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.”
Recommended Reading
Santos’ Pikka Phase 1 in Alaska to Deliver First Oil by 2026
2024-04-18 - Australia's Santos expects first oil to flow from the 80,000 bbl/d Pikka Phase 1 project in Alaska by 2026, diversifying Santos' portfolio and reducing geographic concentration risk.
Iraq to Seek Bids for Oil, Gas Contracts April 27
2024-04-18 - Iraq will auction 30 new oil and gas projects in two licensing rounds distributed across the country.
Vår Energi Hits Oil with Ringhorne North
2024-04-17 - Vår Energi’s North Sea discovery de-risks drilling prospects in the area and could be tied back to Balder area infrastructure.
Tethys Oil Releases March Production Results
2024-04-17 - Tethys Oil said the official selling price of its Oman Export Blend oil was $78.75/bbl.
Exxon Mobil Guyana Awards Two Contracts for its Whiptail Project
2024-04-16 - Exxon Mobil Guyana awarded Strohm and TechnipFMC with contracts for its Whiptail Project located offshore in Guyana’s Stabroek Block.