Qinterra (formerly Aker Solutions Well Intervention Services) is a leading provider of well intervention services and wireline tractor technology to the Oil & Gas industry, primarily in the North Sea where it is the market leader.
The Company operates two brands: Altus Intervention and Qinterra Technologies, and conducts operations in oil/gas wells to maximize production, increase the recovery rate from reservoirs and extend the production life cycle of wells.
Qinterra, headquartered in Stavanger, has around 1,200 employees, both onshore and offshore, with the majority based in Stavanger (Norway) and Aberdeen (UK). Qinterra also has operations in Europe, Americas, Africa, Middle East, Caspian and APAC.
Qinterra was formerly a sub-division of Oslo-listed Aker Solutions ASA, and was acquired by EQT in January 2014. The sub-division predominantly consisted of the two subsidiaries Aker Well Services (Norway) and Aker Qserv (UK).
Market trends and drivers
The core market driver is the oil companies’ increasing need for intervention on an aging stock of producing wells, as well as general increase in platforms and wells. The underlying long term growth trend in well intervention is positive. However, recent reduction in oil price has led to a slowdown in the market, although well intervention in general is a relatively resilient segment of the oil service industry, driven by strong value creation to its customers
EQT acquired Qinterra on the basis of its strong position in the North Sea intervention market and the attractive position in the growing wireline tractor market, with unique proprietary technology.
EQT’s value creation strategy is based on building Qinterra into a strong stand-alone company with a solid management team, strong performance driven culture while retaining the market leading service quality and HSE standards of the company.
The rebranding and realignment of Qinterra into two business divisions is a core step in ensuring focused value creation. For Altus Intervention the core strategy is to continue the development of the leading position in the North Sea, with superior service quality and HSE standards. Qinterra Technologies will seek to accelerate its international expansion through increased R&D investments, expansion of the asset base and service staff as well as increased marketing of the Qinterra Technologies brand. In addition, Qinterra Technologies will seek to expand its portfolio of intervention technologies.