UK-based energy services group Hunting has acquired production optimisation specialist Enpro Subsea for $33m in cash from members of the Enpro management team and Energy Ventures (EV) Private Equity.

The deal value also includes a potential maximum earn-out of $3m, based on earnings before interest, tax, depreciation and amortization (EBITDA) performance this year.

Hunting has also acquired Enpro’s subsidiaries in Ghana, Norway and the US.

In January 2018, Enpro received capital investment from EV Private Equity to advance its growth strategy. The company focuses its products on enhancing production technologies. These include flow access modules, flow intervention services and decommissioning tools.

Hunting noted that these assets offer low-cost, flexible field development solutions to clients. They also offer various production and intervention modules that improve recovery from oil and gas wells.

Enpro Subsea CEO Ian Donald said: “This is an exciting and positive transaction, which represents a new chapter in the successful evolution of the company.

“With Hunting, we see significant opportunity to globalise our business and to enhance delivery of our production enhancing subsea technologies and services to our valued customers.”

According to Enpro, it has designed the equipment’s modular configuration to deliver shorter development timescales. This allows faster production of first hydrocarbons.

Enpro will continue to trade under the same brand. It will operate with the existing senior management team from its facilities in Westhill, Aberdeen, UK.

Hunting chief executive Jim Johnson said: “The acquisition of Enpro further strengthens Hunting’s subsea offering and adds a high technology product group to our portfolio.

“The offshore market continues to strengthen and we look forward to providing a wider technology offering to our customers who continue to seek lower-cost, enhanced production and more efficient solutions to the production of oil and gas.”

In August, Hunting acquired the business and assets of RTI Energy Systems (RTIES), which delivers production riser technologies for deepwater applications within the oil and gas industry.