GE Oil&Gas acquires subsea equipment supplier Advantec

GE Oil&Gas has agreed to acquire Advantec, a company specialized in intervention equipments and services.
Advantec will 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.
Financial terms of the agreement to acquire the company, headquartered in Stord on the west coast of Norway, were not disclosed. The two companies are targeting to complete the transaction by year-end 2015, subject to customary regulatory approvals.
GE Oil & Gas is currently one of Advantec’s largest customers, utilizing 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.
Advantec was established in 2005, and currently employs 370 people in Norway, the UK, Lithuania and US.