zoomPhoto: Advantec

GE Oil & Gas has agreed to acquire Advantec, a provider of subsea intervention equipment and services.

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, GE wrote.

Financial terms of the agreement to acquire the company, headquartered in Stord on the west coast of Norway, were not disclosed.

The two companies are targeting to complete the transaction by year-end 2015, subject to customary regulatory approvals.

“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,” said Rod Christie, President and CEO of GE Oil & Gas, Subsea Systems & Drilling.

While GE Oil & Gas plans to use this acquisition to expand its presence in the subsea well intervention sector, Advantec’s private equity majority owner Norvestor has found the right match from both a financial and future growth perspective, GE noted.

“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,” said Magnar Aaland, CEO of Advantec “GE has the global resources and vast expertise in subsea controls to take our technology to the next level.”