Pelican Energy Partners has agreed to purchase the assets of the Surface Pressure Control Flow (SPC Flow) business of the Oilfield Equipment business unit of Baker Hughes. Pelican is working with management to carve-out the business as an independent company focused on pressure control products with operations primarily in the U.S. but also Australia, Papua New Guinea, and Trinidad & Tobago.
The business includes wellhead products sales and service as well as the rental of frac trees, valves, and zipper manifolds. Baker Hughes will retain the surface pressure control projects business consisting of surface and subsea product offerings in the Middle East, Africa, North Sea, and Asia. Pelican has signed a binding agreement which is expected to close in the fourth quarter of 2020. BofA Securities served as an advisor to Baker Hughes. The deal closed in November 2020.