Excellence Logging to Acquire Well Services Group to Expand Market Reach and Capabilities
Excellence Logging, a leading provider of oilfield services and launched by Bluewater in 2015, today announced that it has signed a definitive agreement with Well Services Group (WSG), a Dutch company, to acquire the WSG Well Intervention business, comprising coiled tubing, slickline and well testing services.
The acquisition of WSG's Well Intervention business, with its strong operational track record, will expand Excellence Logging's market reach and capabilities in Northern Europe. The acquisition will also strengthen Excellence Logging's well testing capabilities, which is expected to be a growth market driven by the needs of European natural gas production and storage.
"We are excited about the potential of this acquisition to expand our market reach and capabilities," said John Lechner, CEO of Excellence Logging. "We believe that the cultural fit of the well intervention business with Excellence Logging is very strong, as we share a focus on meeting customer needs and delivering novel solutions.
“The sale of WSG’s Well Intervention business aligns with our plans to focus WSG on its Industrial business going forward. Since we started this business in 2005, we have built a state-of-the-art well intervention business said Geert Prins, CEO of the WSG Group, and we believe that Exlog is a natural partner to continue to grow the well intervention business going forward with the same best-in-class spirit that made us successful over the years”
The transaction is expected to close in the coming week.
About Excellence Logging
Excellence Logging is a leading provider of oilfield services. The company offers a wide range of services, including Surface Data Logging, Well Intervention and Data & Consultancy. Excellence Logging has a global presence, with operations in over 30 countries.
About Well Services Group
Well Services Group (WSG), formed in 2005, is based in Emmen in The Netherlands and provides a full range of high-quality services to the oil & gas industry, the petrochemical industry, and the energy sector, both onshore and offshore. and has established a strong operational track record for its Well Intervention business throughout the Continental Europe onshore and offshore markets.
Bluewater is a specialist international private equity firm focused on the middle-market energy sector. Its experienced investment and operating professionals drive value creation as they manage $2.5billion of investment across a portfolio of 22 companies. Bluewater has a prime focus on projects or technologies that contribute to the energy transition agenda and works to a diversified investment strategy based on the principles of sustainability and close working partnerships with best-in-class management teams. Bluewater has a strong focus on ESG and is a signatory to the UN Principles for Responsible Investment. As of January 2022, Bluewater is certified as a Carbon Neutral Plus organisation.