On 3 April 2023, Baker Hughes (Nasdaq: BKR) completed the acquisition of Altus Intervention, the leading international provider of integrated well intervention services and down-hole oil & gas technology. The acquisition includes all IP, personnel, and commercial agreements.
Alpha Corporate Finance acted as financial advisor to the shareholders of Altus Intervention in the transaction.
Baker Hughes states that Altus Intervention’s technology and operating model strengthens Baker Hughes’ Oilfield Services & Equipment product company by complementing the existing portfolio of intervention solutions and enhancing the company's life-of-well capabilities. As operators look for ways to increase efficiency, decarbonize operations and prolong the life of their assets, intervention and production enhancement will be critical and long-term growth drivers for the industry.
“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,” said Maria Claudia Borras, executive vice president of oilfield services at Baker Hughes. “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.”
“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, CEO 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."
About the company: Altus Intervention specializes in fully integrated well intervention solutions, including proprietary technology, with commitment to innovation, skills, and collaboration. Headquartered in Norway and operating in 11 countries, the company’s well intervention services and digital technologies provide more efficient solutions compared to other technologies.