For $8 million, Aker Solutions agreed to acquire the well-intervention technology business from X3M International, which is an international niche provider of downhole intervention service tools and technology products. Its core products are innovative downhole tools like plugs, packers, hangers, valves and a complete range of setting and recovery tools.
"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 service offering," said Wolfgang Puennel, head of well-intervention services in Aker Solutions.
X3M has plugs and packers for HPHT (high pressure, high temperature) and sour gas. The tools have been used successfully in gas wells with extremely high concentrations of H2S and CO2.
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 and will merge its operations with X3M's.
The main owners of X3M International are the Middle-East-based Catalyst Private Equity Fund and X3M's original founders. The transaction is expected to be completed in early November.
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