GE Oil & Gas has agreed to acquire Advantec, one of the provider of subsea intervention equipment and services, to improve the company’s capabilities to offer cost-efficient products and services to customers worldwide. The purchase is part of GE Oil & Gas’ efforts to deal with the challenges faced by its customers operating the growing number of mature subsea fields, and also to expand its position as a leading provider of subsea production equipment and services solutions for full life-of-field management.
Advantec will continue to operate under the existing name and management team as part of GE Oil & Gas’ Subsea Services & Offshore division. As such, it will continue to supply products and services directly to existing and new clients. The two companies are targeting to complete the transaction by year-end 2015, subject to customary regulatory approvals. GE Oil & Gas is presently one of Advantec’s biggest customers, using its core capabilities in electro-hydraulic subsea controls equipment, system integration as well as engineering and fabrication to support GE’s services, offshore portfolio and installed base of subsea equipment.
