Houston-based oilfield services major Baker Hughes is acquiring Norwegian well intervention specialist Altus Intervention.
Baker Hughes said, without disclosing financial terms, that the acquisition of Altus, which operates in 11 countries, enhances the company’s life-of-well capabilities as operators look to improve efficiencies from mature fields.
The transaction is expected to close in the second half of 2022 and will be integrated into Baker Hughes’ Oilfield Services segment. The acquisition deal includes all intellectual property, personnel, and commercial agreements.
“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,” said Maria Claudia Borras, executive vice president of oilfield services at Baker Hughes. “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.”
“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,” added Åge Landro, CEO of Altus Intervention. “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.”
