Acquisition of well technology business

The acquisition will grow Aker Solutions' well intervention technology and service portfolio worldwide as well as increase the company's presence in the important Middle East market.
X3M is an international niche provider of down-hole intervention service tools and technology products. Its core products are innovative down-hole tools like plugs, packers, hangers, valves and a complete range of setting and recovery tools.
X3M is said to have a solid portfolio of proprietary technologies. It 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, which will merge its operations with X3M's.  X3M also has a design engineering team based in Narvik, Norway. The research and development (R&D) set-up in Narvik will not only support X3M's activities but also strengthen Aker Solutions' existing R&D function within wireline tractors and application tools.
Aker Solutions is acquiring the well intervention technology business from X3M International, whose main owners are the Middle East-based Catalyst Private Equity Fund and X3M's original founders. The transaction is expected to be completed early November 2011.