Baker Hughes Completes Acquisition of Well Intervention Specialist Altus Intervention

▤ Summary

This strategic alignment fully complements our existing portfolio of oilfield technologies and integrated solutions. Worth noting, Baker Hughes this week completed the sale of the Coil Tubing and Pumping business in the UK to Archer. Baker Hughes had to divest the CT&P business as a part of a remedy package offered to the UK Competition and Markets Authority (“CMA”) in relation to its acquisition of Altus Intervention. The CMA said in November 2022 that Baker Hughes acquisition of Altus Intervention could reduce competition among UK oil and gas operators. The CMA on March 1 said that it had cleared Baker Hughess acquisition of Altus Intervention after the companies took steps to alleviate concerns raised by the watchdog.

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