Huntington Ingalls divests oil & gas business

Huntington Ingalls Industries has found a buyer for its business focused on the oil and gas sector that once resided in the shipbuilder's government services segment.

Private equity firm PMC Capital said Wednesday it completed the purchase of UniversalPegasus International -- a provider of turnkey engineering, procurement and construction management services to the energy industry.

Terms of the transaction were undisclosed, but Houston-headquartered UPI has nearly 600 employees.

HII first revealed in February 2020 that it decided to divest UPI in order to give the technical solutions segment greater focus on unmanned and other opportunities in the federal market. The shipbuilder acquired UPI in 2014.

PMC Capital typically targets investments in the TMT (technology, media and telecommunications), consumer, healthcare, business services and industrial sectors.