Halliburton to acquire Optime Subsea

U.S.-headquartered oilfield services giant Halliburton is set to purchase Optime Subsea, a Norwegian provider of subsea solutions for the oil & gas industry, following the signature of a definitive agreement.

According to Optime Subsea, the acquisition will integrate its umbilical-less technology into Halliburton’s Testing and Subsea division and provide the company access to global markets and resources for further technology development.

“This announcement marks a significant milestone for both Optime Subsea and the Norwegian subsea industry’s position in the global market,” said Jan-Fredrik Carlsen, CEO of Optime Subsea.

“The agreement is a validation of our journey as a company, from a local startup to a leader in subsea technology. We have always had a strong foundation in Notodden and Kongsberg, and we anticipate significant growth at both locations through increased access to the international market. We look forward to continued collaboration with the local community and the industry.”

The transaction is expected to close in early 2025, subject to regulatory approval and other customary closing conditions.

“Optime Subsea’s pioneering technology provides numerous benefits compared to traditional hydraulic umbilicals, and complements our existing portfolio of proven and innovative solutions in subsea intervention and well construction,” said Richard Broad, Vice President of Halliburton Testing and Subsea.

“The pending acquisition of Optime Subsea is expected to advance our subsea oil and gas value chain and is part of our strategy to maximize asset value for our customers through modular, scalable, and universal solutions.”

Back in 2021, Halliburton and Optime Subsea formed a global strategic alliance to jointly commercialize and deploy subsea interventions and controls. The alliance included applying Optime Subsea’s Remotely Operated Controls System (ROCS) to Halliburton’s completion landing string services.