American energy services firm Baker Hughes has signed an agreement to sell the assets of its surface pressure control flow (SPC Flow) business unit to private equity fund Pelican Energy. The SPC flow division is a part of Baker Hughes’ Oilfield Equipment segment. It supplies tools and machinery needed by oil and gas drillers.
Baker Hughes will retain the ‘Surface Pressure Control Projects’ business in the Middle East, Africa, North Sea and Asia. The transaction value has not been disclosed by the companies.
SPC Flow business vice-president Rusty Justiss said: “This is an exciting opportunity and we are confident in our future as an independent company under Pelican’s ownership. This team is one of the most experienced wellhead teams in the industry.”
The deal is expected to be closed in the fourth quarter of this year. Baker Botts served as legal counsel to Pelican Energy, while McDermott Will & Emery has been appointed as the legal counsel to Baker Hughes for the transaction.
Image credit: Baker Hughes