GE Oil & Gas is set to acquire Norway-based subsea intervention equipment and services provider Advantec to address challenges faced by clients operating mature subsea fields.

Operating under the existing name as part of GE Oil & Gas’ Subsea Services & Offshore division, Advantec will also continue to supply products and services directly to existing and new clients following the acquisition.

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GE Oil & Gas, Subsea Systems & Drilling president and CEO Rod Christie said: "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.

"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."

The acquisition will enable GE Oil & Gas to expand its presence in the subsea well intervention sector.

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In addition, the company would be provided with an integrated global supply chain in a bid to address the increasing demand for intervention workover control systems (IWOCS) and associated technology.

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Advantec CEO Magnar Aaland said: "We are excited to announce our agreement with GE, which we believe is the right company to help us realise the full potential of our well intervention controls technology to support existing and new clients in the offshore oil and gas industry."

According to Advantec, the existing and future customers of both companies will benefit from the acquisition.

The transaction is subject to customary regulatory approvals and is slated for completion by the year-end.