EQT buys Aker’s well intervention services business

The GP invested via EQT VI, a €4.75bn vehicle that closed in October 2011.

EQT will grow the firm through further investments in R&D, assets and staff.

Aker offers well intervention solutions through the life of a field. The firm employs around 28,000 staff in more than 30 countries and is listed on the Oslo Stock Exchange.

Company
Aker's well intervention services business carries out operations in oil or gas wells with the aim of increasing production and the recovery rate from the reservoirs. The division has been active for more than 30 years and operates wireline, coil tubing and logging services.

The company expects to report revenues of around NOK 2.2bn and an EBITDA of NOK 511m in 2013. It employs 1,500 staff both onshore and offshore, the majority of whom are based in Stavanger, Norway, and Aberdeen, UK. The firm also has operations in Denmark, North America, West Africa, the Middle East, Azerbaijan, Russia and Malaysia.

People
Anders Misund is a partner at EQT and worked on the deal. Christopher Hansen is an industrial adviser at EQT and will become chairman of the portfolio company's board of directors following the deal. Jørgen Peter Rasmussen is former CEO and president of global oilfield service provider Archer. He will take on the role of CEO of the well intervention services business. Øyvind Eriksen, CEO of Aker and executive chairman of Aker Solutions, will take a seat on the company's board.

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• Topics
• Nordics
• Industrials
• Buyouts
• EQT
• Norway