Baker Hughes agreed on March 21 to acquire Altus Intervention, a leading international provider of well intervention services and downhole oil and gas technology with 40 years of industry experience.
Headquartered in Norway and employing 1,200 people globally, Altus Intervention specializes in fully integrated well intervention solutions, including proprietary technology. Historically focused in the North Sea, the company today operates in 11 countries that include the Deepwater Gulf of Mexico, North American shale plays, the Middle East and offshore Malaysia, according to its website.
“The addition of Altus Intervention supports our strategy to transform core oil and gas operations by enhancing technological capabilities and providing customers with higher-efficiency solutions,” Maria Claudia Borras, executive vice president of oilfield services at Baker Hughes, commented in a company release.
“We value the Altus Intervention team’s deep expertise and look forward to bringing these fully integrated well intervention solutions to our global customer base,” Borras continued.
The transaction is expected to close in the second half of 2022 and will be integrated into Baker Hughes’ oilfield services segment. The acquisition agreement includes all intellectual property, personnel, and commercial agreements. Terms of the deal were not disclosed.
“Our technology and techniques play a critical role in improving production, well intervention and plug and abandonment, and we believe this agreement with Baker Hughes is the right step forward,” Åge Landro, CEO of Altus Intervention, added in the release. “We are focused on a long-standing vision of making intervention smarter to deliver real change operationally and commercially, and we look forward to leveraging Baker Hughes’ strong network, complementary technology and global infrastructure in the oil and gas industry.”
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