Doffing supplies precision machined components to the global energy services industry focusing on equipment used for measurement-while-drilling and logging-while-drilling.
The US-based company also holds intellectual property for manufacturing other key components used in the oil and gas well bore.
Hunting funded the acquisition from its cash balances, and an additional consideration of up to $2m is also payable on the achievement of certain performance conditions measured over a two-year period, the company said.
Hunting chief executive Dennis Proctor said Doffing’s machining expertise is an excellent fit with Hunting’s existing manufacturing capabilities.
"The delivery of products to exacting machining requirements is increasingly a feature of oil and gas drilling and the ability to complete a machining job on a first-pass will enable Hunting to participate in increasingly complex well designs, with corresponding opportunities to supply other products and services from our portfolio," Proctor said.
