Petroleum Technology Company (PTC) has announced its merger with Interwell, aiming to create a global leader in well intervention and technology services, with a combined projected revenue exceeding NOK 2 billion.

Target Company Overview

Petroleum Technology Company (PTC) is a leading player in the artificial lift and gas lifted wells sector, recognized for its excellence in providing services and innovations. The company has established a remarkable reputation within the well head and annulus integrity domain, backed by an extensive portfolio of patents that supports a diverse range of technological solutions. With a strong focus on growth and profitability, PTC is poised for sustained success.

Under the control of Herkules Capital along with PTC's employees, the company is strategically positioned for the impending merger with Interwell, another prominent entity in the well intervention industry. This merger is expected to enhance operational capabilities and solidify the newly formed entity's global leadership in well intervention, gas lifted wells, and well integrity.

Industry Overview

The well intervention and artificial lift market in Norway has been evolving rapidly, driven by advancements in technology and increasing demand for efficient oil and gas production. Norway's oil and gas industry