Altus Intervention AS Bundle
Who Owns Altus Intervention AS?
Understanding a company's ownership is key to grasping its strategic direction and market position. Altus Intervention AS, a Norwegian well intervention specialist, underwent a significant ownership change.
Baker Hughes, a global energy technology leader, acquired Altus Intervention AS. This acquisition, agreed upon in March 2022 and finalized on April 3, 2023, integrated Altus Intervention's specialized services into Baker Hughes' broader energy services framework.
Altus Intervention AS, established in 2014 as a carve-out from Aker Solutions and with roots dating back to 1995, focuses on innovative well intervention and downhole technology. The company's operations are now part of Baker Hughes' extensive global network, enhancing its market reach and capabilities. For a deeper understanding of the external factors influencing its business, consider an Altus Intervention AS PESTEL Analysis.
Who Founded Altus Intervention AS?
Altus Intervention AS was established in 2014 as a carve-out from Aker Solutions. Its operational history traces back to 1995 within Aker Solutions' well intervention business unit. This strategic separation meant Altus Intervention AS did not have traditional individual founders.
| Key Aspect | Details |
|---|---|
| Formation Year | 2014 |
| Origin | Carve-out from Aker Solutions |
| Pre-Formation Operations | Well intervention business unit of Aker Solutions |
| Early Ownership | Primarily EQT (private equity firm) |
| Rebranding | From Qinterra to Altus Intervention under EQT |
Strategic Carve-Out
Altus Intervention AS emerged in 2014 through a strategic separation from Aker Solutions. This move established it as an independent entity.
Private Equity Backing
The private equity firm EQT became the primary owner following the carve-out. EQT's investment in January 2014 marked the beginning of Altus Intervention's independent journey.
Operational Roots
The company's operations have a history dating back to 1995. These operations were previously part of Aker Solutions, including subsidiaries like Aker Well Services and Aker Qserv.
Management's Role
While EQT held the primary ownership, the management team was instrumental. Led by figures like Åge Landro, they guided the company's development during this early phase.
Focus on Growth
Under EQT's ownership, significant investments were made in research and development. The aim was to expand global operations and enhance precision well technology.
Ownership Structure
The early ownership structure was characteristic of a private equity-backed model. This focused on strategic growth and operational enhancements before any subsequent ownership changes occurred.
The early ownership of Altus Intervention AS was predominantly held by the private equity firm EQT, following its establishment in 2014. This period saw the company transition from its previous identity as Qinterra. EQT's strategy involved substantial investment in research and development to bolster the company's global presence and its expertise in precision well technology and North Sea well intervention services. Although specific equity allocations for the management team during this initial phase are not publicly disclosed, key management personnel, including Åge Landro, who later assumed the role of CEO, were vital in steering the company's growth under EQT's stewardship. This private equity-driven model emphasized strategic expansion and operational improvements, setting the stage for future developments in the Mission, Vision & Core Values of Altus Intervention AS.
Early Ownership Dynamics
Altus Intervention AS's initial ownership was shaped by its formation as a carve-out. The primary stakeholder was EQT, a private equity firm that invested in January 2014.
- EQT's investment marked the beginning of Altus Intervention AS's independent operational phase.
- The company was rebranded from Qinterra to Altus Intervention under EQT's ownership.
- Significant R&D investments were made to enhance global operations and technological capabilities.
- Management, led by individuals like Åge Landro, played a key role in the company's strategic direction.
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How Has Altus Intervention AS’s Ownership Changed Over Time?
The ownership journey of Altus Intervention AS has seen significant shifts, beginning with its carve-out from Aker Solutions in 2014 and subsequent acquisition by the EQT VI fund. This period was marked by substantial investment and global expansion efforts. A pivotal moment arrived in September 2020 when EQT exited its stake, selling the company to its management team with support from Nordic banks, leading to a management-led ownership structure.
| Event | Year | Acquiring Entity |
|---|---|---|
| Carve-out from Aker Solutions | 2014 | EQT VI fund |
| Management Buyout | 2020 | Altus Intervention Management Team |
| Acquisition by Baker Hughes | 2023 | Baker Hughes |
The most recent and definitive change in Altus Intervention AS ownership occurred with its acquisition by Baker Hughes. Announced in March 2022 and finalized on April 3, 2023, this transaction saw Baker Hughes integrate all of Altus Intervention's intellectual property, personnel, and commercial agreements into its Oilfield Services segment. As of 2024-2025, Baker Hughes, headquartered in Houston, Texas, stands as the sole parent company and primary stakeholder. This strategic move by Baker Hughes aims to bolster its life-of-well capabilities and deliver more efficient solutions to clients by incorporating Altus Intervention's specialized technologies and integrated well intervention services. Previously, notable investors included Akastor, EQT, and Partners Group, highlighting a history of private equity and strategic investment prior to its full integration into Baker Hughes. Understanding these transitions is key to grasping the Revenue Streams & Business Model of Altus Intervention AS.
Key Ownership Milestones
Altus Intervention AS has experienced several ownership changes, reflecting strategic realignments in the oilfield services sector.
- Initial acquisition by EQT VI fund post-carve-out from Aker Solutions in 2014.
- Transition to management-led ownership in 2020 following EQT's exit.
- Full acquisition by Baker Hughes, completed in April 2023, establishing it as the ultimate parent company.
- Previous significant investors included Akastor, EQT, and Partners Group.
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Who Sits on Altus Intervention AS’s Board?
As an operating subsidiary of Baker Hughes, Altus Intervention AS's board of directors and voting power are integrated within its parent company's governance. Ultimate control and strategic direction for Altus Intervention AS reside with Baker Hughes, a publicly traded entity.
| Role | Individual | Affiliation |
|---|---|---|
| CEO (Former) | Åge Landro | Altus Intervention AS |
| Chief Technology Officer | Olav Lindtjorn | Altus Intervention AS |
Given its status as a subsidiary within Baker Hughes (Nasdaq: BKR), Altus Intervention AS does not possess an independent board with distinct voting structures. Strategic decisions, substantial investments, and executive appointments for Altus Intervention AS are managed at the Baker Hughes corporate level, overseen by the latter's board of directors. There have been no public reports of governance disputes or activist campaigns specifically targeting Altus Intervention AS since its acquisition, indicating its integrated operational standing within the larger organization.
Governance Integration
Altus Intervention AS operates under the overarching governance of its parent company, Baker Hughes. This integration means that the ultimate decision-making authority and strategic oversight for Altus Intervention AS are vested in Baker Hughes' corporate structure.
- Board oversight resides with Baker Hughes.
- Strategic direction is determined at the parent company level.
- Voting power is consolidated within Baker Hughes.
- No independent board for Altus Intervention AS.
The ownership structure of Altus Intervention AS is directly tied to its parent company, Baker Hughes. This means that the ultimate beneficial owners of Altus Intervention AS are the shareholders of Baker Hughes. The company's ownership history reflects its acquisition by Baker Hughes, integrating its operations and governance into the larger entity. Understanding who owns Altus Intervention AS requires looking at the major shareholders of Baker Hughes. While specific details on Altus Intervention AS shareholders are not independently reported, as a subsidiary, its performance and strategic direction are managed to align with the overall objectives of Baker Hughes. For a deeper understanding of the competitive environment in which Altus Intervention AS operates, one might explore the Competitors Landscape of Altus Intervention AS.
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What Recent Changes Have Shaped Altus Intervention AS’s Ownership Landscape?
The ownership of Altus Intervention AS underwent a significant transformation with its acquisition by Baker Hughes, a global energy technology company. This transition, finalized on April 3, 2023, marked the end of its period as a private equity-backed entity and integrated it as an operating subsidiary.
| Acquisition Date | Acquiring Company | Previous Ownership Status |
| April 3, 2023 | Baker Hughes | Private Equity-Backed |
This strategic move positions Altus Intervention to leverage Baker Hughes' extensive global infrastructure and customer network, particularly benefiting its operations in mature fields requiring specialized well intervention and production enhancement services. The integration aims to bolster Altus Intervention's market reach and operational capabilities.
Strategic Integration Benefits
Altus Intervention now benefits from Baker Hughes' global infrastructure. This integration enhances its ability to serve clients in mature fields requiring advanced well intervention solutions.
Market Position Enhancement
The acquisition strengthens Altus Intervention's market position. It allows for greater impact and reach, especially in regions with aging well infrastructure.
Industry Growth Drivers
The global well intervention market is projected for robust growth, expected to reach USD 14.87 billion by 2032. This expansion is fueled by increased E&P activities and the need for enhanced oil recovery.
Focus on Efficiency and Decarbonization
Under its new ownership, Altus Intervention is poised to capitalize on industry trends like digitalization and automation. A key focus is on increasing operational efficiencies and supporting decarbonization efforts, aligning with the Marketing Strategy of Altus Intervention AS.
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