15th Dec 2020 16:56
Hunting PLC - London-headquartered energy services provider - Says Rival Downhole Tools LC, a downhole drilling technologies firm, has acquired the operating assets of Hunting Energy Services Inc, a wholly owned subsidiary of Hunting, in exchange for Hunting securing a 23.5% minority equity interest in Rival.
"The complementary technologies, manufacturing, geographical footprints and engineering capabilities of the combined organisations - with 37 years' experience in downhole technologies - will further establish Rival's market position as one of the top downhole tool providers to the onshore US market. In addition, the deal will provide the catalyst for future international expansion in the Middle East and, in particular, Saudi Arabia," Hunting adds.
Current stock price: 203.20 pence
Year-to-date change: down 51%
By Paul McGowan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Hunting