WellConnection Group, a company based in Norway, which offers maintenance, inspection and repair services has acquired Independent Oilfield Services, a Scotland-based company. The acquisition deal marks WellConnection’s entry into the UK market.
WellConnection group has a strategic stake in IOS since the inspection in 2014. The group which has bases in Hammerfest, Mongstad and Stavenger, has grown rapidly since 2014 to become one of the leading players in UK’s inspection, management and repair services and storage.
As part of the deal, IOS will change its name to WellConnection IOS. The acquisition will provide the Norwegian group with a strong base in UK’s IMR market and also complement its Norwegian business. The combined prowess of the two may pave the way for the realizing its aim to have a strong international presence.
WellConnection group’s CEO Rune Haddeland said that the acquisition is a great news for both the companies. IOS has a diverse and strong customer base and its business model and collaborative culture complements that of WellConnection’s. He added that the acquisition allows them to share benefit and knowledge from integrated processes, systems and technology.
The collaboration will benefit the client bases of both WellConnection and IOS, in both UK and Norwegian markets. The client who will be most benefited will be those with operations on both NCS and UKCS. The group would also be able to extend new service offerings like naturally occurring radioactive materials (NORM) cleaning services and hydrocleaning to their combined client bases.
The managing director of IOS, Glynn Geddie said that they are excited to be part of WellConnection group. He added that WellConnection’s expertise in the IMR services along with state-of-the-art facilities provides IOS huge opportunity for extending their services and product offerings to the UK and international markets. He added that their existing workforce will remain the same with them even after the acquisition deal and that they are planning an expansion of team in coming months.
Geddie will become the CEO of WellConnection IOS and will manage the its operations from the group’s 50-acre Peterhead facility.