Norwegian drilling service groups agree merger
Ross Offshore and Odfjell Well Management (OWM) plan to merge, forming a new company, Ross Offshore, specializing in subsurface, drilling, and well services.
BERGEN, Norway -- Ross Offshore and Odfjell Well Management (OWM) plan to merge, forming a new company, Ross Offshore, specializing in subsurface, drilling, and well services.
OWM provides a range of well management services, from concept to close-out. Its subsidiary Odfjell Well Management Consultants supplies resources for the same market segment – the two companies have a combined workforce of 61 employees in Norway based in Bergen, Trondheim, and Stavanger.
Ross Offshore, headquartered in Sandefjord, provides consultancy, engineering, and project management to the upstream oil and gas sector. It has several frame agreements with Statoil and other oil and gas companies, and supports Gassnova on storage issues related to Norway’s Mongstad Carbon Capturing and Storage project.
The combined entity will provide clients with a spectrum of services, including assuming the role of “in-house” drilling and well department. Its well management package will comprise planning, operations, logistics, project-management, cost control, HSE, authority applications, and marine management.
One factor driving the merger is the predicted growth in drilling activity on the Norwegian continental shelf over the next three years.
The combined business will have revenue of around NOK 530 million ($95.4 million), and around 200 employees and consultants. It will be based in Stavanger.