Oilfield services company, Reservoir Group yesterday announced its acquisition of Saudi-based Nordic Well Services, which it has billed a major expansion of its Middle East offering and part of its growth plans for its specialist well services division.
Nordic Well Services provides work-over and well services from its centres in Dubai, Saudi Arabia, Oman, Egypt and Argentina.
As part of the deal, which was struck for an undisclosed sum, Nordic Well Services will be subsumed with two other Reservoir Group businesses under a new Wellvention brand.
The existing member companies are Wellbore Intervention (WBI), based in the UK, and Holland-headquartered The Tool Company (TTC), which Reservoir Group bought in December last year.
“While fellow member company and global coring specialist, Corpro, already has a presence in the Middle East, the new Saudi base will provide a further platform for growth, the first geographic expansion for the Wellvention brand,” Reservoir Group said in a statement.
Jim Thomson, Managing Director of WBI, said: “The Middle East contains some of the largest quantities of proven oil and gas reserves in the world, with countries such as Saudi Arabia dominating the oil market. The future of global energy supply and demand is inextricably linked to the management of these reserves.
“By dramatically increasing its presence and reach within the Middle East, Reservoir Group will be able to leverage the success of its brands in the region, where some have been operating for a number of years.”
Fraser Louden, Managing Director of Reservoir Group’s Well Intervention and Well Monitoring division, said: “We are now at an important stage in the implementation of a clear and focused strategy, designed to ensure that Wellvention becomes an even more visible proposition in its market sector.
“Establishing a presence in Saudi Arabia through our new club member company is a major step in that plan and, along with providing a quick entry to the Middle East through a centralised hub, will enable us to service countries from the Kingdom, including Kuwait and Qatar, in the longer-term.”
