Fuel additives maker Innospec is looking to buy an oilfield specialty company for less than $300 million by the end of the first quarter, its top executive said.

"We are combing all regions to look at small companies that are under $300 million, some public but mostly privately owned," Chief Executive Patrick Williams told Reuters in an interview.

Innospec withdrew its $745 million offer for TPC Group in early December, paving the way for the acquisition of the chemicals maker by private equity firms First Reserve Corp and SK Capital Partners.

Innospec shares have risen about 13% since it dropped the bid that was backed by Blackstone Group.