New oilfield services company Ardyne has been launched with £50 million backing from Lime Rock Partners and has made its first acquisition.
Headquartered in Aberdeen, Ardyne will specialize in the provision of downhole products and services for plug and abandonment (P&A) and slot recovery operations in the global oil and gas sector.
To accelerate its growth, Ardyne has acquired Wellbore, a Norwegian oil service company that is a leading provider of downhole tools for casing cutting and pulling. Established in 2004, Wellbore has 29 employees and offices in Tananger, Bergen and Aberdeen.
Commenting on the acquisition, Ardyne chief executive officer Alan Fairweather said: “Wellbore’s offering and culture is the perfect complement to Ardyne as we launch our business. We have been very impressed with the Wellbore team’s emphasis on quality and service delivery. The current management team will continue to run Wellbore AS and its facilities in Norway.”
“At Ardyne, we combine technology advancement with a responsive, service-driven mentality. The market insight we have gained through decades of experience operating in the North Sea enables us to address the challenges of maturing basins globally. We are bringing our customers the new technology and service approach they need to optimize operations, cut costs, reclaim rig time and unlock the long-term value of brownfield resources.”
Trevor Burgess, managing director at Lime Rock Partners said: “This is the ideal time to create a market leader in P&A and slot recovery. Commercial pressures are pushing field redevelopment and decommissioning higher up the agenda in the North Sea and elsewhere. We are backing an exceptionally strong management team with a well researched business plan that can exploit this opportunity. Ardyne will help ensure that Aberdeen and Stavanger maintain their position as centers of excellence in the offshore oil and gas business.”