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 investor-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 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 recently 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 ten years.
Well Safe legal and commercial director Graeme Murray, said: “After months of preparation and building work, Well-Safe Solutions have expanded into both floors of our global headquarters in Cove’s Gateway Business Park.
“With over 1,920m2 of space at our disposal, we are well-equipped to continue t positive momentum we have created by continuing our recruitment drive across the business.
“By the end of the financial year, the company expects to be employing around 300 people who will support the work of its three specialist well plug and abandonment decommissioning assets – the Well-Safe Protector, the Well-Safe Guardian, and the Well-Safe Defender.”
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