Aberdeen wells and subsurface specialist acquires Norway firm

05/07/2024

INDEPENDENT wells and subsurface specialist, Elemental Energies, has announced its acquisition of Norway-based Well Management and Consultancy company, Well Expertise AS. The acquisition forms one of the world’s largest specialist wells, subsurface and project management companies, boasting more than 230 experts worldwide. The strategic move is also expected to generate revenues exceeding £50 million in 2024.

For Elemental Energies, the acquisition adds significant growth to its North Sea expansion ambitions in Norway. For Well Expertise, its team and clients will benefit from access to an extensive track record of delivering complex global energy projects. The companies are closely aligned in their ambitions of growth in well management services across oil and gas, decommissioning, geothermal, and carbon capture and storage projects.

Since being founded in 2016, Well Expertise has become Norway’s leading well-management company with offices in Stavanger, Trondheim and Kristiansund. The company has built a reputation for investing in its people, building long-term client relationships, and supporting digital well delivery, with a focus on the development and adoption of cutting-edge digital solutions to support its wider well management offering.

Mike Adams, CEO of Elemental Energies, commented: “Norway is a pivotal region for us through its stable energy policy that prioritises both security and transition, aligning with our core ambitions as a business. As a mature market, Norway faces the challenge of managing new production with decommissioning and energy transition which present significant opportunity. This deal marks the start of the next chapter for both companies, as we build a strategic global wells and subsurface partner that will allow operators to outsource larger and more diverse projects with confidence.”

Sigve K. Næsheim, who will continue as CEO of Well Expertise and head up Norway operations, added: “This acquisition marks a significant milestone, underscoring our commitment to providing best-in-class well engineering and project management services. From the outset, our strategic alignment with Elemental Energies has fostered a shared vision to become the go-to global well management partner for projects spanning exploration, production, decommissioning, CCS, and geothermal. As part of Elemental Energies, we are able to expand the development opportunities for our team, bring new perspectives to our projects, and deliver expanded capabilities to our clients.”

Stig Seland, Commercial Manager of Well Expertise and one of its founders, stated: “At Well Expertise, we have built long-term relationships with our customers through our collaborative and customer-first approach, which has been the cornerstone of our success. I am very pleased to announce that we can now offer an even broader range of services to our clients. Rest assured, our commitment to putting customers first will remain our primary focus as we continue to support the future of Norwegian energy.”

This marks the latest in a series of strategic acquisitions by Elemental Energies, including Vysus Senergy Wells in December 2022, Norwell Engineering in May 2023 and Sentinel Group in February 2024. These investments showcase Elemental Energies’ commitment to delivering on its strategy to invest in the critical engineering skills needed to deliver energy security and transition projects globally.

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