GE Oil & Gas has agreed to acquire Advantec, a provider of subsea intervention equipment and services.

Advantec will operate under the existing name and management team as part of GE Oil & Gas’ Subsea Services & Offshore division. As such, it will continue to supply products and services directly to existing and new clients.

Financial terms of the agreement to acquire the company, headquartered in Stord on the west coast of Norway, were not disclosed. The two companies are targeting to complete the transaction by year-end 2015, subject to customary regulatory approvals.

GE Oil & Gas is currently one of Advantec’s largest customers, utilizing its core capabilities in electro-hydraulic subsea controls equipment, system integration as well as engineering and fabrication to support GE’s services, offshore portfolio and installed base of subsea equipment.

“With the acquisition of Advantec, we are expanding our comprehensive portfolio of services, so we can provide added value to our customers at a time when the industry requires more effective solutions,” said Rod Christie, president and CEO of GE Oil & Gas, Subsea Systems & Drilling. “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.”