Pelican Energy Partners LP (Pelican) is pleased to announce an agreement to purchase the assets of the Surface Pressure Control Flow (SPC Flow) business unit of the Oilfield Equipment segment of Baker Hughes. Pelican is working in cooperation with the management team of SPC Flow to carve-out the business unit as a stand-alone business wholly focused on providing pressure control products and services primarily in the US, with operations also in Australia, Papua New Guinea, and Trinidad & Tobago.
The business unit consists of wellhead product sales and service as well as a rental offering of frac trees, valves, and zipper manifolds. Baker Hughes will retain the Surface Pressure Control Projects business, consisting of a surface and subsea product offerings in the Middle East, Africa, North Sea, and Asia. Pelican has signed a binding agreement to purchase the SPC Flow business unit, which is expected to close in the fourth quarter of 2020.
Baker Botts acted as legal counsel to Pelican Energy Partners and McDermott Will & Emery served as legal counsel to Baker Hughes. BofA Securities acted as financial advisor to Baker Hughes.