Altus Intervention AS Bundle
Who Really Owns Altus Intervention AS?
Unraveling the ownership structure of a company is like understanding its DNA, revealing its future trajectory and potential for growth. For those invested in the oil and gas services sector, understanding the Altus Intervention AS SWOT Analysis is crucial. This is especially true given the dynamic nature of the offshore intervention market.
The story of Altus Intervention AS, a key player in the oil and gas services industry, is one of strategic shifts and significant acquisitions. Understanding the evolution of Altus Intervention ownership, from its inception in 1995 to its current status, is vital for anyone seeking to understand its place in the market. This exploration will uncover the key players and the financial implications of these ownership changes.
Who Founded Altus Intervention AS?
The origins of Altus Intervention AS trace back to its founding in 1995. The company, which offers oil and gas services, has evolved over time, with its ownership structure changing as well. Understanding the early ownership is crucial for comprehending the company's development and current position in the offshore intervention market.
Unfortunately, specific details about the founders of Altus Intervention AS are not readily available in the provided search results. This includes information such as the full names of the founders, their professional backgrounds, and the initial equity distribution or shareholding structure at the company's inception. The early stages of a company often involve private agreements and investments that are not always disclosed publicly.
Similarly, information regarding early investors, such as angel investors or family and friends who acquired stakes during the initial phase, is not detailed in the available information. Early agreements like vesting schedules, buy-sell clauses, or initial ownership disputes, which are common in the early stages of a company, are also not detailed in the available information. The company's history includes transitions, such as its former identities as Aker Solutions (Well Intervention Business) and Qinterra.
Company Origins
Altus Intervention AS was established in 1995.
Ownership Information
Specific details about the founders and early investors are not available in the provided search results.
Former Names
The company has operated under different names previously, including Aker Solutions (Well Intervention Business) and Qinterra.
Public Information
Publicly available information about the company's early ownership structure is limited.
Market Focus
Altus Intervention AS provides services within the oil and gas sector, specifically focusing on offshore intervention.
Historical Context
The company's history and evolution are essential to understanding its current operations.
For more detailed information on the company's background, you can refer to Brief History of Altus Intervention AS. This resource may offer additional insights into the company's early years and its transition through different ownership structures and operational phases. While specific details about the founders and initial ownership are not available, understanding the company's history is crucial. The company's services are essential in the oil and gas industry, which, as of early 2024, continues to see significant investment in offshore projects, indicating the ongoing importance of companies like Altus Intervention AS. For example, in 2024, the global offshore oil and gas market is projected to be valued at approximately $220 billion, highlighting the substantial scale of the industry in which Altus Intervention AS operates.
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How Has Altus Intervention AS’s Ownership Changed Over Time?
The journey of Altus Intervention AS through various ownership structures reflects significant shifts in the oil and gas services sector. Initially part of Aker Solutions ASA, the company saw its first major change in January 2014 when EQT, a Swedish private equity fund, acquired the Well Intervention Services business, rebranding it as Qinterra AS. This acquisition included Altus Intervention and Qinterra Technologies, marking the beginning of its independent trajectory. Other investors such as Akastor and Partners Group also played a role in the company's ownership.
The ownership structure of Altus Intervention further evolved in September 2020. EQT VI fund exited, selling the company to members of the Altus management team. This transition, supported by a consortium of Nordic banks, was influenced by macro-economic factors that impacted the company's development timeline. The most recent and significant shift occurred on April 3, 2023, when Baker Hughes Company acquired Altus Intervention. This acquisition, agreed upon in March 2022, integrated Altus Intervention into Baker Hughes' portfolio, enhancing its capabilities in the oil and gas services sector.
| Ownership Event | Date | Key Players |
|---|---|---|
| Initial Ownership | Pre-2014 | Aker Solutions ASA |
| Acquisition | January 2014 | EQT (rebranded to Qinterra AS) |
| Management Buyout | September 2020 | Altus Management Team, Nordic Banks |
| Acquisition by Baker Hughes | April 3, 2023 | Baker Hughes Company |
As of 2024, Altus Intervention ownership rests with Baker Hughes Company, a global energy technology company. Baker Hughes, with approximately $27 billion in revenue in 2024, now operates Altus Intervention as a subsidiary. This acquisition has bolstered Baker Hughes' capabilities in the oilfield services market, which, as of 2024, was valued at around $8.5 billion globally. For more insights, you can explore the Competitors Landscape of Altus Intervention AS.
Key Ownership Changes
The ownership of Altus Intervention AS has seen significant changes, from its initial structure within Aker Solutions to acquisitions by private equity and, ultimately, Baker Hughes.
- EQT's acquisition in 2014 marked the beginning of Altus Intervention's independent journey.
- The management buyout in 2020 reflected strategic adjustments.
- Baker Hughes' acquisition in 2023 solidified its position within a major energy technology company.
- The global well intervention market was valued at approximately $8.5 billion in 2024.
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Who Sits on Altus Intervention AS’s Board?
The current board of directors for Altus Intervention AS is indirectly influenced by its parent company, Baker Hughes. While the specific board members directly overseeing Altus Intervention AS are not explicitly detailed in the available information, Baker Hughes Company holds the ultimate controlling interest. This is evident through entities like Altus Intervention Holding Limited, where Baker Hughes is listed as a person with significant control as of April 3, 2023. This structure ensures that key decisions and strategic direction align with Baker Hughes' overall objectives within the oil and gas services sector.
For Altus Intervention Limited, a UK-based entity, the directors include Mr. Mark Freeman, Donald William Archibald Prentice, and Mr. Garry Grant Michie, with Lorraine Amanda Dunlop as secretary, as of November 2024. However, their specific voting power concerning major Baker Hughes interests is not specified. The shift in governance reflects the integration of Altus Intervention AS into Baker Hughes' operational framework, following the acquisition that occurred after EQT's exit in 2020. This change underscores the strategic alignment of Altus Intervention AS's marketing strategy with its parent company.
| Entity | Relationship | Control |
|---|---|---|
| Baker Hughes Company | Parent Company | Ultimate Controlling Interest |
| Altus Intervention Holding Limited | Related Entity | Significant Control (as of April 2023) |
| Altus Intervention Limited (UK) | Subsidiary | Directors: Freeman, Prentice, Michie; Secretary: Dunlop (as of Nov 2024) |
Before the Baker Hughes acquisition, Altus Intervention AS was sold to members of the Altus management team, supported by Nordic banks, which indicated significant control during that period. Following the acquisition, the governance structure shifted to align with Baker Hughes' framework. The board of directors and key personnel of Baker Hughes, including Lorenzo Simonelli as Chairman & CEO, now indirectly influence the strategic direction of Altus Intervention AS, ensuring operational and financial alignment within the broader organization. This structure is typical in the oil and gas services industry, where parent companies often dictate strategic direction.
Key Takeaways on Altus Intervention AS Ownership
Baker Hughes Company is the ultimate owner of Altus Intervention AS, ensuring strategic alignment and control.
- The board of directors for Altus Intervention AS is indirectly influenced by Baker Hughes.
- Prior to the acquisition, the management team held significant control.
- The current structure reflects integration within Baker Hughes' operational framework.
- The shift underscores the strategic alignment with the parent company's objectives.
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What Recent Changes Have Shaped Altus Intervention AS’s Ownership Landscape?
The most significant recent development in the Altus Intervention AS ownership landscape is its acquisition by Baker Hughes Company, finalized on April 3, 2023. This strategic move integrated Altus Intervention's well intervention services and downhole technology into Baker Hughes' Oilfield Services segment. This acquisition reflects a broader industry trend of consolidation, where larger energy technology companies acquire specialized service providers to enhance their capabilities and offer more integrated solutions. Baker Hughes' revenue in 2024 was approximately $27 billion, demonstrating the scale of the network Altus Intervention has joined.
Prior to the Baker Hughes acquisition, in 2020, Altus Intervention underwent an ownership change from the private equity firm EQT to its management team, backed by Nordic banks. This transition was influenced by macro impacts and the extended development horizon required for Altus Intervention. The oil and gas industry continues to see substantial investment in upstream activities, with global upstream investments reaching approximately $528 billion in 2024 and projected to increase to around $560 billion in 2025. This ongoing investment drives demand for well intervention services, a market valued at over $8 billion in 2024.
| Ownership Timeline | Event | Year |
|---|---|---|
| EQT | Ownership | Prior to 2020 |
| Management Team & Nordic Banks | Ownership Transition | 2020 |
| Baker Hughes Company | Acquisition | 2023 |
The acquisition by Baker Hughes aligns with the trend of companies seeking to improve efficiencies from mature oil and gas fields and to provide higher-efficiency solutions through enhanced technological capabilities. Altus Intervention's focus on innovative downhole technology and less invasive services is crucial in this evolving market, which is projected to reach $8.5 billion by 2025. There have been no public statements by the company or analysts about future ownership changes, planned succession, or potential privatization/public listing of Altus Intervention AS itself, given its current status as a subsidiary of Baker Hughes.
Key Development
Baker Hughes' acquisition of Altus Intervention in 2023 represents a major shift in the company's ownership structure. This move is part of a wider trend of consolidation in the oil and gas services sector. The acquisition allows Baker Hughes to integrate Altus Intervention's specialized services into its portfolio.
Industry Context
The oil and gas industry continues to see significant investment in upstream activities. The well intervention market is valued at over $8 billion in 2024, indicating strong demand. Altus Intervention's focus on innovative technology is well-suited to meet evolving market needs.
Ownership History
Altus Intervention transitioned from EQT to its management team, backed by Nordic banks, in 2020. This change was influenced by market conditions and long-term development plans. The current ownership structure is under Baker Hughes.
Future Outlook
No public announcements have been made regarding future ownership changes for Altus Intervention AS. As a subsidiary of Baker Hughes, its strategic direction is now closely tied to the parent company's goals. The company is positioned to benefit from the increasing demand for offshore intervention services.
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