Offshore staff
PORTLAND, Oregon– ESCO Corp. has entered into a definitive purchase agreement to acquire all of the outstanding equity interests of Ulterra Drilling Technologies, L.P. for about $325 million in cash.
Ulterra designs and manufactures polycrystalline diamond compact drill bits used in the construction of oil and gas wells. Headquartered in Fort Worth, Texas, Ulterra employs about 400 people and has manufacturing operations in Fort Worth, and Leduc, Alberta, Canada.
Subject to customary closing adjustments, the acquisition is expected to be completed by the end of August. Ulterra will operate as a separate division of ESCO Corp. focused on oil and gas consumables.
8/15/2012
