WSG has announced it has sold its Well Intervention division and will use the funds raised to lay the foundations for a period of international expansion for the rebranded WSG Energy Services (WSGES).
In a major reorganisation, WSGES has divested its traditional Well Intervention offering - including coil tubing and slickline services - and will now focus on growing its market share in Process, Pipeline & Industrial Services (PPIS). There are no redundancies aspects to the deal.
Proceeds of the Well Intervention division sale to Excellence Logging (Exlog), will be used to fund further acquisitions and to maintain R&D for refining the company’s emissions management processes and technologies, which are in demand from energy companies looking to reduce emissions on the route to net-zero.
The recent acquisition of Eftech International in Perth, Australia, and the addition of a highly experienced management team in Singapore, provided WSGES with market share in Australasia, while the purchase of French-based Nitrovia extended its service offering to the European gas and petrochemical sectors.
Andrew Burrell, CEO, said: “Under Geert Prins stewardship WSG’s Well Intervention division evolved into a successful international well services provider to the energy sector and we are confident that business will thrive under its new ownership.”
“Our long-term strategy has been to reposition the business to have a more defined midstream/downstream focus, specifically in Process, Pipeline and Industrial services. The recent acquisitions in Australia and France which have been merged into our service offering, allied to the fresh investment now at our disposal, gives us an excellent springboard for growing the business.”
“WSGES’ wide range of skills sets and our well-established commitment to R&D, opens up significant opportunities in energy transition, and we know there is industry-wide interest in our innovative emissions management capabilities, which is an area in which we will continue to invest.”
Geert Prins, Chairman, added: “Excellence Logging has acquired a strong and established Well Intervention business with a 1st class team under the management of Martijn Heemskerk. I have no doubt this will go from strength to strength and continue to deliver significant value to customers in the upstream sector.”
“Diversification into alternative sectors and developing new products which address emissions management - something the energy sector is committed to - will drive future growth and we have some very exciting developments in the pipeline.”
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/28072023/wsg-announce-sale-of-well-intervention-division/
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