Baker Hughes to enhance life-of-well capabilities by buying well intervention specialist
Oilfield services provider Baker Hughes has inked a deal to acquire Altus Intervention, a provider of well intervention services and down-hole oil & gas technology, to strengthen its technological capabilities while enabling its customers to maximise production from fields.
Baker Hughes informed on Monday that it was acquiring Altus Intervention to bring critical capabilities and technologies for well intervention – including tractor and power mechanical application solutions – to its oil and gas integrated well intervention solutions.
Maria Claudia Borras, executive vice president of oilfield services at Baker Hughes, remarked: “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.”
The U.S. player explains that this acquisition complements its existing portfolio of oilfield technologies and integrated solutions by enhancing the company’s life-of-well capabilities, as operators look to improve efficiencies from mature fields.
Norway-headquartered Altus Intervention specializes in fully integrated well intervention solutions, including proprietary technology, with a commitment to innovation, skills, and collaboration. The company operates in 11 countries and its well intervention services and digital technologies provide more efficient solutions compared to other technologies, according to Baker Hughes.
Åge Landro, CEO of Altus Intervention, commented: “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,” added Landro.
Based on Baker Hughes’ statement, the transaction is expected to close in the second half of 2022 and will be integrated into Baker Hughes’ Oilfield Services segment. As per the terms of the agreement, the acquisition includes all intellectual property, personnel, and commercial agreements.
Baker Hughes has also been working on finding ways to speed up the energy transition and reach net-zero carbon emission goals. To this end, the oilfield services giant joined forces with Shell in November 2021 in a push to decarbonise the energy and industrial sectors.
When it comes to more recent updates from the U.S. player, it is worth noting that the company last Saturday suspended new investments for its Russian operations to comply with applicable laws and imposed sanctions, following the country’s attack on Ukraine. Two of its rivals made similar announcements last Friday.