PRESS RELEASE - GE to Acquire Leading Subsea Intervention Equipment and Services Supplier ADVANTEC
ADVANTEC is pleased to announce that GE Oil and Gas is to acquire ADVANTEC, including all its subsidiaries.
- A Technology and Services company with the headquarters based in Stord, Norway; ADVANTEC provides electro hydraulic controls systems, including Installation & WorkOver Systems (IWOCS), and associated services to the international oil and gas industry.
- Operating for over 10 years, ADVANTEC has earned a reputation as an innovator and leader in the design and manufacture of Electro Hydraulic control systems. The company not only manufactures, sells, and services these systems, but also provides an extensive array of support services on and offshore for the operation of these systems.
- ADVANTEC will continue to operate under the existing company name and management team, reporting to GE Oil & Gas’ Subsea Services & Offshore division. This means that while we will carry out our responsibility within GE, we will continue to supply products and services directly to existing and new clients.
- This acquisition will be of significant benefit to both the Advantec Group and GE Oil and Gas current and future customers.
ADVANTEC was established in 2005 and has grown from 20 to 370 employees, with facilities in Norway, the UK, Lithuania, and the US. The acquisition will provide GE Oil & Gas with an integrated global supply chain to address the demand for IWOCS and associated technology, complementing GE’s existing subsea production equipment and services portfolio.
ADVANTEC in Norway:
ADVANTEC is headquartered at Stord, on the west coast of Norway, and shall be the centre of excellence within IWOCS systems in GE Oil & Gas, with product ownership, design & development and fabrication of integrated system components. ADVANTEC has established a chain of service facilities along the Norwegian coast, including specialist engineering and assembly capabilities, and repair & maintenance offering, in Hammerfest, Kristiansund, Ågotnes, Kleppestø and Stavanger.
ADVANTEC in the global market
ADVANTEC has established subsidiaries in selected international subsea hubs, including Scotland (Aberdeen), USA (Houston, Texas), Australia (Perth). A low cost fabrication facilities is established in Lithuania (Klaipeda), and a sales office is established in Brazil (Rio de Janeiro).
These facilities create a connection to the business in Norway from experienced local management teams, with years of experience in manufacture, service and rental of oilfield equipment within international markets of the Oil and Gas Industry.
“We are happy 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.”
“We are excited about the consolidation of our resources with GE; the combination of additional expertise, efficient operations, and competitive costs will greatly benefit the customers of both companies,” says Steve King, CEO of Advantec Aberdeen, enhancing Advantec’s strong commitment to providing quality results with industry-leading solutions.
Financial terms of the agreement related to the acquisition were not disclosed. The companies are targeting to complete the transaction by end of year, subject to customary approvals by Norwegian authorities.
CEO, Advantec AS
Phone: +47 907 34860