The UK’s competition watchdog has raised concerns that US service company Baker Hughes’ planned takeover of Norwegian-headquartered rival Altus Intervention could lead to North Sea operators getting a worse deal for some well intervention services.

The Competition & Markets Authority (CMA) on Wednesday said it was concerned the loss of rivalry between the close competitors could lead to "higher prices, reduced choice and lower quality" coiled tubing and pumping services.

Baker Hughes in March announced it planned to acquire Altus and at that time expected the transaction to close in the second half of 2022.