GE Oil & Gas announced Friday that it has agreed to acquire subsea services company Advantec for an undisclosed sum.
GE, which is currently one of Advantec’s largest customers, plans to use the acquisition to expand its presence in the subsea well intervention sector, according to a company statement. The two companies are aiming to complete the transaction by year-end 2015, subject to customary regulatory approvals.
Rod Christie, president and CEO of GE Oil & Gas Subsea Systems & Drilling, commented in a company statement:
“With the acquisition of Advantec, we are expanding our comprehensive portfolio of services, so we can provide added value to our customers at a time when the industry requires more effective solutions. The acquisition will enable us to accelerate growth in our subsea services operations by helping us build a leading well intervention equipment supply and rental business alongside accelerating our integrated solutions offering.”
Magnar Aaland, CEO of Advantec, commented in an Advantec statement:
“We are excited to announce our agreement with GE, which we believe is the right company to help us realize the full potential of our well intervention controls technology to support existing and new clients in the offshore oil and gas industry. GE has the global resources and vast expertise in subsea controls to take our technology to the next level.”
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