Substantial growth for Vestdrill with three new mergers

Well Flow Dynamics AS provides drilling and production services and is recognised as a global leader in respect of dynamic flow calculations for well control and contingency planning.  Most of the company’s operations are designed to promote safety in connection with the planning and implementation of drilling and well operations, although it also provides key consultancy services relating to relevant critical well operations and incidents.  The company has acquired experience from studies and operations undertaken all over the world.  It was formed in 1991 and is run by personnel with extensive international experience of production, drilling and well operations.  In 2007 Well Flow Dynamics achieved excellent profitability and a turnover of approx. NOK 22 million.

Novatech AS is a leading consultancy company providing the energy sector with services relating to energy, emissions/discharges and environmental advice.  The company supports its customers through the provision of consultancy services, studies and analyses, revision and reporting services and the development of decision-support systems.  Novatech was established in 1986, specialising in the management of energy and discharges/emissions from the oil and gas sector.  It has developed methods and software designed to calculate, forecast and follow-up climate gas emissions and other discharges.  The company works for the Norwegian oil industry, official bodies and international customers.  The oil industry is the company’s most important market and its customer list includes all the major companies operating in the industry.  Novatech is highly respected in the market.

Falcon Ocean AS is a consultancy company specialising in drilling, well, intervention and completion operations.  The company has experienced rapid growth following its formation in 2003 and it has developed a reputation as being a leading provider of engineering services for well-drilling and operational management functions.  It has skilled and experienced service, training and management consultants who are able to focus on the following: drilling, completion, testing, rig construction and operational management.  Falcon Ocean currently has 21 consultants with top expertise in their specialist fields.

The three new subsidiaries in the Vestdrill group all possess unique, value-adding expertise in the energy sector.  The group will continue to invest in the companies’ expertise and systems in order to consolidate their combined position as a leading provider of expertise and systems.  All the new subsidiaries will continue to be run as separate companies within the group.

As a result of the merger, the Vestdrill group has around 140 highly qualified consultants and is planning substantial growth over the next few years.  The consolidated turnover for the Vestdrill group is expected to amount to around NOK 290 million during the current year, with excellent profitability.  The company has international ambitions.

The private equity fund Progressus has injected capital into the Vestdrill group and is adopting an active role on the fund's board in order to promote growth.  Per Arne Jensen at Progressus Management AS is the Chairman of the Board of the Vestdrill group.    The other shareholders in the group consist mainly of company employees and managers. 

Contact details:

Per Arne Jensen, Chairman of the Board of add energy group as

Mobile no.: +47 46 82 44 29     E-mail: per.arne.jensen@progressus.no