Fast-growing decommissioning firm Well-Safe Solutions has doubled the size of its
office following a number of contract wins and a recent cash injection from investors.
The private equity-backed company has taken over the second floor of its building based in Cove.
When it moved into the building in 2019 it employed 50 and is now on track to have more than 300 staff by the end of its financial year, the company said.
Last month the company, which recently celebrated its five-year anniversary, announced it would add 60 jobs after winning a deal to plug and abandon (P&A) 14 wells in the UK North Sea for an unnamed operator.
The contract will require the use its newly acquired semi-submersible rig, Well-Safe Defender, which it snapped up from Awilco Drilling in a £12.4m deal earlier this year.
In April the firm celebrated five years of being in business. Another cause to celebrate was the £50m it raised from a group of investors led by MW&L Capital Partners, a London-based investment and financial advisory firm.
MW&L – headed by former Goldman Sachs partners Julian Metherell and Matthew Westerman, and Peter Livanos, a member of one of Europe’s oldest shipping dynasties – Ceres Hellenic – also participated in Well-Safe’s two funding rounds in 2019 and 2020.
The new money takes the total sum raised by the company to more than £150m.
It is estimated nearly 1,800 wells will require decommissioning in the North Sea over the next 10 years.
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