Sale to Private Equity
Sale of Wellbore
Wellbore AS, a Norwegian oil services company with unique technology within slot recovery and Plug and Abandonment (P&A) of oil & gas wells, announced on 8 February that the owners of the company have reached an agreement with Lime Rock Partners, the international private equity firm, on the sale of 100% of the shares to Lime Rock Partners’ portfolio company Ardyne Technologies Ltd

Plug and abandonment tools to be the basis for a new platform investment

Wellbore is a leading provider of downhole tools for casing cutting and pulling. Wellbore was established in 2004 and has offices in Tananger, Bergen and Aberdeen. Based on its unique downhole power tools, it has grown to become the leading slot recovery and P&A player at NCS and UKCS. The company has approximately 29 employees and revenues of NOK 95 million in 2014. Wellbore was prior to the transaction owned by management and founders.

Ardyne, headquartered in Aberdeen, specializes in the provision of downhole products and services for plug and abandonment (P&A) and slot recovery operations in the global oil and gas sector. The company, established in 2015, has been backed by Lime Rock Partners with £ 50 million.

Lime Rock Partners is a leading international private equity investor which has raised $5.5 billion in private equity funds, focusing solely on the upstream oil and gas sector. Lime Rock Partners has been a partner in building more than 80 differentiated oil and gas businesses since 1998.

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