Hunting Acquires Flexible Engineered Solutions (Group) Holdings Limited ("FES")
A UK-based leader in offshore fluid transfer solutions.
Hunting PLC is proud to announce the acquisition of Flexible Engineered Solutions (Group) Holdings Limited ("FES").
Headquartered in Ashington, UK, FES brings a proven portfolio of proprietary products and services designed for critical applications in the oil & gas and renewable energy sectors.
FES owns intellectual property in a number of its product lines with a balanced portfolio of capabilities covering Fluid Handling, Subsea, Marine Services and Renewables.
- Diverless Bend Stiffener Connectors ("DBSC")
- Turret Systems
- Fluid Transfer Swivels
- Hydraulic, Electric and Fibre Stab Plates
- Subsea Control Panels
- Pig Launchers
- Spooling Systems
- Seawater Intake Systems
- Suction Pile Vent Hatches
Deployed globally across key offshore regions, FES serves a well-established customer base that includes super majors, independent operators, and international energy service providers.
The acquisition represents an important step towards the delivery of the Hunting 2030 Strategy, strengthening Hunting’s growing offshore / subsea revenue profile and increasing the Group’s exposure to deepwater and ultra deepwater markets.
Acquisition highlights
Total cash consideration of £50 million on a cash free / debt free basis
Revenue (UK GAAP) for FY24 £31.3 million
Adjusted EBITDA for FY24 £6.7 million
Order book closing at £11.8 million
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About Flexible Engineered Solutions (Group) Holdings Limited ("FES")
FES is a specialist in fluid transfer solutions for the global energy sector, with expertise spanning FPSO and deepwater subsea distribution systems. The company serves a diverse customer base across a wide range of markets, with its core focus on oil and gas applications, which is well-aligned to Hunting's current customer base.
Headquartered in Ashington, Northumberland, UK, FES operates from a 35,000 sq. ft. facility, alongside a 6,000 sq. ft. test site. The company employs 46 staff and maintains a strong international presence, with the majority of its revenue generated internationally.
FES technologies are deployed across key offshore regions including the Gulf of Mexico, West Africa, and South America. The company benefits from long-term relationships with blue-chip clients, ranging from super majors to independent operators and international service providers—on large, multi-year projects that provide high levels of earnings visibility.