Prysmian Group, a company active in the energy and telecom cable systems industry, has signed an agreement to acquire 100% of the privately-held US Company Gulf Coast Downhole Technologies (GCDT) for an initial consideration, subject to adjustment, of approximately USD 45M in cash. With GCDT, Prysmian complements and strengthens the existing presence and product offer in the high-tech sector of downhole equipment for the Oil & Gas industry.
GCDT is active in the design and supply of innovative downhole equipment for the Oil & Gas industry, with a turnover of approximately USD 34M in 2014. GCDT products are installed in oil and gas wells worldwide and consist of integral components in the systems that provide downhole control, injection, flow assurance and monitoring and gas producers like Chevron, ExxonMobil and Shell around the globe.
GCDT fits fully into the Group’s expansion strategy in the business of Subsea Umbilicals, Risers and Flowlines (SURF) and complements its Draka-branded DHT offered product range. With the acquisition of GCDT, the Prysmian Group through its brand Draka, will grow closer to its customers by shifting from a pure subcomponent supplier to offering a suite of package solutions to its service sector clients.