Forum Energy Technologies, Inc. announced that it acquired Moffat 2000 Ltd. (“Moffat”), a leading manufacturer of subsea pipeline inspection gauge launching and receiving systems, and subsea connectors. Moffat is based in Newcastle, England.
Cris Gaut, Forum’s Chairman and Chief Executive Officer , commented, “ Moffat is a complementary addition to our Subsea Technologies’ product offering. Moffat’s products are key components in subsea pipeline infrastructure projects and are sold to first tier subsea construction companies, which comprise the existing customer base of our remotely operated vehicle business. We see an opportunity to increase Moffat’s revenues by leveraging Forum’s global sales and distribution network and by increasing the product offering to Moffat’s customers for subsea construction projects. We welcome all of the employees of Moffat to the Forum family.”
John Thompson, Managing Director of Moffat , commented, “We believe the acquisition by Forum will facilitate our growth plans globally. We currently deliver approximately 80% of our equipment to Europe, the Middle East and Africa. We realize there are untapped opportunities for us in other geographic areas where Forum has a presence, most notably the Gulf of Mexico, Southeast Asia and Brazil. Moffat has a fantastic workforce that I would like to thank for building our strong reputation for reliable and timely delivery of complex subsea projects. Being part of Forum will provide new opportunities for our employees as Moffat steps up to the next level of growth.”
On July 1, 2013, Forum also closed the previously announced acquisition of Blohm + Voss Oil Tools, and the joint purchase of Global Tubing in partnership with Quantum Energy Partners. The current annualized aggregate operating income contribution to Forum of the three acquisitions is approximately $32 million.
[mappress] Press Release, July 15, 2013