Well-Safe Solutions secures funds to aid next phase of its growth plan

3 November 2020 (Last Updated November 3rd, 2020 11:22)

UK-based offshore decommissioning specialist Well-Safe Solutions has secured £26m ($33.5m) to fund its next-phase growth plan.

Well-Safe Solutions secures funds to aid next phase of its growth plan
Well Safe Protector Jack-up rig. Credit: Well Safe Solutions.

UK-based offshore decommissioning specialist Well-Safe Solutions has secured £26m ($33.5m) to fund its next-phase growth plan.

Well-Safe noted that the latest investment into the decommissioning firm was led by private investment specialist MW&L Capital Partners, following their initial investment of £66m ($85m) to the company back in October last year.

Well Safe Solutions CEO Phil Milton said: “The acquisition of this asset allows us to continue to deliver our vision and the business model that we set out to deliver to the industry, giving us the ability to cover both subsea wells and multiple platform projects. We have remained focussed and committed to our strategy and are delighted to have reached this agreement with Seadrill.

“This further investment into the business not only strengthens our offering but will drive further recruitment with the creation of around 100 new jobs, which, during these times of great uncertainty within the industry, is welcome news.”

Well-Safe was formed in 2017. Currently, it has 50 employees based in Aberdeen, UK, and another 30 offshore.

MW&L partner and Well-Safe Solutions non-executive director Julian Metherell said: “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.”

In September, Well-Safe Solutions acquired the harsh-environment jack-up West Epsilon from deepwater drilling contractor Seadrill.

In June last year, Well-Safe Solutions secured a contract to decommission up to 21 wells on the Schooner and Ketch fields in the UK Continental Shelf (UKCS).