Altus Intervention AS Bundle
What is Altus Intervention AS?
Altus Intervention AS is a key player in the oil and gas sector, offering specialized well intervention and downhole technology. Its mission is to boost production and extend the life of oil and gas wells for operators globally.
Established in 2014 from a carve-out of Aker Solutions, the company's roots run deep in providing advanced solutions for reservoir recovery. Its acquisition by Baker Hughes in April 2023 marked a significant expansion of its global reach and technological capabilities.
What is the history of Altus Intervention AS?
The company, formally known as Altus Intervention AS, was established in 2014. It originated from a strategic carve-out of Aker Solutions, with its headquarters situated in Stavanger, Norway. This move set the stage for its focus on enhancing reservoir recovery rates and prolonging production cycles. A significant development occurred in April 2023 when Baker Hughes acquired the company, a move that substantially broadened its international presence and technological expertise. Today, Altus Intervention operates as a vital subsidiary of Baker Hughes, maintaining operations across various regions including the UK, West Africa, Norway, Denmark, the Americas, the Middle East, and the Asia Pacific. This transition highlights its journey and continued importance in an industry that prioritizes efficiency and cutting-edge technology. For a deeper understanding of its market positioning, consider an Altus Intervention AS PESTEL Analysis.
What is the Altus Intervention AS Founding Story?
Altus Intervention AS, in its current form, officially began in January 2014. This marked a significant strategic move where the Well Intervention Services business was carved out from Aker Solutions ASA. The venture was backed by the private equity firm EQT VI, aiming to establish a global leader in well intervention and downhole technology.
The Genesis of Altus Intervention AS
The formal establishment of Altus Intervention AS occurred in January 2014. This pivotal moment was the result of a strategic carve-out of the Well Intervention Services business from Aker Solutions ASA, with backing from the Swedish private equity fund EQT VI. The business unit, which included Aker Well Services (Norway) and Aker Qserv (UK), had a substantial operational history in well intervention, spanning approximately 40 years prior to 2020.
- The company was rebranded from Qinterra to Altus Intervention.
- The primary objective was to cultivate a leading global provider of well intervention services and downhole technology.
- A key focus was strengthening its presence in the North Sea market.
- The initial business model centered on delivering a full spectrum of well intervention services, including slackline, cased hole logging, wireline tractor, and oil recovery services.
- These services were designed to optimize production and extend the operational lifespan of wells.
- EQT's investment in 2014 provided crucial initial funding for the newly formed entity.
- The company's early years were shaped by a global oil price decline, necessitating a strong focus on financial performance restoration, R&D, and operational efficiency.
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What Drove the Early Growth of Altus Intervention AS?
Following its establishment in 2014, Altus Intervention AS initiated a period of focused growth, heavily investing in research and development to refine its proprietary technology. This strategic emphasis allowed the company to strengthen its standing within the well intervention market by enhancing its integrated wireline and coiled tubing services, alongside its e-line precision mechanical applications.
Early Investment in Technology and Services
Significant investments in R&D post-formation were key to developing proprietary technology. This focus bolstered its offerings in integrated wireline, coiled tubing services, and e-line precision mechanical applications, establishing a strong foundation for its market entry.
Global Operational Expansion
By 2020, the company had expanded its global reach, employing approximately 1,100 individuals across key regions including Norway, the UK, North America, and Asia. Major operational centers were established in Stavanger, Norway, and Aberdeen, UK.
Key Client Contract and Ownership Transition
A significant milestone was the November 2020 multi-year contract with TAQA for well intervention services, managed from its Aberdeen base. This period also saw EQT exit in September 2020, with ownership transferring to the management team, supported by Nordic banks.
Acquisition and Market Integration
In March 2022, Baker Hughes announced its intent to acquire Altus Intervention AS, a deal finalized on April 3, 2023. This integration brought Altus Intervention's capabilities into Baker Hughes' Oilfield Services segment. As of 2023, the company had 838 employees. The competitive environment included firms like Excellence Logging and READ Cased Hole, highlighting the Competitors Landscape of Altus Intervention AS.
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What are the key Milestones in Altus Intervention AS history?
Altus Intervention AS has navigated a dynamic landscape, marked by significant achievements and strategic advancements since its inception. The company's journey showcases a commitment to innovation in well intervention technologies, aiming to enhance operational efficiency and resource recovery.
| Year | Milestone |
|---|---|
| 2014 | Carve-out of the company, establishing its independent operational trajectory. |
| September 2022 | Initiation of merger inquiries by competition authorities, including the UK's CMA. |
| March 2023 | Acceptance of undertakings by competition authorities, facilitating the acquisition process. |
| May 2024 | Filing of a patent for a method and system for drilling a radial hole in a tubular structure. |
| September 2023 | Filing of a patent for a device, toolstring, and method for orientating a downhole tool. |
The company's innovation is evident in its continuous investment in R&D, leading to advancements in precision well technology and integrated well intervention solutions. Altus Intervention is recognized for its industry-leading tractor and power mechanical application solutions, designed for lighter and more efficient well intervention operations.
Precision Well Technology
Altus Intervention has consistently invested in research and development to enhance its precision well technology offerings.
Integrated Well Intervention
The company provides integrated well intervention solutions that streamline operations and improve efficiency.
Tractor and Power Mechanical Applications
Altus Intervention is a leader in tractor and power mechanical application solutions, enabling lighter and more efficient well intervention.
Radial Hole Drilling Innovation
A pending patent filed in May 2024 highlights innovation in methods and systems for drilling radial holes in tubular structures.
Downhole Tool Orientation
Another patent application from September 2023 focuses on a device, toolstring, and method for orientating downhole tools.
Commitment to Technological Leadership
These innovations demonstrate a strong commitment to technological leadership aimed at enhancing well efficiency and recovery.
The company has faced significant challenges, including the global decline in oil prices shortly after its 2014 carve-out and the impact of the COVID-19 pandemic in 2020 on activity levels. Additionally, regulatory scrutiny during the acquisition process presented hurdles, requiring undertakings to secure approval from competition authorities.
Market Downturns
The company experienced performance impacts from a global decline in oil prices following its 2014 carve-out.
Pandemic Impact
The COVID-19 pandemic in 2020 led to reduced activity levels and extended development timelines for the company.
Financial Performance Reinstatement
Macroeconomic impacts necessitated a focus on reinstating healthy financial performance, supported by continued R&D investments.
Regulatory Merger Inquiries
Competition authorities, such as the UK's CMA, initiated merger inquiries in September 2022, considering potential competition lessening.
Undertakings for Approval
Undertakings were offered and accepted in March 2023 to secure approval for the acquisition, addressing competition concerns.
Resilience and Adaptation
Through these challenges, the company demonstrated resilience by leveraging specialized expertise and integrated solutions to overcome market downturns and regulatory hurdles.
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What is the Timeline of Key Events for Altus Intervention AS?
The Altus Intervention AS company profile reveals a dynamic history marked by strategic acquisitions and evolving ownership. Understanding the Altus Intervention AS background provides insight into its current position within the oil and gas services sector.
| Year | Key Event |
|---|---|
| 1995 | Altus Intervention AS was founded, marking the initial steps in its journey. |
| 2014 | EQT acquired Aker Solutions' well intervention business, leading to the formation and rebranding of the entity as Qinterra, which later became Altus Intervention. |
| 2020 | EQT exited Altus Intervention, with ownership transferring to the management team, supported by Nordic banks. |
| 2020 | Altus Intervention secured a multi-year well intervention contract with TAQA for coiled tubing, pumping, wireline, and E-Line services. |
| 2022 | Baker Hughes announced its agreement to acquire Altus Intervention. |
| 2023 | The UK's Competition and Markets Authority (CMA) accepted undertakings, clearing the path for Baker Hughes' acquisition of Altus Intervention. |
| 2023 | Baker Hughes completed the acquisition of Altus Intervention, integrating it into its Oilfield Services segment. |
| 2023 | A patent application was filed for a device, toolstring, and method for orientating a downhole tool. |
| 2024 | A patent application was filed for a method and a system for drilling a radial hole in a tubular structure. |
Integration into Baker Hughes
The acquisition by Baker Hughes in April 2023 marks a significant milestone. This integration aims to enhance Baker Hughes' 'life-of-well' capabilities, focusing on production optimization and intervention services.
Leveraging Global Networks
Altus Intervention's future is tied to leveraging Baker Hughes' extensive global network and complementary technologies. This synergy is expected to drive more efficient and sustainable solutions in the oil and gas sector.
Focus on Efficiency and Decarbonization
Industry trends such as the increasing demand for efficiency in mature fields and the broader drive towards decarbonization are key growth drivers. The company's vision remains focused on making well intervention smarter.
Technological Advancements
Recent patent applications in 2023 and 2024 highlight a continued commitment to innovation. These focus on downhole tool orientation and radial hole drilling, showcasing ongoing technological development in the Brief History of Altus Intervention AS.
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