Altus Intervention, a Norway-based Well Intervention Specialist, to be Acquired by Baker Hughes

Oilfield services giant Baker Hughes has agreed to acquire Norway-based well intervention specialist Altus Intervention.

Baker Hughes said the acquisition of the well intervention services and down-hole oil & gas technology company complements its existing portfolio of oilfield technologies and integrated solutions. The company said the acquisition would boost the company's life-of-well capabilities as operators look to improve efficiencies from mature fields.

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. No details were shared on the value of the deal.

Separately, Baker Hughes said last Saturday it had suspended new investments for its Russia operations.