Oilfield services giant Baker Hughes said this week it had completed the acquisition of Norway-based well intervention specialist Altus Intervention.
"Today, we are pleased to announce the completion of the Altus Intervention acquisition. This strategic alignment fully complements our existing portfolio of oilfield technologies and integrated solutions. Together, we are making intervention smarter," Baker Hughes said earlier this week.
Altus Intervention is based in Norway and operates in 11 countries.
The acquisition agreement includes all intellectual property, personnel, and commercial agreements.
Worth noting, Baker Hughes this week completed the sale of the Coil Tubing and Pumping business in the UK to Archer.
Baker Hughes had to divest the CT&P business as a part of a remedy package offered to the UK Competition and Markets Authority (“CMA”) in relation to its acquisition of Altus Intervention.
The CMA said in November 2022 that Baker Hughes' acquisition of Altus Intervention could reduce competition among UK oil and gas operators.
The regulator said it was concerned that the loss of rivalry between the merging companies could lead to higher prices, reduced choice, and lower quality services for businesses in the UK that purchase coiled tubing and pumping services.
The CMA on March 1 said that it had cleared Baker Hughes's acquisition of Altus Intervention after the companies took steps to alleviate concerns raised by the watchdog.
Altus Intervention will be integrated into Baker Hughes’ Oilfield Services segment.
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