Houston-based MRC Global Inc. (MRC) officially closed on its deal to buy Norway-based Stream AS for $260 million, marking the company’s third largest deal ever. Stream AS — which has 500 employees — has relationships with all the major exploration and production companies working in Norway, including Statoil ASA, its largest customer.
MRC announced the deal in December when it said it had closed on another deal to buy England-based Flangefitt Stainless Ltd., a pipe, flange and fitting distributor. MRC’s main customer base has typically been in the U.S. land market.
“We are pleased to have closed this important acquisition and are looking forward to the positive contribution this new offshore capability will add to our international business performance,” said Andrew Lane, MRC Global chairman, president and CEO.
Stream AS is a leading PVF distributor and provider of flow control products, solutions and services to the offshore oil and gas industry and has seven facilities serving the Norwegian Continental Shelf. The deal boosts MRC’s presence in the North Sea offshore market.