Merger in the energy sector.

The companies Penta Management AS and Vestdrill AS have decided to merge in order to create a strong expertise-based company in drilling and well-related services in the energy sector.   After the merger, the company will have about 40 well-qualified consultants in well construction and completion, drilling, testing and associated expertise areas, and is planning a considerable growth in the next few years. Through the merger, the company will be able to offer our customers a more complete expertise package plus greater flexibility and resource security in a sector dominated by scarcity of expertise. 

The company’s objective is to further reinforce the organic growth the two companies have displayed individually, and to consider further acquisitions so as to complement its expertise base in line with the customers’ needs and expectations. “We will further strengthen our core expertise in drilling and well, but also consider adjacent disciplines in order to create a broader expertise basis for our customers,” says Per Arne Jensen, Chairman of the Board of Vestdrill Holding AS.

Considerable sums have been allocated for a share programme for present and future employees of the company. “We believe in ownership for employees as an important motivation factor – particularly in an expertise-based company like this one. For the consultants we can in addition offer interesting work and personal development within the disciplines, and we wish to strengthen our position as an attractive employer”, says Terje Løkke-Sørensen and the Chairman of the Board of Penta Management AS, Mike Pollard.

The private-equity fund Progressus has previously injected capital into the company and will play an active role on the Board to contribute to the growth. Per Arne Jensen of Progressus Management AS will be the Chairman of the Board of the merged company, while Terje Løkke-Sørensen of Vestdrill AS will be general manager. Total turnover for 2008 is expected to end up at well over NOK 100 mill.