Baker Hughes to buy well intervention services provider Altus Intervention
Baker Hughes has agreed to acquire Altus Intervention, a Norway-based provider of well intervention services and down-hole oil and gas technology, for an undisclosed price.
Altus Intervention, which is said to have more than four decades of industry experience, is expected to complement the existing portfolio of oilfield technologies and integrated solutions of Baker Hughes. The former will improve Baker Hughes’ life-of-well capabilities.
Maria Claudia Borras — Baker Hughes executive vice president of oilfield services said: “The addition of Altus Intervention supports our strategy to transform core oil & gas operations by enhancing technological capabilities and providing customers with higher-efficiency solutions.
“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.”
Baker Hughes to acquire Norwegian well intervention services provider Altus Intervention. Photo courtesy of Altus Intervention.
Altus Intervention is said to be a specialist in fully integrated well intervention solutions. The company operates in 11 countries where it provides well intervention services and digital technologies.
Åge Landro — CEO of Altus Intervention said: “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.
“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.”
The deal is likely to be wrapped up in the latter half of this year after which Altus Intervention will be integrated into the oilfield services segment of Baker Hughes.