Dril-Quip Inc. (NYSE: DRQ) said Jan. 6 it acquired The Technologies Alliance Inc., doing business as OilPatch Technologies (OPT), for about $20 million.
Based in Houston, OPT is a provider of offshore riser systems and components, proprietary threaded connections and other products, with a focus on deepwater Spar and TLP Systems. The company was founded in 1990.
The deal will complement and further strengthen Dril-Quip's position as "a leading provider of dry tree systems and associated riser products," Blake DeBerry, the company's president and CEO, said in a statement.
RELATED: Land Ho! Dril-Quip Comes Ashore In $143 Million Deal
The acquisition is only Dril-Quip's second since the company was founded in 1981. In November, the company acquired TIW Corp., a 99-year-old family-owned manufacturer of consumable downhole products, for $143 million.
Dril-Quip, also based in Houston, will fund the OPT acquisition with cash on hand.
Recommended Reading
Aethon Cuts Rigs but Wants More Western Haynesville Acreage
2024-03-28 - Private gas E&P Aethon Energy has drilled some screamers in its far western Haynesville Shale play—and the company wants to do more in the area.
Energy Transition in Motion (Week of March 28, 2024)
2024-03-28 - Here is a look at some of this week’s renewable energy news, including proposals submitted to develop about 6.8 gigawatts of wind projects offshore Connecticut, Massachusetts and Rhode Island.
SLB to Acquire Majority Stake in Aker Carbon Capture
2024-03-28 - SLB and Aker Carbon Capture plan to combine their technology portfolios, expertise and operations platforms to bring carbon capture technologies to market faster and more economically, SLB said in a news release.
CERAWeek: Tecpetrol CEO Touts Argentina Conventional, Unconventional Potential
2024-03-28 - Tecpetrol CEO Ricardo Markous touted Argentina’s conventional and unconventional potential saying the country’s oil production would nearly double by 2030 while LNG exports would likely evolve over three phases.
DUG GAS+: Chesapeake in Drill-but-don’t-turn-on Mode
2024-03-28 - COO Josh Viets said Chesapeake is cutting costs and ready to take advantage once gas prices rebound.