TechnipFMC, an oil and gas industry company, has reached an agreement to sell its Measurement Solutions business to One Equity Partners for a cash deal worth $205m (£163.45m).

The business being sold forms part of TechnipFMC’s Surface Technologies segment.

It is engaged in offering a wide range of metering products such as Coriolis, turbine, positive displacement and ultrasonic metres.

Along with automated systems and bundled flow monitoring, it also provides digital solutions for obtaining financial and tangible materials data from networked infrastructure.

Metering Products, Metering Systems and Terminal Management are the three divisions of the Measurement Solutions business.

With engineering and manufacturing operations across North America and Europe, the Measurement Solutions unit employs around 450 people.

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TechnipFMC chair and CEO Doug Pferdehirt said: “This transaction reflects TechnipFMC’s broader portfolio strategy to further focus on our core products and market-leading technologies, as well as integrated solutions and services for our clients.”

One Equity Partners senior managing director JB Cherry said: “The [Measurement Solutions] business is an established global player with exciting growth potential as a stand-alone company.

“One Equity has extensive experience in diversified industrials as well as corporate carve-outs, and we look forward to working with the team to help build the business through organic growth alongside transformational acquisitions, a hallmark of our strategy.”

Subject to customary closing conditions, the transaction is expected to close in the first half of 2024.

In August this year, TechnipFMC secured a flexible pipeline supply contract for the Ndungu field offshore Angola.

The pipeline contract was awarded by Azule Energy, a joint venture between oil and gas companies BP and Eni.

In June, OMV (Norge) selected TechnipFMC to design and deploy the subsea production systems for the Berling natural gas development project.