Nov 12 2011 |
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Aker Solutions acquires Middle-Eastern well technology business
12 November 2011 - International oil services company Aker Solutions has signed an agreement to acquire the well intervention technology business from Middle-Eastern company X3M International, which has operations in Saudi Arabia, United Arab Emirates and Oman.
The acquisition will grow Aker Solutions' well intervention technology and service portfolio worldwide as well as increase the company's presence in the important Middle East market. Aker Solutions is one of the world's leading oil services company, with 18,000 employees and operations in 30 countries worldwide.
Well intervention services are operations carried out in an oil or gas well, with the objective of maximising production and increasing the recovery rate of oil and gas.
X3M is an international niche provider of down-hole intervention service tools and technology products. Its core products are innovative down-hole tools like plugs, packers, hangers, valves and a complete range of setting and recovery tools.
X3M is well established in the Middle East, with operations in Saudi Arabia, United Arab Emirates and Oman. Aker Solutions already has well service set-ups in Saudi Arabia and Oman, which will merge its operations with X3M's. X3M also has a design engineering team based in Narvik, Norway. The research and development (R&D) set-up in Narvik will not only support X3M's activities but also strengthen Aker Solutions' existing R&D function within wireline tractors and application tools.
"Today Aker Solutions is a niche provider of well intervention services in the Middle-Eastern countries, operating primarily in the high-end technology segment of the well intervention market. However, we have the potential to grow our business significantly by introducing X3M's plug products to our service portfolio. We will seek to capitalise on X3M's position in the Middle East to gain a stronger foothold here. All in all this acquisition offers a complementary technological and geographical footprint," says Puennel.
X3M has a solid portfolio of proprietary technologies. The plugs and packers for HPHT (high pressure-high temperature) and sour gas, have a potential to capture a significant market share in the coming years. The tools have been used successfully in gas wells with extremely high concentrations of H2S and CO2. X3M is also developing a new metal to metal seal technology that could prove to be a future industry game-changer in certain areas.
"We are acquiring an exciting product portfolio. However, we are planning to invest to rapidly expand and further improve on our technology position within this segment," says Puennel.
The transaction is expected to be completed early November 2011.
-Ends-
Aker Solutions ASA, through its subsidiaries and affiliates ("Aker Solutions"), is a leading global oil
services company that provides engineering services, technologies, product solutions and field-life solutions for the oil and gas industry. The Aker Solutions group is organised in a number of separate legal entities. Aker Solutions is used as the common brand/trademark for most of these entities.
Aker Solutions' parent company is Aker Solutions ASA. Aker Solutions has aggregated annual revenues of approximately NOK 35 billion and employs approximately 18 000 people in about 30 countries.
This press release may include forward-looking information or statements and is subject to our disclaimer, see www.akersolutions.com.
For further information, please contact:
Hala Ahmed
Ketchum/RAAD Middle East
Mobile: 050 36 77 949
hala.ahmed@tbwaraadsa.com
© Press Release 2011
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