Baker Hughes to buy wells specialist Altus Intervention
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Baker Hughes (BKR +3.9%) says it agreed to acquire privately held Altus Intervention, a provider of well intervention services and down-hole oil and gas technology, with it says will enhance its life-of-well capabilities as operators look to improve efficiencies from mature fields.
Headquartered in Norway and operating in 11 countries, Baker Hughes says Altus' well intervention services and digital technologies provide more efficient solutions compared to other technologies; financial terms are not disclosed.
"The addition of Altus Intervention supports our strategy to transform core oil and gas operations by enhancing technological capabilities and providing customers with higher-efficiency solutions," Baker Hughes executive VP oilfield services Maria Claudia Borras said.
Baker Hughes, along with Schlumberger and Halliburton, announced during the weekend that they were suspending their operations in Russia.