Baker Hughes to boost well capabilities with acquisition of Norwegian firm

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Baker Hughes said on Monday that it will be acquiring Altus Intervention, a Norwegian company with four decades of industry experience developing well-intervention solutions.

With this acquisition, Baker Hughes will have the opportunity to further improve its life-of-well capabilities for operators looking to improve efficiencies from mature fields. In a statement, Baker Hughes said the acquisition complements its existing portfolio of oilfield technologies and integrated solutions.

“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,” executive vice president of oilfield services at Baker Hughes, Maria Claudia Borras, said.

Borras added that Baker Hughes values the Altus Intervention team’s deep expertise and looks forward to bringing those solutions to its global customer base.

CEO of Altus Intervention, Åge Landro said, “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.”

Altus Intervention already operates in the United Kingdom, West Africa, Norway, Denmark, the Americas, the Middle East and the Asia Pacific region.

Baker Hughes expects the transaction to conclude in the second half of 2022, then integrated into Baker Hughes’ oilfield services segment. Baker Hughes will acquire all of Altus Intervention’s intellectual property, personnel, and commercial agreements, making these new solutions available to its clients. With ExxonMobil in Baker Hughes’ clientele, Guyana stands to benefit.

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