Business/economics

Baker Hughes To Buy Altus Intervention

Altus brings well intervention technologies, including tractor and power mechanical application solutions.

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Altus will be integrated into Baker Hughes’ Oilfield Services segment.
SOURCE: Altus Intervention

Oilfield services firm Baker Hughes is acquiring Altus Intervention, an international provider of well intervention services and downhole oil and gas technology. Terms of the deal were not disclosed.

Baker Hughes said the 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.

Headquartered in Norway, Altus Intervention employs 1,100 people globally with operations across 4 regions: UK and West Africa, Norway and Denmark, Americas, and Middle East and Asia Pacific.

“The addition of Altus Intervention supports our strategy to transform core oil and 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.

The transaction is expected to close in the second half of 2022 and will be integrated into Baker Hughes’ Oilfield Services segment.

“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, chief executive 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.”

Baker Hughes, along with rivals Schlumberger and Halliburton, announced recently that they were suspending their operations in Russia over the ongoing invasion of Ukraine.