Compass Energy Systems Ltd. Acquires Exterran Corporation's U.S. Compression Assets
CALGARY, AB and HOUSTON, Aug. 25, 2020 /CNW/ - Compass Energy Systems Ltd. (Compass) a leading provider of compression and gas processing systems, and Exterran Corporation (Exterran), a global leader in natural gas processing and treatment and compression, are pleased to announce that Compass signed an agreement to acquire Exterran's U.S., natural gas compression assets, with expected close during the fourth quarter of 2020.
The acquisition of Exterran's U.S. compression assets supports Compass' plans for growth and expansion into the United States and will help solidify Compass' position as an international leader in providing expert and reliable compression and process equipment solutions.
"This acquisition will significantly increase our U.S. footprint and our ability to provide top-quality compression and process equipment to clients across the United States. In addition to Exterran's Brittmoore Road facility in Houston, this acquisition includes an established customer base, and experienced compression employees. Our collective expertise will extend and enhance our product offerings as well as our reach into U.S. and international markets," states Compass President, John Forgeron.
Andrew Way, Exterran's President and Chief Executive Officer commented, "We are extremely pleased that we have reached an agreement to sell our U.S. compression fabrication business. This is not only a positive outcome for Exterran, but our employees and customers as well. We look forward to working with Compass in the future, and continuing to serve our customers globally for their needs."
The integration will take place over the next several weeks with an anticipated close during the fourth quarter of 2020. During this time, all our clients will continue to receive the same high-quality service and support they have come to expect from Exterran and Compass.
About Compass
Compass is a privately-owned company, established in 2001, that specializes in designing and fabricating top-quality, natural gas compression and process package systems for the energy industry. Over the last two decades, Compass has evolved and grown into a diverse company with five integrated and complementary business divisions (compression, process, retrofit, rentals, parts + service) providing products and services to energy companies around the world.
Compass also jointly owns Northbase Finance Inc. (Northbase). Northbase is an unmatched capital solutions provider that helps oil and gas and power producers obtain much-needed, flexible, capital financing for essential infrastructure assets.
About Exterran Corporation
Exterran Corporation (NYSE: EXTN) is a global systems and process company offering solutions in the oil, gas, water and power markets. Exterran is a leader in natural gas processing and treatment and compression products and services, providing critical midstream infrastructure solutions to customers throughout the world. Exterran Corporation is headquartered in Houston, Texas and operates in approximately 25 countries.
SOURCE Compass Energy Systems Ltd.
John Forgeron, President, Compass, 403-520-5801; Blake Hancock, Vice President of Investor Relations and Corporate Development, Exterran, 281-854-3043
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