HOUSTON, April 18, 2012 /PRNewswire/ -- Cameron (NYSE: CAM) has agreed to acquire the drilling equipment business of TTS Energy Division from TTS Group ASA (Oslo Stock Exchange) in an all cash transaction valued at $270 million. The transaction is subject to customary closing conditions, including review and approval by the Norwegian Competition Authorities (NCA). The transaction is expected to close during the middle of 2012.
TTS Energy Division delivers high performance drilling equipment, rig packages and rig solutions for both the jack-up and onshore rigs to the international energy industry. TTS Energy products include drilling rig control systems, top drives, traveling blocks, automated pipe handling, iron rough necks, drawworks, derrick structures, drill floor tools, fingerboards, BOP handling equipment, deadline anchors, and drill line spoolers.
"The addition of TTS Energy's portfolio of drilling equipment will complement the acquisition of LeTourneau Technologies, which occurred last year, and will add to our existing products offering and will enhance the growth opportunities for our drilling systems platform," said Jack Moore, Chairman, President and CEO of Cameron. "We look forward to welcoming the TTS Energy team to the Cameron family and look forward to providing our customers and theirs with a greater suite of products and services."
Cameron is a leading provider of flow equipment products, systems and services to worldwide oil, gas and process industries.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Terms such as "expect," "will," "look forward to", and the like are intended to identify forward-looking statements. The forward-looking statements in this press release are based on our current expectations and are made only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect new information. We cannot assure you the projected events or results will be achieved. Because forward-looking statements involve risks and uncertainties, they are subject to change at any time. Such risks and uncertainties, some of which are beyond our control, include, but are not limited to approval by the Norwegian Competition Authorities and the satisfaction of closing conditions.
Because the information herein is based solely on information currently available, it is subject to change and should not therefore be viewed as assurance regarding the Company's future performance. Additionally, the Company is not obligated to make public indication of such changes unless required under applicable disclosure rules and regulations.