Shawcor Ltd has announced that it has completed the acquisition of the assets of the Tubular Inspection and Management (TIM) and Global Poly businesses operated by Flint Field Services Ltd for CAN$35.5 million, subject to working capital adjustments. The TIM and Global Poly businesses operate from five owned and five leased facilities in Alberta, British Columbia and Saskatchewan and the TIM business is very similar to the tubular inspection and management business operated by Shawcor's Guardian division. The estimated revenue in 2015 of these acquired businesses is approximately CAN$46 million. The transaction is anticipated to be accretive to Shawcor's earnings per share within the next 12 months.
Mr. Steve Orr, President and CEO of Shawcor stated that: "We are very excited about the acquisition of these businesses. The acquisition of TIM will highly complement the operations of our Guardian business in Western Canada and advance our strategy in oilfield asset management. The acquisition of the Global Poly business, which manufactures and sells plastic and co-extruded liners for line pipe and down-hole applications, will allow our Flexpipe business to extend its current service offerings in Western Canada and advance our strategy in composite production systems."
Shawcor is a global energy services company that specialises in products and services for the pipeline and pipe services and the petrochemical and industrial segments of the oil and gas industry.
Edited from press release by Angharad Lock
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/27112015/shawcor-ltd-acquires-flint-field-services-tubular-inspection-business-1699/