Houston-based Superior Energy Services has agreed to acquire Denmark’s Welltec International for a reported sum of $1.2 billion, including the assumption of approximately $100 million in debt.
The transaction, announced 22 September, adds a product line of robotic and wireline-deployed well intervention technologies that Superior said will complement its existing completions portfolio. The company said the acquired well intervention platform includes downhole tools capable of manipulating, moving, milling, cleaning, cutting, and fishing wellbore components to repair wells and restore production.
Welltec also offers a metal expandable packer used in both intervention and completion operations. The technology provides zonal isolation and supports well integrity.
Welltec operates in more than 50 countries and employs nearly 1,000 people worldwide. Welltec also holds more than 800 patents.
"The acquisition of Welltec will advance Superior's strategy of expanding its portfolio of differentiated wellbore technology products, well intervention solutions, and proprietary completion services," Dave Lesar, CEO of Superior, said in a statement. "Welltec's technology, manufacturing capabilities, and execution are widely recognized as best-in-class in our industry for helping customers improve the recovery of reserves from existing wells.”
A report from S&P Global on the transaction estimates that the combined company could generate up to $2 billion in annual revenue. The ratings agency also noted that Welltec derives about 75% of its annual revenue from outside North America, while Superior generates about 65% of its business in the US market.
The deal will expand Superior’s portfolio, which already includes a dozen other subsidiaries such as Abaco Drilling Technologies and Wild Well Control.
"Superior brings complementary capabilities, global customer relationships, and an operating footprint that can help support the continued growth of our technologies around the world. Welltec's industry-leading well intervention and proprietary completion technologies, combined with Superior's scale, are expected to create opportunities to reach more customers in more markets,” Peter Hansen, the CEO of Welltec, said in the announcement.
The transaction is expected to close in the first half of 2027, subject to customary closing conditions.