Companies in the news ///
A syndicate composed of Candover, 3i and JPMorgan Partners announced the sale of Vetco Gray to GE’s Oil & Gas division for $1.9 billion on a debt-free, cash-free basis. The syndicate acquired the business in July 2004 from ABB Oil & Gas. Vetco Gray, headquartered in Houston, employs 5,000 people worldwide in more than 30 countries, and generated over $1.6 billion of sales in 2006. Candover, 3i and JPMorgan Partners will remain as shareholders in the other operating subsidiary company, Vetco Aibel, which will be renamed Aibel.
Mountwest Services Ltd of Aberdeen, Scotland, has acquired Fastlink-Wellserv, an engineering company based in Montrose. Mountwest manufactures drilling tools of carbon steel and non-magnetic steel for bottomhole assemblies at its bases in Aberdeen, Houston and Dubai. Mountwest intends to expand the Wellserv facility, which manufactures non-magnetic equipment for the bottomhole assembly.
Log in to view this article.
Not yet a subscriber? Get started now for immediate access to this content and more.