Frank’s International N.V. (NYSE: FI) is purchasing Blackhawk Group Holdings Inc., the parent company of oil-well tool provider Blackhawk Specialty Tools LLC, for nearly $321 million from Bain Capital Private Equity. The deal is expected to diversify Frank’s tubular running services division as oil prices remain volatile.

Houston, Texas-based Blackhawk makes and sells deep water and land cementing tools used for well construction and managing oil rig systems. From universal cement heads to low-torque kelly valves, Blackhawk rents and sells equipment to oil and gas companies. The target has clients across the U.S., Angola, Australia, Canada, Gulf of Mexico, Morocco, Russia.

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