07.01.2019

WellConnection Group signs deal on first UK acquisition

WellConnection Group, a leading Norwegian inspection, maintenance and repair (IMR) company has acquired Peterhead-based Independent Oilfield Services (IOS) in a deal which marks their entrance into the UK market.

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WellConnection Group with bases in Stavanger, Mongstad and Hammerfest in Norway have made a strategic investment in IOS, which since its inception in 2014 has quickly grown to become one of the market leaders in the UK within IMR services and storage.
IOS changes name to WellConnection IOS and will provide the group with a strong foothold in the UK market to complement its Norwegian business and represent the first step in realization of its strategy to become a strong international player.

Chief Executive Officer of WellConnection Group, Rune Haddeland, welcomed the deal, saying: “This is excellent news for both WellConnection Group and IOS. IOS has a strong and diverse customer base, a complementary business model and a collaborative culture that mirrors our own. This acquisition allows us to share knowledge and benefit from integrated technology, systems and processes. The combination will benefit both Well Connection’s and IOS’s existing client base in both markets and even more so those clients with operations on both UKCS and NCS. It also enables the group to provide new service offerings to our combined existing client base and the wider UK market place with our Hydrocleaning and NORM (Naturally-Occurring Radioactive Materials) cleaning services.”

Glynn Geddie, Managing Director of IOS commented: “We are excited to becoming part of WellConnection Group. The company is an expert in its field and boasts excellent facilities, making this a huge opportunity to extend our offering for new and existing customers in the UK and internationally.  Our existing workforce will all be very much with us on this new chapter of the business, and we look forward to expanding the team over the coming months.”
Mr Geddie will transition into the role of CEO of WellConnection IOS and continue to manage their operations from its state-of-the-art 50-acre facility in Peterhead. The company will enhance and augment WellConnection’s existing drilling inspection, maintenance and repair arm.

WellConnection Group is a portfolio company of EV Private Equity, a global Oil & Gas specialist investor with offices in Stavanger, Houston and Aberdeen.

For more information visit www.wellconnection.no
 

Notes to Editors

About WellConnection Group

WellConnection Group is the leading company within inspection, maintenance and repair services (IMR) for drilling and subsea equipment on the Norwegian Continental Shelf.

The group have strategic locations in Stavanger (Tananger), Mongstad and Hammerfest in Norway with substantial production facilities and machinery.

WellConnection Group is divided into 3 business areas which all are offered from all group locations:
  • Subsea inspection, maintenance and repair (risers and related equipment)
  • Drilling inspection, maintenance and repair (drill pipe, OCTG, BHA)
  • Hydrocleaning and NORM (Naturally-Occurring Radioactive Materials, also known as LRA/LSA) cleaning 

For more information visit www.wellconnection.no.
 

About IOS

IOS, started in 2014, has grown its offshore supply base from five acres to over fifty acres in a period of very challenging market conditions.  Situated four miles from Peterhead Quayside,
 
IOS now provides a full range of Drillpipe & Casing Services providing a one stop shop to customers.  These services include Inspection, Refurbishment, Handling and Storage Services for customers through a fully automated pipe handling system.
 
Within the last 5 years IOS have managed to secure long term contracts with major Oil and Gas companies within the North Sea.
 
 
About EV Private Equity
 
Over the past 15 years, EV Private Equity (“EV”) has become established as a leading oil and gas services investor with a particular understanding of technology. To date EV has made over 50 investments across multiple oilfield segments with operations across all geographical regions relevant to oil and gas. The team of investment professionals has collectively over 300 years of oil industry transactional and value creation experience.  Total committed capital in the EV funds approaches USD 1 billion. The organisation holds offices in Stavanger, Aberdeen and Houston.  EV maintain partnerships in other locations important to the global energy business, including Brazil, Canada, UK, India and Dubai.
 
 
For more information visit: www.evprivateequity.no
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WellConnection Group AS
Hamrasletta 9
4056 Tananger, Norway
Tel: +47 51 64 48 00
post@wellconnection.no

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