Oilfield services giant Baker Hughes has agreed to acquire Norway-based well intervention specialist Altus Intervention.
The company said the acquisition of the well intervention services and down-hole oil & gas technology company, complemented Baker Hughes’ existing portfolio of oilfield technologies and integrated solutions. Baker Hughes said the acquisition would boost the company's life-of-well capabilities as operators look to improve efficiencies from mature fields.
"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.
"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,” said 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."
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. No details were shared on the value of the deal.
Suspending Russian operations
Separately, Baker Hughes said last Saturday it had suspended new investments for its Russia operations.
"The Company is continuing to comply with applicable laws and sanctions as it fulfills current contractual obligations," Baker Hughes said.
"The crisis in Ukraine is of grave concern and we strongly support a diplomatic solution. We condemn violence and our hearts go out to the people and families of those impacted,” said Lorenzo Simonelli, chairman & CEO of Baker Hughes. “The health and safety of our employees, customers, partners, and their families always remains our top priority. We have been continuously monitoring the situation, and today’s announcement follows an internal decision made with our Board of Directors and communicated to our leadership team earlier this week. We remain committed to act in full compliance.”
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