Circle Group AS is pleased to announce the acquisition of WellPartner AS, a company that offers services and products to the drilling, intervention and well completion segments. WellPartner specializes in subsea field developments from semi submersibles and jack-up rigs and has contracts with a majority of the operators on the NCS. The company mainly serves the Norwegian offshore oil & gas market and has shown steady growth since inception. WellPartner was founded in 2008 and is headquartered in Stavanger.
WellPartner was initially established as a consulting company, and has since developed into a technology focused subsea well access and intervention specialist. The company operates through three subsidiaries; WellPartner Products, WellPartner Services and WellPartner Consulting. WellPartner’s staff of 50 is specialized in subsea developments and can supply equipment, experience and knowledge to enable such operations. WellPartner’s revenues for 2014 are forecast to be around NOK 140 million. See www.wellpartner.no for further details.
Through its operational understanding and extensive knowledge of marine riser operations, well access and downhole operations, WellPartner Products has launched several niche products with attractive growth potential in the market.
WellPartner Consulting offers highly qualified consultants within subsea drilling, completion and intervention operations. The personnel are multi skilled with broad operational experience from major oil companies.
WellPartner Services offers a variety of services that increase efficiency and HSE performance during subsea well service, completion and intervention operations.
“WellPartner is a highly suitable acquisition for Circle Group, and has the capacity and resources to support further growth and deliver on our ambitious game plan” says CEO of Circle Group, Rolf Leknes
“We are very pleased and excited about the opportunity this represents. The combination of our current market position together with the industrial experience and financial strength represented by our new owners will enable us to broaden our portfolio, be more competitive and better serve our customers , says Arvid Qvanvik, CEO of WellPartner AS
Circle Group is owned by funds advised by HitecVision.
Rolf M. Leknes, CEO Circle Group, mobile +47 982 96 890
Arvid Qvanvik, CEO WellPartner, mobile +47 915 80 510
About Circle Group
Circle Group is a company established to invest in the oilfield sector within the drilling, well construction and completion segments. The company’s vision is to create a portfolio of companies positioned for sustainable and long-term growth. Circle Group will select companies with the potential of delivering operational excellence together with a customized portfolio of technologies and service, adding value to our clients and stakeholders.
HitecVision is Europe’s leading private equity investor in the oil and gas industry with offices in Stavanger, Oslo and Houston. The investment focus is on middle market investments in oilfield services and technology companies and exploration and production companies. HitecVision currently advises five funds with more than USD 5 billion in committed capital.