Aker Solutions Acquires Well Technology Business

press release
Tuesday, November 01, 2011

Aker Solutions has signed an agreement to acquire the well intervention technology business from X3M (pronounced "Extreme") International.

 

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.  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. 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.


 
"Today we are buying plug products and hiring the plug-setting services from third parties. Through this acquisition we will expand our product portfolio and be able to offer our customers a more complete - and thereby more competitive - service offering," says Wolfgang Puennel, head of well intervention services in Aker Solutions. 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. X3M is well established in the Middle East, with operations in Oman Saudi Arabia and United Arab Emirates. 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 major provider of well intervention services in the British and Norwegian sectors of the North Sea. 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," says Puennel.
Aker Solutions is acquiring the well intervention technology business from X3M International, whose main owners are the Middle East-based Catalyst Private Equity Fund and X3M's original founders. Transaction value is approximately USD 8 million. X3M had operating revenues of USD 6 million in 2010. The transaction is expected to be completed early November 2011.
 

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Matson Announces Quarterly Dividend

Matson, Inc. declared a first quarter dividend of $0.17 per common share, the company’s board of directors announced. The dividend will be paid on March 5, 2015

Hogan Named VP at Newport News Shipbuilding

Rob Hogan has been appointed vice president of manufacturing at the Newport News Shipbuilding division of Huntington Ingalls Industries (HII), the company announced.

Kongsberg Expands Louisiana Office, Training Facility

Kongsberg Maritime has purchased approximately 5.2 acres for new construction on an 82,980 sq ft office and training facility. Construction on the James Business

Contracts

Stolt-Nielsen Q4 Profit Misses Forecast

Shipping firm Stolt-Nielsen reported fourth quarter earnings below forecasts on Thursday and said it was concerned about the outlook for the chemical tanker market,

Wartsila Sees Low Oil Price Impacting Shipping

CEO cautious on 2015 outlook. Finnish ship engine and power plant maker Wartsila reported a smaller-than-expected quarterly profit and warned lower crude prices

Directorate Changes at Fastnet

Fastnet, the UK and Irish listed E&P company focused on near-term exploration and appraisal acreage in Morocco and the Celtic Sea, announces certain management

Finance

Matson Announces Quarterly Dividend

Matson, Inc. declared a first quarter dividend of $0.17 per common share, the company’s board of directors announced. The dividend will be paid on March 5, 2015

Kirby Reports Record Earnings

Kirby Corporation announced record net earnings of $68.1 million, or $1.19 per share, for the fourth quarter 2014 (ended December 31). The results bested 2013’s fourth quarter figures of $64.

Baltic Sea Freight Index Falls to Lowest Level Since 1986

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, spiralled downwards to its lowest level in nearly three

Energy

Damen Delivers Custom-Made Offshore Winches to Fugro

Damen Maaskant Shipyards, part of Damen Shipyards Group, has delivered two dedicated offshore winches to Fugro. The Dutch shipyard was responsible for the design,

Stolt-Nielsen Q4 Profit Misses Forecast

Shipping firm Stolt-Nielsen reported fourth quarter earnings below forecasts on Thursday and said it was concerned about the outlook for the chemical tanker market,

Shell: UK Should Reduce North Sea Oil Tax

The British government should review a supplementary tax charge on North Sea oil producers as it has made the operation of some fields unrealistic, Shell Chief

Mergers & Acquisitions

China Watching Greece After Port Sale Shelved

China is closely monitoring the policies of the new Greek government after Athens said this week it will stop the sale of a majority stake in Greece's biggest port,

Mitsui Orders 2 LNG Carriers from MHI

Mitsubishi Heavy Industries, Ltd. (MHI) reports it has received an order for two next-generation LNG (liquefied natural gas) carriers from Mitsui & Co., Ltd., scheduled

NewLead Holdings Acquire 5 Vessels

NewLead Holdings Ltd. announced today that it recently added five bitumen tanker vessels to its fleet. The Company has expanded its fleet to 10 vessels in less

 
 
Maritime Security Naval Architecture Navigation Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1765 sec (6 req/sec)