Hunting to buy another US business

UK ENERGY service group Hunting said yesterday it was to buy a US-based machining company for more than £50million just days after announcing a £475million acquisition.

Hunting – which has a significant presence in the north-east – said it was buying Dearborn Precision Tubular Products, a specialist precision machining service business based in the US state of Maine, for £51.1million, fully funded from its existing cash and bank loan facilities.

Dearborn’s specialism is in tubular and rotating metal components, primarily for measurement-while-drilling and logging-while-drilling activities. Hunting said the move would add to its range of well construction products and services and would be profit enhancing.

The move follows an announcement just nine days ago that it was to buy US-based Titan Group, a specialist in the horizontal-drilling sector.