ChampionX, an oilfield technology and services provider, has announced plans to acquire RMSpumptools for approximately £86m ($108.7m). 

RMSpumptools specialises in wellhead electrical penetrator and mechanical connector systems, completion systems, intervention tools and subsea connector systems for the oil and gas industry. 

RMSpumptools is a unit of the energy division of James Fisher and Sons, with operational bases across Africa, the Americas, Asia-Pacific, Europe, the Middle East and the UK.  

Around 80% of the company's revenues are generated from markets outside North America. 

ChampionX expects the integration to provide value to its customers by enhancing its product offerings and expanding its international reach across the Middle East, Latin America and various offshore markets globally. 

ChampionX anticipates that the acquisition will contribute approximately $65m in revenues and around $18m in adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) by 2024. 

ChampionX president and CEO Sivasankaran Somasundaram said: "The acquisition of RMSpumptools is consistent with our capital allocation framework, which includes bolt-on technology acquisitions. RMSpumptools’ highly complementary portfolio aligns seamlessly with ChampionX's existing production and automation Technologies offerings, with minimal product overlap.  

"Furthermore, the acquisition of RMSpumptools broadens our growth opportunities, with particular focus on expanding our presence in the Middle East and offshore markets. Their technologies and expertise complement our own, allowing us to deliver even greater value to our customers and stakeholders." 

The transaction is slated to be finalised towards the end of the second quarter (Q2) or early in Q3 2024, subject to fulfilment of closing conditions. 

Last month, ChampionX acquired ALP, a company specialising in advanced analytics solutions for oil and gas production performance enhancement.