Fossil Energy – Well Intervention
WSG recently sold its Well Intervention division and will use the funds raised to lay the foundations for a period of international expansion for the rebranded WSG Energy Services (WSGES).
In a major reorganisation, WSGES has divested its traditional Well Intervention offering – including coil tubing and slickline services – and will now focus on growing its market share in Process, Pipeline & Industrial Services (PPIS). There are no redundancies aspects to the deal.
The Netherlands-headquartered business retains its global footprint with a strong presence in the UK, mainland Europe, Asia and Australia, and its next objective is to establish a permanent presence in North America to capitalise on recent project successes.
Proceeds of the Well Intervention division sale to Excellence Logging (Exlog), a leading provider of oilfield services and launched by Bluewater in 2015, will be used to fund further acquisitions and to maintain R&D for refining the company’s emissions management processes and technologies, which are in demand from energy companies looking to reduce emissions on the route to net-zero.
Established in 2005 in Emmen near Groningen, the Netherlands, WSG diversified from its traditional coiled tubing and slickline services to become the largest independently owned provider of process, pipeline and industrial services to the UK and European refining and LNG sectors.
Founder Geert Prins will remain an integral part of WSGES’ C-suite as Chairman, while Andrew Burrell continues in the role of CEO leading the growth of WSG Energy Services globally.
The recent acquisition of Eftech International in Perth, Australia, and the addition of a highly experienced management team in Singapore, provided WSGES with market share in Australasia, while the purchase of French-based Nitrovia extended its service offering to the European gas and petrochemical sectors.