FAST-GROWING Reservoir Group said yesterday that it had acquired two well-intervention specialists.
They are Aberdeen-based firm Wellbore Intervention and the Tool Company, from Assen in the Netherlands.
The value of the deals is not being disclosed, but both are understood to be seven-figure sums.
Reservoir has now made eight acquisitions this year. Pascal Bartette, chief executive of the Aberdeen-based group, said: “We are delighted to welcome these new businesses to our ‘club’. Both the Tool Company and Wellbore Intervention have ideal profiles to become members of our group. Each company has demonstrated technical abilities and a service culture that perfectly matches our vision as well as our values.
“We are confident that both companies’ existing management will use the backing that Reservoir Group offers to accelerate their business expansion, while maintaining focus and quality of service.
“Adding well-intervention services to our . . . capability will help in our aim to build a global group of specialist reservoir businesses.”
Wellbore CEO Jim Thomson said: “Wellbore Intervention was founded by experienced coiled-tubing professionals with a vision to provide the highest-quality service delivery in the industry. We are proud of our reputation and performance given that we are a relatively young business, but there are challenges for early stage companies that can hinder the swift realisation of ambition. Joining Reservoir Group will allow us to accelerate the pace of growth for the benefit of all our stakeholders, while retaining the focus on quality of service.”
Wellbore was formed in November 2009 by Mr Thomson, Scott Fraser and Barry Webster and has seven employees.
Joost Mellies, CEO of the Tool Company, which has 11 staff, said: “Over our 10 years as an independent business, we have built a solid client base and gained industry recognition as specialists in our field.
“The most important aspect for us in joining the Reservoir ‘club’ is that we can retain our specialist focus while also preserving the flexibility and speed of response to customers’ needs.
“Reservoir Group will assist us in expanding our range of services to the benefit of current and future clients. Increasing the Tool Company’s capabilities has been a long-standing ambition and we are glad that Reservoir Group will assist us in achieving that.”
Backed by Houston-based oil and gas specialist private-equity firm SCF Partners, Reservoir was launched through a £20million management buyout of Corpro in 2007 with the aim of building a global portfolio of businesses to deliver specialist services around hydrocarbon reservoirs.
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