Upstream Management AS joins Vestdrill Group

Following the merger, the company has about 100 highly qualified consultants in the fields of operations, training and instruction, HSE, drilling, well construction and well completion, and it is planning to expand significantly over the next few years. Through the merger, both Upstream Management and Vestdrill Group will be able to offer their customers a more complete competence package, greater flexibility and an assurance of access to resources in a sector that is characterised by a scarcity of competence. The companies and their employees will also be more visible to customers and the world at large.

Upstream Management AS will continue to operate as a separate company and Kjell Terje Roverud will continue as Managing Director. Terje Malmo and Roald Tveitaskog will continue as senior consultants in the company.

Progressus, a private equity fund, has invested capital in Vestdrill Group and is active on the Board in order to contribute to growth. Progressus' Per Arne Jensen is Chairman of the Board of the Vestdrill Group and he will also be Chairman of the Board of Upstream Management AS. The other shareholders in the Vestdrill Group are for the most part members of the company's management or employees.

It is anticipated that Vestdrill Group's total revenue this year will be in the NOK 200–250 million range.