Qinterra creates new global well service company
- Business & Finance
Qinterra Group’s North Sea well intervention specialist Altus Intervention and its international technology arm, Qinterra Technologies have united to form one global well service company.
Altus said on Thursday that the new group would take its name – Altus Intervention. It will be headquartered in Stavanger, Norway, bringing together over 1,000 staff from UK, West Africa, Norway, Denmark, the Americas, the Middle East, and Asia Pacific.
Following EQT’s acquisition in 2014, the two companies, Altus Intervention and Qinterra Technologies, were created.
“The united business will now operate as one brand to offer an enhanced range of innovative and field-proven well intervention technologies, tools and services to the global oil and gas industry,” said Altus.
Qinterra Group chief executive, Åge Landro, will continue to lead the company going further.
Landro said: “The energy landscape is constantly evolving and we are focused on bringing forward smarter ways of working to increase efficiencies and drive down costs.
“Combining our capacity and experience in well intervention will allow us to take bold steps towards adding to and developing our products and capabilities to support the oil and gas industry, worldwide.”
The company added that the group invested over £50 million ($66 M) in new technology over the past three years, demonstrating its commitment to research and development. So far this year, the group has seen a growth in technology activity of more than 50 percent and several high profile contracts secured with operators.
This includes well intervention projects with Maersk in Denmark and the UK, Shell in the UK and US, Statoil in Norway, and Petronas in Malaysia. As a result, the company’s contract backlog increased by 40 percent in the last 12 months.
Landro added: “The industry is much more receptive to new innovations and techniques. We will now have a leaner, stronger and broader business across a wide range of markets, allowing us to create a global leader in well intervention.”
According to the CEO, bringing both brands together will help the company meet its targets in all regions.