Norwegian engineering company Aker Solutions has signed an agreement to acquire the well intervention technology business from X3M (pronounced "Extreme") International.
Aker solution says the acquisition will expand 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 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.