Scotland-based wells and subsurface specialist Elemental Energies has acquired Norway-based well management and consultancy company Well Expertise, forming one of the world's largest specialist wells, subsurface and project management companies.
With the acquisition, Elemental Energies boasts more than 230 experts worldwide. The strategic move is also expected to generate revenues exceeding $64 million (£50 million) in 2024, according to the company.
For Elemental Energies, the acquisition adds significant growth to its North Sea expansion ambitions in Norway. For Well Expertise, its team and clients will benefit from access to an extensive track record of delivering complex global energy projects.
The companies are closely aligned in their ambitions of growth in well management services across oil and gas, decommissioning, geothermal, and carbon capture and storage projects.
“Norway is a pivotal region for us through its stable energy policy that prioritizes both security and transition, aligning with our core ambitions as a business. As a mature market, Norway faces the challenge of managing new production with decommissioning and energy transition which present significant opportunity.
“This deal marks the start of the next chapter for both companies, as we build a strategic global wells and subsurface partner that will allow operators to outsource larger and more diverse projects with confidence,” said Mike Adams, CEO of Elemental Energies.
“This acquisition marks a significant milestone, underscoring our commitment to providing best-in-class well engineering and project management services. From the outset, our strategic alignment with Elemental Energies has fostered a shared vision to become the go-to global well management partner for projects spanning exploration, production, decommissioning, CCS, and geothermal.
As part of Elemental Energies, we are able to expand the development opportunities for our team, bring new perspectives to our projects, and deliver expanded capabilities to our clients,” added Sigve K. Næsheim, who will continue as CEO of Well Expertise and head up Norway operations.
This marks the latest in a series of strategic acquisitions by Elemental Energies, including Vysus Senergy Wells in December 2022, Norwell Engineering in May 2023 and Sentinel Group in February 2024.