Nort-east firm Three60 Energy has struck a deal for well and pipeline operator Fraser Well Management.
The acquisition “broadens and strengthens” the energy services company’s wells credentials and position as a strategic services partner.
It also means Three60 becomes one of only two companies able to undertake the role of outsourced duty holder, pipeline operator and well operator across the asset life cycle, according to the firm.
Having come into effect from July 1, all of Fraser Well Management’s 20 workers will transfer across to Three60 – there will be no redundancies.
The Aberdeen-headquartered company will also takeover its three offices, located in Aberdeen, Great Yarmouth and Rotterdam.
The acquisition adds to Three60’s existing headcount of more than 500, with workers split across the firm’s three main hubs of UK, Norway and south east Asia.
Walter Thain, group chief executive at Three60, said: “The capabilities and expertise that Fraser Well Management has accumulated will greatly benefit the integrated solutions we offer our customers throughout the asset life cycle. We are immensely proud to have our new team members join THREE60 Energy, as we can continue to provide better energy together.
“As we continue to transition into sustainable and renewable energies alongside traditional means of energy production and storage, there has never been a more pertinent time to invest in the future of our business and our place in the energy supply chain.”
Fraser Well Management’s services span the complete well lifecycle, both onshore and offshore.
It provides well management, decommissioning, specialist engineering, and commercial services, with a focus on sustainability.
The company recently secured a contract with Bridge Petroleum for work on its Bardolino field in the North Sea.
Nick Ford, managing director at Fraser Well Management said: “We have watched the rapid and sustained growth of THREE60 Energy alongside our own development and can see the synergies that the integration of Fraser Well Management’s service offerings combined with that currently provided by THREE60 Energy will provide our clients better solutions to their energy needs. This deal is a natural progression for our services and people, as both can continue to grow and expand under THREE60 Energy.
“As late life, CCUS and decommissioning play an ever more significant role, we are proud to be part of THREE60 Energy Group as the company delivers in these key areas.”
Lasse Hermansson, MD at Three60 Energy Norway, added: “The breadth of transferrable knowledge across THREE60 Energy is crucial for capitalising on the synergies across disciplines, and the addition of Fraser Well Management’s skills and people will greatly add to our expertise.
“This not only enhances our UK capabilities, but provides additional competencies and services to our Norwegian and global business. We are extremely excited about the acquisition and see a great cultural and collaborative fit with the excellent team at Fraser Well Management.”