WSG has announced it has sold its well intervention division and will use the funds to lay the foundation for a period of international expansion for the rebranded WSG Energy Services (WSGES).
WSGES has diverted its traditional well intervention offerings and will now primarily focus on growing its market share in Process, Pipeline & Industrial Services (PPIS). The business will retain its global footprint with a strong presence in the UK, mainland Europe, Asia and Australia, with its next objective to establish a permanent position in the North American market to capitalise on the success of recent projects.
Proceeds of the well intervention division, which was sold to Excellence Logging (Exlog), a provider of oilfield services, will be used to fund further acquisitions and maintain R&D for refining the company’s emissions management processes and technologies, which are currently in high demand.
Founder Geert Prins will remain an integral part of WSGES’ C-suite as Chairman, while Andrew Burrell continues in the role of CEO.
“Under Geert Prins’ stewardship, WSG’s well intervention division evolved into a successful international well services provider to the energy sector and we are confident that business will thrive under its new ownership,” said Burrel.
“WSGES’ wide range of skills sets and our well established commitment to R&D opens up significant opportunities in energy transition, and we know there is industry-wide interest in our innovative emissions management capabilities, which is an area in which we will continue to invest.”
Chairman Geert Prins continued, “This is part of the natural evolution of the business I set up in 2005, and Phase Two of our success story is in the very capable hands of Andrew Burrell and a highly experienced international management team.”
“Diversification into alternative sectors and developing new products which address emissions management – something the energy sector is committed to – will drive future growth and we have some very exciting developments in the pipeline.”
