GE Oil & Gas (NYSE: GE) said Oct. 30 it has agreed to acquire Advantec, a leading provider of subsea intervention equipment and services.

Financial terms of the agreement to acquire the company, headquartered in Stord on the west coast of Norway, were not disclosed.

Since Advantec was established in 2005, the company has grown from 20 to 370 employees with facilities in Norway, the U.K., Lithuania, and the U.S. The company's private equity majority owner is Norvestor.

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

The purchase is part of GE Oil & Gas’ efforts to address the challenges faced by its customers operating the growing number of mature subsea fields, the release said. The company’s broader strategy is to expand its position as a leading provider of subsea production equipment and services solutions for full life-of-field management.

"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,” said Rod Christie, president and CEO of GE Oil & Gas' subsea systems and drilling division, in a statement.

The two companies are targeting to complete the transaction by year-end 2015, subject to customary regulatory approvals.

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