HitecVision has announced the Circle Group’s acquisition of WellPartner AS, an equipment and services company servicing the Norwegian subsea, completion and intervention markets.
This is Circle Group’s first acquisition and the foundation for the Well Service division.
WellPartner was established in Stavanger in June 2008 as a consulting company, and has since then developed into a technology focused subsea well access and intervention specialist. The company consists of three main businesses: WellPartner Products, WellPartner Services and WellPartner Consulting.
WellPartner Products has through extensive knowledge of marine riser operations, well access and downhole operations, launched several niche products with growth potential in the market, the company said. The product portfolio consists of a mix between commercialized products and products under development.
WellPartner Services offers a variety of services to increase efficiency and HSE performance during subsea well service, completion and intervention operations. The employees are specialized on subsea developments and can supply equipment, experience and knowledge to enable such operations.
WellPartner Consulting offers qualified resources within subsea well service, completion and intervention operations. According to the company, the personnel have broad operational experience from major oil companies.
The transaction is scheduled to be closed in December 2014, however the value of the contract has not been disclosed.