OSLO, NORWAY: Odfjell Technology, a market-leading integrated service provider, has announced its acquisition of McGarian TDC Ltd, a firm specialising in the design of whipstocks, casing & packer milling, fishing & remedial products.
Odfjell Technology delivers value from its unique integrated business model and comprehensive portfolio of products. This acquisition will further enhance the product line offering of its Well Services Business Area, enhancing its capabilities in the slot recovery and plug and abandonment sectors of the energy industry.
Commenting on the acquisition, Odfjell Technology AS CEO Simen Lieungh said, “We are delighted to welcome McGarian TDC Ltd to the Odfjell Technology family. Their engineering and product design capability perfectly complements our existing competencies. “
Bruce McGarian of McGarian TDC Ltd, commented, “Joining forces with Odfjell Technology presents an exciting opportunity for us to leverage our expertise on a larger scale.”
The consideration is made up of a base consideration of £3 Million GBP plus potential earn-outs dependent on commercial success and product development targets over the next three years post-closing.