Aberdeen-headquartered well management firm Exceed Energy has announced the creation of a Norwegian subsidiary.
Stavanger-based Exceeed Norge will focus on new commercial models, applied to exploration drilling and well plug and abandonment activity.
It will be headed up by managing director, Mike Simpson, who has over 30 years’ experience in the Norwegian and international energy sectors.
Mr Simpson’s career includes eight years as Stavanger Regional Manager for wells with AGR.
The formation of Exceed Norge is oart of the parent company’s ongoing strategy to strengthen and diversify its profile and its geographic footprint and services.
Mr Simpson said: “Never has there been a more appropriate time to adjust commercial models for the benefit of the operator and supply chain communities.
“With several decades’ robust experience behind us, the Exceed Norge team has identified gaps in existing industry service levels. We aim to lead a change in this respect, bridging those gaps with the introduction of alternative contracting models and working with the wider industry on a collaborative basis.”
The UK company, which has a core support team of 46 staff members, is also thriving in South America and the Middle East.
Casting a wider net is paying off for Exceed, which posted pre-tax profits of £2.3 million in the year to February 28, 2019, up from £365,000 the previous year.
Revenue increased to £20.75m from £6.58m.
Ian Mills, Exceed group managing director added: “Combining the local presence and expertise of Exceed Norge with the capabilities of Aberdeen-based Exceed has resulted in a highly experienced and effective pan-North Sea alliance, which will now include site survey, rig positioning, well incident recovery and marine services.
“By adding Exceed Norge to our existing international presence and multi-disciplinary experience, we have created a powerful market proposition, which illustrates our long term commitment to longevity of the offshore energy sector.”
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