Dril-Quip concludes its first-ever acquisition
Oilfield services company Dril-Quip has completed the acquisition of TIW Corporation, a manufacturer of consumable downhole products for the oil and gas market, for approximately $143 million.
To remind, Dril-Quip entered into an agreement to acquire the TIW Corporation in mid-October. The completion of the $143 million-worth acquisition was announced on Friday.
According to the terms of the agreement from October, the TIW acquisition was on a debt-free, cash-free basis, funded with cash on hand.
Blake DeBerry, President and Chief Executive Officer of Dril-Quip, said: “We are excited to complete the acquisition of TIW Corporation, the first in Dril-Quip’s history, and welcome TIW employees to the Dril-Quip team. In addition to expanding our offshore and onshore market opportunities, this transaction allows us to significantly expand our product offerings to our customers.”
The Houston-based TIW provides liner hanger systems and related equipment and services worldwide.