The management team of the well intervention services player Altus Intervention has acquired the Company through a management buy-out. The Company aims to capitalise on an unrivalled integrated delivery model and a new technology platform that helps operators address the profitability challenges they face at low energy prices.
Headquartered in Stavanger, Norway, Altus Intervention is a leading provider of well intervention services and down-hole technology to the oil and gas industry with 40 years of industry experience. The company holds a strong position within integrated wireline and coiled tubing services in the North Sea and is a global frontrunner in e-line precision mechanical applications technology. Altus Intervention employs approximately 1,100 people and has operations in ten countries across Norway, Denmark, UK, North America, Middle East, Africa and Asia.
“Fluctuating macro conditions, including the effects of the Covid-19 pandemic, has posed the global energy industry with many challenges in recent years. However, Altus Intervention has implemented significant changes that have improved the company’s cost position, service quality and other important productivity parameters. We have achieved this in combination with making counter-cyclical investments into a new digital technology platform that helps operators address the profitability challenges they face at low energy prices. Enabling all of this is our unique approach to training and people development ensuring we have a skill set and capacity that delivers and adapts, every time,” says Åge Landro, CEO of Altus Intervention.
The management team acquires the company Oz MidCo AS (“Altus Intervention” or “the Company”) from EQT’s fund EQT VI, in a transaction supported by a bank consortium. The existing management team, led by CEO Åge Landro, will take a majority shareholding position and will appoint a new Board of Directors.
“We are pleased with the continued financial support, which provides us with a solid financial platform to continue developing the company to the benefit of our customers and employees,” adds Åge Landro.
In 2019, the Company reported revenues of NOK 2.1 billion with an EBITDA-result of NOK 423 million, adjusted for non-recurring costs.
“EQT has been a solid and highly supportive owner which has backed significant investments and R&D that facilitates continued growth in our proprietary technology business, while enabling us to defend our well intervention services stronghold in the North Sea. Our plan is to grow Altus Intervention from the strong foundation we have developed,” adds Åge Landro.
Anders Misund, Partner at EQT Partners and Investment Advisor to EQT VI, said: “Altus Intervention’s management team has played an instrumental role in developing a clear technology and service quality leader over the past few years. We believe Altus Intervention is well equipped to continue its operational development under its new ownership”.
The transaction is expected to close in the third quarter 2020. The parties have agreed not to disclose the financial details of the transaction.
For further media information, please contact:
Peter N. Keilen, Vice President Marketing Communications at Altus Intervention: tel: +47 975 89 092, e-mail: email@example.com