Yesterday, oil drilling equipment maker FMC Technologies Inc. (FTI) closed the previously announced acquisition of Stavanger, Norway-based oil service company Multi Phase Meters AS for an initial cash payment of $30 million. The deal also calls for FMC to provide two performance-based payouts in 2012 and 2013.
Multi Phase Meters is focused on the manufacture and delivery of high-performance multiphase flow meters for the oil and gas industry. The company’s meters are unique in the sense that they are able to maintain consistently high accuracy over the full operating range of a well irrespective of the gas fraction, watercut or fluid composition. Additionally, the meters require virtually no maintenance and are developed for a period of more than 25 years at extreme condition.
As such, the ownership of Multi Phase Meters will significantly expand FMC’s product portfolio and help the company to further optimize its subsea technologies, thereby bringing significant value to the clients. FMC expects the transaction to be accretive in 2011.
Houston-based FMC Technologies Inc. is a leading provider of technology solutions for the energy industry and other industrial markets. The company is engaged in the designing, manufacturing and servicing of systems and products that include subsea production and processing systems, surface wellhead systems, high pressure fluid control equipment, measurement solutions and marine loading systems for the oil and gas industry.
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