Progressus and Vestdrill set up consultancy company in energy sector.

Vestdrill AS has set its sights higher and is now looking to create a large consultancy company in the energy sector. At present the company has approx. 35 highly qualified engineers and drilling and well construction specialists with related areas of expertise, and aims to achieve significant growth in the coming years.

The private equity fund Progressus is injecting capital into the company and will be taking an active role on the company’s board to enhance its opportunities for growth. Per Arne Jensen at Progressus Management AS will become chairman of the board, while Terje Løkke-Sørensen will continue as general manager of Vestdrill AS.

The company intends to consolidate the strong organic growth for which it is known, and will also take a look at strategic acquisitions to complement its competence base in line with customers’ requirements and expectations. “We want to strengthen our core competence in drilling and wells but we are also considering related areas of technology so as to offer a broader range of services to our customers,” says Per Arne Jensen. “This is to enable the company to offer its customers a total consultancy package as well as flexibility and reliable access to resources in a sector where such resources are in short supply.”

A comprehensive employee ownership programme is planned for the company’s present and future employees. “We believe that employee ownership is an important motivating factor, particularly in a consultancy company like this one. We can also offer our employees interesting assignments and personal development opportunities within the different specialist fields, and we want to strengthen our position as an attractive employer,” says Terje Løkke-Sørensen.

The company’s turnover for 2007 is expected to be around NOK 80 million, with a profit before tax of approximately NOK 8 million.