Ashington's Moffat 2000 acquired by Texan firm

Ashington-based subsea engineering firm, Moffat 2000, has been sold to a Texas technology firm.

Forum Energy Technologies is listed on the New York Stock Exchange and is a global provider of technologies to the energy industry.

The deal, advised by the North East office of KPMG and Bond Dickinson, will facilitate growth plans.

Moffat’s products are key components in subsea pipeline infrastructure projects and are sold to first tier subsea construction companies.

John Thompson, managing director of Moffat said: “We believe the acquisition by Forum will facilitate our growth plans globally. We currently deliver approximately 80% of our equipment to Europe, the Middle East and Africa and we know that there are untapped opportunities for us in other locations where Forum is already present, most notably the Gulf of Mexico, Southeast Asia and Brazil.”

Bond Dickinson Corporate partner, Sean Nicolson, led the team of lawyers who advised the Moffat shareholders on the deal.

Sean added: “We are delighted to have acted for the Moffat shareholders on the sale to Forum Energy Technologies. We have worked with the company since it was formed in 2001 and have enjoyed watching it go from strength to strength since then. I am sure Moffat will continue to prosper as part of the Forum group.”

Jon Hurford, associate director in KPMG’s Newcastle corporate finance team, led the sale process and said: “In successfully completing this transaction and joining the Forum Group Moffat 2000 enters an exciting phase in its development.

“This deal is a great example of the M&A trend in the oil and gas sector whereby high quality businesses supplying international projects are becoming increasingly attractive to larger global players, often in order to provide security in supply chain capability and capacity.

“The North East is a hotbed of niche capability across many of the engineering and wider subsectors that form the oil and gas supply chain, and we are pleased to have helped Moffat and its workforce on their journey.”

Moffat’s Thompson concluded: “Our local advisor community provided a truly first class service to help complete the sale. We are all delighted with the outcome.”