Following the recent acquisition of their second asset, Well-Safe Solutions has secured a significant £26 million investment to fund the next phase of its growth plan.
The further investment into the decommissioning company was led by MW&L Capital Partners, following their initial investment of £66 million to the company back in October 2019.
Phil Milton, Chief Executive Officer 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 growth businesses. Julian Metherell, Partner at MW&L and Non-Exec Director at Well-Safe Solutions, commented: “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 jack-up drilling unit, the Well-Safe Protector, the acquisition in 2019 of the semi-sub, the Well-Safe Guardian and a complete P&A capability, they are poised to tackle the industry challenge head-on.”
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.
Industry stalwart Alasdair Locke, Chairman and majority shareholder in Well-Safe Solutions said: “Well-Safe Solutions has the delivery model and capability that will revolutionise how we approach well decommissioning. It is committed to providing a world-class offering and has the skills, tools and experience to become a market leader in this exciting yet pivotal phase of our industry.”
Providing bespoke assets following significant investment and upgrade, Well-Safe says they are ready to undertake multi-operator, multi-well campaigns as part of their ‘P&A Club’ model, prepared to deliver the cost-savings that the operators and regulators desire.