The purchase is part of GE Oil & Gas’ efforts to address the challenges faced by its customers operating the growing number of mature subsea fields, and the company’s broader strategy to expand its position as a leading provider of subsea production equipment and services solutions for full life-of-field management. The acquisition of Advantec enables GE to add value to its customers at a time when the industry requires more effective solutions.
Prior to the transaction Advantec was owned by the Norwegian private equity firm Norvestor, founders and current and previous employees.
Advantec was established in 2005. Its core capabilities include Work Over Control Systems (WOCS), electro-hydraulic equipment, system integration, engineering and fabrication plus a rental fleet of 14 IWOCS systems. Advantec has grown rapidly over the past few years. Today it counts approximately 325 employees and it had revenues of over NOK 500 million in 2014. The Advantec head office is located on the island of Stord, on the west coast of Norway, and it has offices in the UK, Lithuania, North America and Australia. It also has subsidiaries and service facilities in Stavanger, Bergen, Kristiansund and Hammerfest, servicing the Norwegian oil & gas industry. Advantec will continue to operate under its own brand, and will continue to supply products and services directly to existing and new clients.
General Electric (NYSE: GE) is a multinational conglomerate corporation incorporated in New York. GE Oil & Gas came into the industry over 20 years ago and, through both strategic acquisitions – starting with Nuovo Pignone in 1994 – and continuous growth, has positioned itself as one of the world’s leading equipment and services’ providers in the oil and gas space.