Elemental Energies expands with Well Expertise acquisition
Elemental Energies has acquired Well Expertise, a Norwegian well management and consultancy company, for an undisclosed sum. The move is expected to create one of the largest specialist wells, subsurface and project management companies in the world. This move is set to create one of the world’s largest specialist wells, subsurface and project management companies, Elemental Energies said. The combined company is expected to have a workforce of more than 230 experts globally.
Elemental Energies said the acquisition is a significant step in its North Sea expansion, particularly within Norway. The acquisition is expected to bolster Elemental Energies’ revenues to more than £50m ($64.09m) in 2024.
Elemental Energies CEO Mike Adams said: “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. Well Expertise will have access to Elemental Energies’ experience in managing complex energy projects worldwide. The two companies are focusing on growth in well management services, encompassing sectors such as oil and gas, decommissioning, geothermal energy, and carbon capture and storage (CCS).
Well Expertise CEO Sigve K Næsheim will continue in his role and head the Norway operations. Næsheim said: “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.” The acquisition is the latest in Elemental Energies’ expansion strategy following the acquisitions of Vysus Senergy Wells, Norwell Engineering and Sentinel Group. In May, Elemental Energies secured a master services contract from Promethean Energy to support the decommissioning of nine orphaned wells in the Gulf of Mexico.