Well abandonment services provider Well-Safe Solutions has secured a £26 million ($33.6 million) investment to fund the next phase of the company’s growth plan.
Well-Safe said on Monday that the further investment into the decommissioning company was led by MW&L Capital Partners, following their initial investment of $85 million to the company back in October 2019.
Phil Milton , the chief executive officer (CEO) at Well-Safe Solutions, said: “ This significant investment will help the company continue to deliver the growth and vision of the business in becoming a globally recognised Tier 1 well decommissioning company.
“ With the continued support of MW&L and existing shareholders, including the direct investment clients of Stonehage Fleming, we’ll be bringing the Well-Safe Guardian and Well-Safe Protector into operation in the spring of 2021 and aim to add further assets to our growing fleet – supporting our campaign-based approach to decommissioning ”.
MW&L is a private investment vehicle providing flexible, long term capital to grow businesses. Julian Metherell , partner at MW&L and non-executive director at Well-Safe Solutions, added: “ Our initial investment with Well-Safe aimed to capitalise on the opportunity of an experienced team with dedicated decommissioning capability willing to tackle one of the industry’s greatest challenges with massive global potential.
“ With their recent purchase of the Well-Safe Protector jack-up drilling unit (formerly known as the West Epsilon), the acquisition in 2019 of the Well-Safe Guardian semi-sub (previously named the Ocean Guardian), and a complete P&A capability, they are poised to tackle the industry challenges head-on ”.
The Well-Safe Protector was bought from Seadrill while the Well-Safe Guardian was bought from Diamond Offshore .
Well-Safe was launched in 2017 to provide a ground-breaking approach to safe and cost-efficient decommissioning and currently employs 80 staff with 50 based in Aberdeen and 30 offshore.
As a specialist well decommissioning company it allows operators to meet the challenges and regulatory requirements around decommissioning, while significantly reducing costs.