The owners of Petroleum Technology Company (PTC) has signed an agreement to sell the company to Interwell. The combined PTC and Interwell will become the global leader within well intervention, gas lifted wells and well integrity. The company will have head office in Stavanger, Norway. PTC is controlled by Herkules Capital and PTC employees, while Interwell is owned by Ferd and its employees.
PTC is a #1 player within artificial lift and gas lifted wells. Furthermore, the company has built a leading position within well head/annulus integrity. The company has an unmatched patent portfolio, supporting its wide technology offering. The combined company will have 2021 pro-forma revenues of more than NOK 2bn with strong growth and profitability. See www.ptc.as and www.interwell.com for more information.
The transaction is subject to customary regulatory approvals and is planned to close in Q2 2022.
Alpha Corporate Finance acted as financial advisor to PTC´s shareholders and board of directors.