WSG has announced it has 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, 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.
Andrew Burrell, CEO, WSG Energy Services.
Andrew Burrell, CEO, said: “Under Geert Prins stewardship WSG’s Well Intervention division evolved into a successful international well services provider to the energy sector and we are confident that business will thrive under its new ownership.
“Our long term strategy has been to reposition the business to have a more defined midstream/downstream focus, specifically in Process, Pipeline and Industrial services. The recent acquisitions in Australia and France which have been merged into our service offering, allied to the fresh investment now at our disposal, gives us an excellent springboard for growing the business.
“WSGES’ wide range of skills sets and our well established commitment to R&D, opens up significant opportunities in energy transition, and we know there is industry-wide interest in our innovative emissions management capabilities, which is an area in which we will continue to invest.”
Chairman Geert Prins added: “Excellence Logging has acquired a strong and established Well Intervention business with a 1st class team under the management of Martijn Heemskerk. I have no doubt this will go from strength to strength and continue to deliver significant value to customers in the upstream sector.
“This is part of the natural evolution of the business I set up in 2005 and Phase 2 of our success story is in the very capable hands of Andrew Burrell and a highly experienced international management team.
“Diversification into alternative sectors and developing new products which address emissions management - something the energy sector is committed to - will drive future growth and we have some very exciting developments in the pipeline.”