NEW YORK OAO TMK unit OFS International LLC has bought the pipe services and precision manufacturing assets of ITS Tubular Services (Holdings) Ltd., TMK said April 8.
ITS plant outside Houston is capable of producing more than 700,000 threaded pipe joints, about 250,000 couplings, and provides pipe inspection services and makes down-hole tools and accessories for various oil and gas uses, Moscow-based TMK said.
"This acquisition marks another step in TMKs expansion in the U.S. and reinforces the companys focus on developing service and producing high value-added tools for the oil and gas industry," Alexander G. Shiryaev, president, chief executive officer and chairman of TMKs management board, said in a statement.
As part of the deal, OFS has also acquired the Independent Inspection Services brand and will continue to provide inspection services under its name, it said.
"These newly acquired assets will allow us to further integrate our operations, as well as meet the pipe service requirements of our customers throughout the Americas," OFS president Konstantin A. Semerikov said.