The company said the move is part of its wider efforts to address the challenges faced by its customers operating the growing number of mature subsea fields. Advantec will operate under its existing name and management team as part of GE Oil & Gas’ subsea services and offshore division. It will also continue to supply products and services directly to new and existing clients.
Rod Christie, chief executive of GE Oil & Gas, Subsea Systems & Drilling said: “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.
“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 did not disclose the terms of the agreement to acquire the company but the transaction is expected to be completed by the end of the year.
Since Advantec was established in 2005, the company has grown from 20 to 370 employees with facilities in Norway, the UK, Lithuania, and the US.
The Advantec acquisition will provide GE Oil & Gas with an integrated global supply chain to address the surging demand for IWOCS and associated technology, complementing GE’s existing subsea production equipment and services portfolio.
GE stock closed at 28.92, down 0.42 (1.43%) on the closing of the bell on Friday.