Cameron, a provider of flow equipment products, systems and services, has entered into an agreement to acquire LeTourneau Technologies Drillings Systems and Offshore Products divisions from Joy Global for about $375m in cash.

The transaction, which has been approved by the boards of Cameron and Joy Global, is expected to be closed during the fourth quarter of this year.

Cameron chairman and CEO Jack Moore said the addition of LeTourneau’s portfolio of drilling equipment and rig components enhances the growth opportunities for Cameron’s drilling systems platform.

LeTourneau provides drilling equipment and rig designs and components for both the land and offshore rig markets.