Aker Solutions’ former well intervention services business, which was acquired by private equity fund EQT VI in January this year, has been restructured and will operate under two brands from 22 Apr 2014: Altus Intervention and Qinterra Technologies.
“Put simply, Altus Intervention is the brand that our North Sea customers will relate to. Operationally this is no change from today,” Jørgen Peter Rasmussen, CEO of Qinterra, the holding company for the two brands said. “The Qinterra Technologies brand, meanwhile, will represent our international wireline tractor technology and spearhead our expansion plans outside the North Sea”, adds Rasmussen.
Altus Intervention offers wireline, wireline tractor, coiled tubing and logging services in Norway, Denmark and the UK. Its UK operation also offers pipeline and process services.
The company employs about 1300 people in Norway (Stavanger, Bergen and Stjørdal), Denmark and the UK. Halle Aslaksen will head up the Scandinavian operation out of Stavanger, Norway, while Garry Michie continues to lead the UK business from Aberdeen, UK.
Qinterra Technologies offers wireline tractor services and mechanical tools such as plugs and packers globally. In the North Sea, it will operate as a technology supplier to its sister company Altus Intervention Services.
The company employs about 300 people. It has operations in Norway, UK, Canada, USA, Oman, Saudi Arabia, United Arab Emirates, Russia, Azerbaijan and Malaysia. Today, the business is one of three major players in the global wireline tractor market.
“The market for interventions in highly deviated and horizontal oil and gas wells is growing rapidly, both offshore and onshore,” Rasmussen said. “Through utilizing our adaptive wireline tractor technologies and offering fit-for-purpose combinations of innovative and field-proven well intervention technologies and tools, we can offer a highly cost-effective method of maintaining these wells and thereby help our customers reach their production targets.”
In addition to working directly for oil companies, Qinterra Technologies will also offer wireline tractor technology services as a sub-supplier to wireline companies around the world.
Well intervention services are operations carried out in oil or gas wells, with the objective of maximizing production and increasing the recovery rate from the reservoirs.