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.
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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.”
“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.
