Altus Intervention (rebranded from Qinterra) is a leading provider of well intervention services and tractor technology to the Oil & Gas industry, primarily in the North Sea where it is the market leader.
Altus Intervention conducts operations in oil and gas wells to maximize production, increase the recovery rate from reservoirs and extend the production life cycle of wells.
Altus Intervention is headquartered in Stavanger and has employees both onshore and offshore, with the majority based in Stavanger (Norway) and Aberdeen (UK). Altus Intervention also has operations in Europe, Americas, Africa, Middle East, and APAC.
Altus Intervention was formerly a sub-division of Oslo-listed Aker Solutions ASA, and was acquired by EQT in January 2014. The sub-division predominantly consisted of the two subsidiaries Aker Well Services (Norway) and Aker Qserv (UK).
Market trends and drivers
The core market driver is the oil companies’ increasing need for intervention on an aging stock of producing wells, as well as general development in platforms and wells. The underlying long term growth trend in well intervention is positive, while the recent lower oil price environment has led to a general slowdown in the oil service industry. Well intervention is a relatively resilient segment driven by strong value proposition to its customers.
EQT acquired Altus Intervention on the basis of its strong position in the North Sea intervention market and the attractive position in the growing wireline tractor market, with unique proprietary technology.
EQT’s value creation strategy is based on building Altus Intervention into a strong stand-alone company with a solid management team, strong performance driven culture while retaining the market leading service quality and HSE standards of the company.
For Altus Intervention’s Topside business, the core strategy is to continue the development of the leading position in the North Sea, with superior service quality and HSE standards. Altus Intervention’s Technology business will seek to accelerate its international expansion through increased R&D investments and expansion of the asset base and service staff. Additionally, the company will seek to expand its portfolio of intervention technologies.