UK-based offshore decommissioning specialist Well-Safe Solutions has secured a £26 million (around $33,6 million) investment to fund the next phase of its growth plan, the company said Monday.
Well-Safe, which recently bought Seadrill's 1993-built West Epsilon jack-up rig to use it for plugging and abandonment work in the North Sea, said the £26 million investment was led by the private investment vehicle MW&L Capital Partners, following their initial investment of £66 million to the company back in October 2019.
Phil Milton, Chief Executive Officer at Well-Safe Solutions, said: “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.”
"With the continued support of MW&L and existing shareholders, including the direct investment clients of Stonehage Fleming, we’ll be bringing the Well-Safe Guardian and Well-Safe Protector into operation in the spring of 2021 and aim to add further assets to our growing fleet – supporting our campaign-based approach to decommissioning.”
Julian Metherell, Partner at MW&L and Non-Exec Director at Well-Safe Solutions, commented: “Our initial investment with Well-Safe aimed to capitalize on the opportunity of an experienced team with dedicated decommissioning capability willing to tackle one of the industry’s greatest challenges with massive global potential.”
"With their recent purchase of the jack-up drilling unit, the Well-Safe Protector, the acquisition in 2019 of the semi-sub, the Well-Safe Guardian and a complete P&A capability, they are poised to tackle the industry challenge head-on."
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