GE has plans to enhance its subsea business by acquiring Advantec, a Norwegian subsea intervention equipment and services supplier, the US giant announced Friday.

GE to acquire Advantec

Norway

OSLO, October 30, 2015 – GE plans to acquire Advantec, a Norwegian subsea intervention equipment and services supplier, to enhance its subsea business, the US giant announced Friday. The financial details of the transactions and the terms of the agreement have not yet been disclosed.

Through this acquisition, GE aims to enhance its mature subsea fields services.

Advantec will continue to operate under its current name as part of GE Oil & Gas’ subsea services and offshore division and will continue servicing new and existing clients.

“The acquisition will enable us to accelerate growth in our subsea services operations by helping us build a leading well intervention equipment supply and rental business alongside accelerating our integrated solutions offering,” Rod Christie, GE subsea chief executive, said in a company statement.