Oilfield engineering service group Aker Solutions is to boost its well intervention business by buying the Middle East based well intervention technology business of X3M International.
Aker Solutions, part of the Norwegian Aker group, said it was to pay nearly £5million for the business, which would help grow its service portfolio worldwide and increase its presence in the Middle East.
“Today Aker Solutions is a major provider of well intervention services in the British and Norwegian sectors of the North Sea,” said Wolfgang Puennel, head of well intervention services at Aker Solutions.
He added: “”However, we have the potential to grow our business significantly by introducing X3M’s plug products to our service portfolio in the North Sea.
“Equally, we will seek to capitalise on X3M’s position in the Middle East to gain a stronger foothold there. All in all this acquisition offers a complementary technological and geographical footprint.”
X3M is based in the Middle East and has operations in Oman, Saudi Arabia and the United Arab Emirates.
Aker Solutions already has well-service bases in Saudi Arabia and Oman and will merge its operations with X3M’s.
X3M also has a design engineering team based in Narvik, Norway.
Its main owners are the Middle East-based Catalyst Private Equity Fund and X3M’s original founders.
Its operating revenues were £3.7million in 2010.
Recommended for you
