HUNTING, the international energy service company, said yesterday it had completed the sale of North American subsidiary Gibson Energy.
The buyer is Gibson Acquisition – a company owned by the Riverstone/Carlyle Global Energy and Power Fund, an energy-focused private-equity fund managed by Riverstone.
The deal was done for about £617million, of which around £568million was paid in cash.
Hunting reiterated that it expected to use proceeds from the disposal to invest in Hunting Energy Services, make acquisitions and to eliminate net borrowings.
It said it had reviewed various acquisition opportunities and, with the funds now in place, would move these discussions forward.
Hunting chief executive Dennis Proctor said: “We are delighted to have completed the disposal of Gibson in what has been a challenging time for global markets.”
Hunting Energy Services, which employs about 1,500 worldwide, has about 280 workers across a tubulars business at Portlethen, the Hunting Cromar wireline and pressure-control firm in Aberdeen, and at a tubulars operation at Montrose.