Energy transition services provider Well-Safe Solutions has secured a multi-year contract from EnQuest, marking a notable development in the North Sea well decommissioning sector.
Expected to generate more than $45m in revenue, the contract will leverage the Well-Safe Defender semi-submersible rig for at least 100 days in 2026 and 130 days in 2027.
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Additionally, the agreement encompasses provisions for additional undertakings from 2028 to 2034, forging a long-term strategic alliance and ensuring essential supply chain resources for the North Sea region.
This milestone contract for Well-Safe Solutions aligns with the company’s strategic shift to provide full well life cycle services by the first half of 2025.
The move comes in anticipation of a rise in requirements for integrated, multi-phase campaigns.
Well-Safe Solutions CEO Phil Milton said: “This contract is a testament to the trust our clients place in us and the consistent performance of our teams. It marks a pivotal moment in our journey and sets the tone for the next phase of our growth.”
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By GlobalDataThe sector is gearing up for a surge in demand, starting next year, at a time when the availability of mobile offshore drilling units is notably reduced.
Well-Safe Solutions chief commercial officer Chris Hay said: “This contract award reflects not only Well-Safe’s technical capabilities but also its ability to respond to market needs with agility.
“We are proud to support EnQuest in this critical campaign and look forward to delivering a safe and efficient operation.”
The deal comes after Well-Safe Solutions’ successful decommissioning campaigns for various UK Continental Shelf clients using the Well-Safe Defender and Well-Safe Protector rigs.
EnQuest North Sea managing director Steve Bowyer said: “EnQuest is delighted to have chosen Well-Safe Solutions to support the next phase of our group decommissioning plans.
“Having completed the plugging and abandonment of more than 35% of all wells decommissioned across the northern and central North Sea over the past three years, EnQuest is proud to be one of the most prolific decommissioning operators in the North Sea, employing innovative technologies and operating techniques to deliver top-quartile decommissioning performance. Accordingly, we look forward to executing the upcoming activity in a safe and efficient manner, alongside the Well-Safe team.”
In November of last year, the company won two new contracts in the region worth $25m, involving well decommissioning for Spirit Energy and another global operator.
