Cameron (CAM) to Acquire Drilling Equipment Biz of TTS Group in $270M Deal
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Cameron (NYSE: CAM) 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.
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.
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