Hunting Acquires Offshore Services Group Flexible Engineered Solutions for $68 Million
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Hunting has completed the acquisition of Flexible Engineered Solutions (FES), a company based in the United Kingdom, for $68 million.
The acquisition is in line with Hunting’s broader growth strategy which detailed its expansion into the subsea equipment sub-sector of the energy industry.
“We are pleased to complete the acquisition of FES. It immediately boosts our subsea portfolio with proprietary products and capabilities and clearly demonstrates progress on our Hunting 2030 Strategy,” said Jim Johnson, chief executive of Hunting.
“FES’s fluid transfer solutions perfectly complement our existing subsea and FPSO-related lines, creating strong product bundling and cross-selling opportunities with our existing subsea businesses as well as the potential for further international growth. FES’s blue-chip customer base, international profile and high margin, mission critical applications make the business an ideal fit for Hunting,” added Johnson.
FES will be integrated within Hunting’s Subsea Technologies operating segment and will report into Dane Tipton, the managing director of this operating segment.
OVERVIEW OF FES
Headquartered in Ashington, Northumberland, UK FES operates from a 35,000 sq. ft. facility, in addition to a 6,000 sq. ft. test facility. FES currently has 46 employees. FES has diverse customer, product and market exposure and is a leader in its three core divisions of oil and gas fluid handling, with a portfolio of products used in FPSO and deepwater subsea distribution applications.
FES’s solutions have been deployed in many key offshore regions including the Gulf of Mexico, West Africa, and South America and the majority of its revenues coming from international business outside the UK.
FES also benefits from long-term relationships with a wide variety of blue-chip customers, including super majors, independent oil and gas companies, and international energy service companies, working on large, multi-year projects, that provide high levels of earnings visibility.
FES owns intellectual property in respect of a number of its product lines with a balanced portfolio of capabilities, which include:
• Diverless Bend Stiffener Connectors (DBSS)
• Turret Systems
• Fluid Transfer Swivels
• Hydraulic, Electric and Fiber Stab Plates
• Subsea Control Panels
• Pig Launchers
• Spooling Systems
• Seawater Intake Systems
• Suction Pile Vent Hatches
FES’s DBSC solution provides support and protection for the production umbilicals, flexible and power cables used within offshore oil and gas production infrastructure.
There are clear opportunities to grow FES in the floating offshore wind sector and the business has further implemented its DBSC technology to provide a turnkey cable connection system for the offshore renewable market.
Hunting is a global, precision engineering group that provides precision-manufactured equipment and premium services, which add value for its customers. Established in 1874, the company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the company has operations in China, India, Indonesia, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, United Arab Emirates, and the United States of America.
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