellheads, surface trees, valves and actuators to the oil and gas industry. It provides full life-of-field support to customers, including installation, maintenance, rental and refurbishment services. Its client list includes some of the largest names in the industry and its products and quality programmes comply with the highest international standards. Accreditations include: ISO 9001:2008, API Q1, API 6A, API 16A, ISO 14001 and OHSAS 18001. The business has leading positions across a number of countries in Asia Pacific, including Thailand, Indonesia and India, with a growing presence in the Middle East.