Oil States Industries Inc., a subsidiary of Oil States International Inc., has entered into a definitive asset purchase agreement to acquire Piper Valve Systems Ltd.
Oil States manufacturers products for deepwater production facilities and subsea pipelines. Headquartered in Oklahoma City, Okla., Piper Valve Systems designs and manufactures high-pressure valves and manifold components for oil and gas industry projects located offshore, onshore and subsea.
For the 12 months ending December 31, 2012, Piper is expected to generate approximately $34 million of revenues. Subject to customary post-closing adjustments, total transaction consideration was $48 million, funded from amounts available under Oil States” existing credit facility. ??”Piper”s valve technology will be very complementary to our Offshore Products segment, allowing us to integrate their valve products and services in various subsea applications,” said Cindy B. Taylor, Oil States” president and chief executive officer, in a prepared statement. Taylor said Piper”s valve technology will allow Oil States to increase its suite of global deepwater products and services.
