GE Oil & Gas, an innovative global solutions provider to the oil and gas industry, including valve and pump services, is to acquire Advantec, a provider of subsea intervention equipment and services. The acquisition is meant to boost the company’s capabilities to offer cost-efficient products and services to customers worldwide. The acquisition will include Advantec’s Insallation Workover Control Systems (IWOCS) Rental Fleet. The companies are seeking to complete the transaction by the end of 2015.
The purchase is part of GE Oil & Gas’ efforts to address the challenges faced by its customers operating the growing number of mature subsea fields, and the company’s broader strategy to expand its position as a leading provider of subsea production equipment and services solutions for full life-of-field management.
Advantec will operate under the existing name and management team as part of GE Oil & Gas’ Subsea Services & Offshore division. As such, it will continue to supply products and services directly to existing and new clients.