SOURCE: AFGlobal Corporation

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July 14, 2016 18:24 ET

AFGlobal to Acquire Managed Pressure Operations

Combination Creates Most Complete Deepwater MPD Offering From a Single OEM

HOUSTON, TX--(Marketwired - July 14, 2016) - AFGlobal Corporation today announces that it has agreed to acquire Managed Pressure Operations (MPO), a subsidiary of MHWirth. As a vertically integrated supplier, this acquisition further solidifies the company's position as a specialized original equipment manufacturer (OEM). The resulting combination of companies creates the most complete deepwater managed pressure drilling (MPD) offering currently available in the market, with technology covering both onshore and offshore applications.

"Over the last several years, we've established ourselves as a premier provider of oil and gas products and services, including land-based pressure pumping equipment, deepwater riser gas handling systems and subsea solutions. This acquisition will further support our strategy to create an increasingly differentiated business designed to support our clients' drilling, stimulation and production needs both today and in the next phase of our industry's journey," commented Curtis Samford, President and CEO of AFGlobal Corporation.

The new business group within AFGlobal's oil and gas segment will be known as Advanced Drilling Systems. The complete portfolio will include riser gas management systems, early kick/loss detection, managed pressure drilling, dual gradient drilling and continuous circulation.

"Providing the industry with a flexible yet standardized solution for MPD mandates that all equipment works together in an intentional and holistic manner. Simply put, our systems are designed to remove complexity on the rig and streamline operations while providing reliable, best-in-class equipment, service and support," commented Mark Mitchell, President of Oil & Gas for AFGlobal. He continued, "The changes coming to our industry will be transformational, not transitional and our Advanced Drilling Systems will bring a new level of fit-for-purpose, modular technology to the market."

One primary benefit to clients is the Company's premium in-house design, engineering, and manufacturing capabilities -- all managed by a single provider. Blending world-class products and manufacturing with transformational drilling technology will create a new family of the next generation well construction products and services. The new combined offering will create value across a broad client spectrum, targeting both the offshore and land markets.

"As a result of an exhaustive search, AFGlobal was determined to be the best fit for our MPO business, given their market-leading position and experience in the MPD space. We are pleased to hand over the technology to AFGlobal with confidence that they are the right partner to take the business to the next level," commented Finn Amund Norbye, CEO of MHWirth.

AFGlobal Corporation is an oil and gas OEM specializing in technology, products, and services with fully-integrated manufacturing capabilities to clients around the world. We align well-established precision engineering with industry-leading innovation. AFGlobal also provides equipment and capabilities to the general industrial, aerospace and power generation industries, offering a broad range of both highly-engineered and general forged products, as well as complementary aftermarket services. Headquartered in Houston, Texas, the Company delivers value through more than 20 facilities worldwide. www.afglobalcorp.com.

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