Energy Ventures Establishes WellConnection Group
Energy Ventures Private Equity (“EVPE”) announced today the establishment of WellConnection Group as the leading provider of inspection, maintenance and repair services (“IMR”) for drilling and subsea equipment on the Norwegian Continental Shelf.
WellConnection Group has been formed from the acquisitions of Eurotechnology InCon AS, Frank Mohn Mongstad AS and WellConnection Subsea AS.
The group has strategic locations in Tananger, Hundvåg, Mongstad and Kristiansund with substantial production facilities, and will deliver on clients’ demand for efficient, best in class, one stop IMR services covering the whole of the NCS within the Subsea and Drilling segments. The group also owns over 150,000 m2 industrial land at Mongstad.
WellConnection Group is divided into three business areas which all will be offered from all group locations:
– Inspection, maintenance and repair of drill pipe, OCTG and BHA
– Inspection, maintenance and repair of risers and well control equipment
– Engineering services related to design, production and modification of drilling and subsea related equipment
WellConnection Group’s blue chip client list includes major operators, drilling contractors and service companies on the NCS. Among them are Statoil, Songa, KCA, Transocean, Dolphin, Odfjell, Baker Hughes, Weatherford, Archer, NADL, Tenaris, Conoco Phillips, Halliburton, Tendeka and Maersk; most of which have entered into long term frame agreements with WellConnection Group.
The group had a pro forma revenue in 2014 of MNOK 400 and a staff of 150.
The group will be headed by CEO Rune Haddeland (ex CEO Quickflange) who will lead the company together with a strong incoming CFO and existing management from the three operating companies.
Mr. Haddeland stated on the establishment and the vision for the company, “The WellConnection Group is an extremely exciting company with a clear and strong value proposition towards our clients. Our vision is to be the North Sea leader in engineering services and IMR of tubulars, risers and drilling equipment. I’m very confident that the merging of these three companies together with strong team performance will secure this.”
Energy Ventures Private Equity (EVPE) provided equity funding to WellConnection Group to support the company’s planned growth strategy. EVPE holds 85% of the shares in WellConnection Group, with the balance owned by management and one external co-owner.
Per Arne Jensen, Senior Partner with EVPE and Chairman of WellConnection Group noted, “With the establishment of WellConnection Group, EVPE has created the leading supplier for high quality and efficient IMR services on the NCS. We are very pleased to have secured a strong and experienced management team that will continue to develop WellConnection Group.”
For more information, please contact:
CEO Rune Haddeland
Tlf.: +47 957 07 205
Chairman Per Arne Jensen
Tlf: +47 46 82 44 29