The following contains forward looking statements concerning future events. These forward looking statements are based on current information and assumptions of TMK management concerning known and unknown risks and uncertainties.
The U.S.-based service company OFS International LLC, controlled by TMK, one of the world’s leading producers of tubular products for the oil and gas industry, has acquired a 100% stake in the pipe services and precision manufacturing assets of ITS Tubular Services (Holdings) Limited (Aberdeen, Scotland) and a group of affiliated shareholders.
The facility is located on an 84-acre site north-east of Houston and has the capacity to produce more than 700 thousand joints of threaded pipe and around 250 thousand couplings. In addition, the facility provides pipe inspection services and manufactures down-hole tools and accessories for a wide range of oil and gas applications.
As part of the agreement, OFS International LLC acquired the brand “Independent Inspection Services” and will continue to provide inspection services under this name.
“This acquisition marks another step in TMK’s expansion in the U.S. and reinforces the company’s focus on developing service and producing high value-added tools for the oil and gas industry,” said Alexander Shiryaev, TMK CEO.
Konstantin Semerikov, president of OFS International LLC, added: “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”.
TMK (LSE: TMKS) is a leading global manufacturer and supplier of steel pipes for the oil and gas industry, operating 28 production sites in the United States, Russia, Canada, Romania, Oman, UAE, and Kazakhstan and two R&D centres in Russia and the USA. In 2012, TMK’s pipe shipments totaled 4.22 million tonnes. The largest share of TMK’s sales belongs to high margin oil country tubular goods (OCTG), shipped to customers in over 80 countries. TMK delivers its products along with an extensive package of services in heat treating, protective coating, premium connections threading, warehousing and pipe repairing.
TMK’s securities are listed on the London Stock Exchange, the OTCQX International Premier trading platform in the U.S. and on Russia’s major stock exchange – MICEX-RTS.