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Baker Hughes Signs Agreement to Acquire Altus Intervention to Strengthen its Oil & Gas Integrated Well Intervention Solutions

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Baker Hughes Signs Agreement to Acquire Altus Intervention to Strengthen its Oil & Gas Integrated Well Intervention Solutions

March 21, 2022

  • Altus brings critical capabilities & technologies for well intervention, including industry-leading tractor and power mechanical application solutions
  • Technology and solutions enable lighter and less invasive well intervention that enable customers to maximize their production more efficiently

HOUSTON - March 21, 2022 – Baker Hughes has announced it is acquiring Altus Intervention, a leading international provider of well intervention services and down-hole oil & gas technology with 40 years of industry experience. The acquisition complements Baker Hughes’ existing portfolio of oilfield technologies and integrated solutions by enhancing the company's life-of-well capabilities as operators look to improve efficiencies from mature fields.

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.  

“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."

The transaction is expected to close in the second half of 2022 and will be integrated into Baker Hughes’ Oilfield Services segment. The acquisition agreement includes all intellectual property, personnel, and commercial agreements.

About Baker Hughes

Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions for energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

About Altus Intervention

Altus Intervention is a leading provider of well intervention services and down-hole technology. It employs 1200 employees globally, operating across four regions: UK and West Africa; Norway and Denmark; Americas; and Middle East and Asia Pacific. With our market leading technology and highly skilled workforce, we succeed in Making Intervention Smarter for our clients - delivering safer, more efficient and more sustainable solutions. Visit altusintervention.com to learn more.

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Thomas Millas

+1 713 879 2862

thomas.millas@bakerhughes.com

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