Following the recent acquisition of its second asset, Well-Safe Solutions has secured a significant £26 million (US$33.6 million) investment to fund the next phase of its growth plan on Nov. 2.
The further investment into the decommissioning company was led by MW&L Capital Partners, following their initial investment of £66 million (US$85.2 million) to the company back in October 2019.
“This significant investment will help the company continue to deliver the growth and vision of the business in becoming a globally recognized Tier 1 well decommissioning company,” Phil Milton, CEO at Well-Safe Solutions, said.
MW&L is a private investment vehicle providing flexible, long term capital to growth businesses.
Well-Safe was launched in 2017 to provide a ground-breaking approach to safe and cost-efficient decommissioning and currently employs 80 staff with 50 based in Aberdeen and 30 offshore. As a specialist well decommissioning company it allows operators to meet the challenges and regulatory requirements around decommissioning, while significantly reducing costs.
Providing bespoke assets following significant investment and upgrade, the company said it is ready to undertake multioperator, multiwell campaigns as part of its P&A Club model, prepared to deliver the cost-savings that the operators and regulators desire.
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