Ardyne has launched its business with a £50 million investment and the acquisition of Norwegian oil service company Wellbore AS, aiming to establish a leading position in the plug and abandonment market.
Information on the Target
Ardyne is a newly established oilfield services company based in Aberdeen, backed by a £50 million investment from Lime Rock Partners. The company focuses on providing downhole products and services, particularly aimed at plug and abandonment (P&A) and slot recovery operations within the global oil and gas sector.
In its initial strategic move, Ardyne has acquired Wellbore AS, a prominent Norwegian oil service provider known for its expertise in downhole tools for casing cutting and pulling. Founded in 2004, Wellbore AS operates with a team of 29 employees across its offices in Tananger, Bergen, and Aberdeen, further cementing its strong presence in the industry.
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Industry Overview in Norway
The oil and gas industry in Norway is a vital component of the nation's economy, significantly driven by its extensive offshore reserves. With a
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Ardyne
invested in
Wellbore AS
in 2016
in a Buy & Build / Roll-Up deal
Disclosed details
Transaction Size: $68M