Ardyne – a new oilfield services company launched with £50 million backing from Lime Rock Partners – has made its first acquisition.
Headquartered in Aberdeen, Ardyne specialises in the provision of downhole products and services for plug and abandonment (P&A) and slot recovery operations in the global oil and gas sector.
To accelerate its growth, Ardyne has acquired Wellbore AS, a Norwegian oil service company that is a leading provider of downhole tools for casing cutting and pulling. Wellbore has 29 employees and offices in Tananger, Bergen and Aberdeen.
Alan Fairweather, Ardyne chief executive, said: “Wellbore’s offering and culture is the perfect complement to Ardyne as we launch our business. We have been very impressed with the Wellbore team’s emphasis on quality and service delivery. The current management team will continue to run Wellbore AS and its facilities in Norway.”
Trevor Burgess, Managing Director, Lime Rock Partners, said: “This is the ideal time to create a market leader in decommissioning and slot recovery. Commercial pressures are pushing field redevelopment and decommissioning higher up the agenda in the North Sea and elsewhere.
“We are backing an exceptionally strong management team with a well-researched business plan that can exploit this opportunity. Ardyne will help ensure that Aberdeen and Stavanger maintain their position as centres of excellence in the offshore oil and gas business.”