Gulfstar Group Announces the Sale of Delcor USA, Inc.
HOUSTON, Texas (March 21, 2011) — GulfStar Group (GulfStar) announces the sale of the assets of Delcor USA, Inc. (Delcor) to T-Rex Engineering & Construction, LC (T-Rex). GulfStar served as exclusive financial advisor to Delcor throughout the transaction, which closed on March 3, 2011. BoyarMiller represented Delcor in the sale of company assets.
Delcor, headquartered in Houston, Texas, fabricates industrial steel structures and complex subsea equipment packages for use in the offshore oil and gas production industry. The company’s products include subsea production modules for managing the flow of oil and gas from offshore wells, production platform living quarters and other buildings, and topside structures. Delcor has been a leader and innovator in these fields since the advent of deepwater drilling in the Gulf of Mexico more than 25 years ago.
The GulfStar transaction team included Bryan Frederickson (Managing Director), Chris Coonfield (Associate) and Jeff Maddox (Analyst). Bryan Frederickson said, “We anticipate the partnership of T-Rex and Delcor to be an exceptional strategic fit. Delcor has an entrenched market position in subsea production modules that will complement T-Rex’s existing product offerings. Moreover, Delcor’s waterfront facility will provide T-Rex direct waterway access to the Gulf of Mexico, enabling T-Rex to expand its potential markets while generating key operating efficiencies.”
About the Buyer
T-Rex engages in engineering, designing, manufacturing, and testing structures and equipment to support the development of subsea oil fields in the Gulf of Mexico and internationally. The company offers subsea tie-in components and related equipment, including pipeline end terminals and manifolds, umbilical termination assembly frames, pig launchers, process piping, control module boxes, ROV panels, in line sleds, manifolds, jumpers, spreader bars, and riser clamps. T-Rex also provides a range of fabrication services to the offshore oil and gas industry, as well as various design services, such as conceptual designs, drawing packages for fabrication bid, custom machine fitting detail drawings, approved for construction drawing packages, as-built drawings, shop drawings, and three dimensional layouts. The company was founded in 1986 and is based in Houston, Texas.