Hunting PLC Acquires OOR Technology for $17.5 Million

Hunting PLC has announced the acquisition of Organic Oil Recovery (OOR) technology for $17.5 million. This acquisition includes over 25 patents, distribution rights, and a laboratory in California, granting Hunting global rights to the OOR technology. This strategic move is expected to boost commercialisation efforts worldwide.

The OOR technology offers several advantages, such as improved oil recovery, cost-efficiency, reduced water cut, lower hydrogen sulphide levels, and extended field life. The deal includes a 15% revenue royalty for the sellers over 15 years. Field trials are ongoing across North America, Europe, the Middle East, and Asia Pacific.

Hunting is also expanding in the Middle East, with a new laboratory in the UAE to better serve its Eastern Hemisphere clients. Following the acquisition, technical staff from OOR will join Hunting, either as employees or consultants, to support the integration.