Strategic acquisition to accelerate growth in key market regions and further expand integrated well control system supply capability.
DUBAI (March 31, 2022) – Cansco International Corp. (“Cansco”) today announced it has entered into an asset purchase agreement with Control Technology Inc. (“CTI”) to acquire certain assets related to oilfield control system design and production.
The acquisition of these assets will allow Cansco to offer clients more integrated equipment solutions, complementing Cansco’s existing range of blowout preventer and related well control equipment product supply.
Integrated system supply capability is a key part of Cansco’s long-term strategy to become a world-class well control equipment solutions provider.
Cansco, through the acquisition of these assets, will build on the strong foundation established by CTI in the automation and control system market segment, delivering cost-effective, innovative technologies and solutions for new product demand and for support of the legacy CTI control system fleet.
CTI’s highly skilled and extensively experienced control systems team will transition to Cansco as part of the transaction.
Completion of the transaction is subject to a number of closing conditions. Subject to such conditions, the transaction is expected to close in the second quarter of 2022. During this time the production, supply and service of control systems will continue without interruption.
Contacts:
Cansco Control Technology Inc.
Jim Evans, President
Jim.evans@cansco-cti.com
+1 403 885 2677
Cansco International Corp.
Mike Simpson, CEO
mike.simpson@cansco.com
+971 4 880 3909
