Well P&A specialist attracts funds for next-phase growth
Nov. 2, 2020
Well-Safe Solutions has secured £26 million ($33.5 million) to fund its next-phase growth plan to become a globally recognized well decommissioning company.
(Courtesy Well-Safe Solutions)
The jackup West Epsilon will be renamed Well-Safe Protector.
Offshore staff
ABERDEEN, UK – Well-Safe Solutions has secured £26 million ($33.5 million) to fund its next-phase growth plan to become a globally recognized well decommissioning company.
Private investment specialist MW&L Capital Partners led the new capital injection having committed £66 million ($85 million) to the company in October 2019.
Phil Milton, CEO of Well-Safe said: “With the continued support of MW&L and existing shareholders, including the direct investment clients of Stonehage Fleming, we’ll be bringing the [semisub] Well-Safe Guardian and [jackup] Well-Safe Protector into operation in the spring of 2021 and aim to add further assets to our growing fleet...”
Well-Safe, formed in 2017, presently has 50 staff in Aberdeen and another 30 offshore. Its service is designed to help operators address challenges and regulatory requirements associated with well P&A.
The company has been promoting a ‘P&A Club’ model involving multi-operator, multi-well campaigns.
