OIL and gas decommissioning firm Well-Safe has secured a £26 million investment to fund the next phase of its growth plan.
The Cove-headquartered company announced the acquisition of the West Epsilon jack-up rig from Seadrill in September and added the Well-Safe Guardian in April 2019 to its growing portfolio.
The further investment was led by MW&L Capital Partners, following their initial investment of £66 million to the company back in October 2019.
Phil Milton, Well-Safe Solutions chief executive officer, 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.”
Julian Metherell, MW&L partner 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.”
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“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 and currently employs 80 staff with 50 based in Aberdeen and 30 offshore.
