Specialist well-decommissioning services provider Well-Safe Solutions has announced the completion of its third investment round, raising £50 million for the company.
Well-Safe Solutions said it will use the funds for the purchase of its third rig and to broaden the capabilities it offers to clients around the world. The funding round was led by MW&L Capital Partners, a London-based principal investment and financial advisory firm, with participation from a consortium of new and existing investors.
The latest investment brings the total capital raised by the company to over UK£150mn.
Phil Milton, Chief Executive Officer of Well-Safe Solutions, said, “This further investment demonstrates our strong investor support, enabling ongoing growth here in the UK as well as delivering the next stage of Well-Safe’s international growth.”
“The capital raised in previous investment rounds has been instrumental in enabling the company to put in place a world-class portfolio of bespoke well plug and abandonment (P&A) assets, backed by expert onshore and offshore teams. These investments are now bearing fruit thanks to recent contract wins and workscopes throughout the North Sea for our rigs and well engineering teams.”
“As we continue to build upon Well-Safe’s operational record, we are looking forward to exporting this model to new markets, which have expressed an interest in our collaborative, multi-well, multi-operator approach to well decommissioning,” Phil added.
Well-Safe was recently awarded its first contract with Ithaca Energy for the Well-Safe Protector jack up rig, which will be used to decommission several wells located in the Southern North Sea. The business also announced the acquisition of the ex-Awilco Drilling WilPhoenix semi-submersible rig, which is to be renamed the Well-Safe Defender.
The Aberdeen-based company said that it is building on this positive momentum, with over 100 new employees joining the company in the past 12 months.
Alasdair Locke, Chairman and majority Shareholder of Well-Safe Solutions, said, “This financing allows a step-change in the capabilities of Well-Safe Solutions, enabling us to be competitive on a global basis. I’m grateful for the support from existing and new investors.”
Julian Metherell, a founding partner of MW&L Capital Partners, added: “We are delighted to continue to partner with Well-Safe to build a world-class decommissioning business.”