Elemental Energies acquires Norway’s Well Expertise AS

Leading wells and subsurface specialist Elemental Energies announced today the acquisition of Well Expertise AS, a Norway-based well management and consultancy company. This strategic move creates one of the world's largest specialist well management companies, with over 230 experts globally and a projected revenue exceeding £50 million (US $63.92 million) in 2024.

The acquisition significantly bolsters Elemental Energies' North Sea expansion plans, particularly in Norway. Well Expertise's team and clients will gain access to the company's extensive experience in delivering complex global energy projects. Both companies share ambitions for growth in well management services across various sectors, including oil and gas, decommissioning, geothermal, and carbon capture and storage (CCS).

Founded in 2016, Well Expertise has become a leading Norwegian well management company with offices in Stavanger, Trondheim, and Kristiansund. The company prioritises investing in its workforce, fostering long-term client relationships, and utilising cutting-edge digital solutions for well management.

"Norway's stable energy policy aligns perfectly with our core business goals," said Mike Adams, CEO of Elemental Energies. "This mature market presents exciting opportunities for managing new production alongside decommissioning and energy transition efforts. This deal signifies a new chapter for both companies, establishing a strategic global partner for handling larger and more diverse well projects."

Sigve K. Næsheim, who will continue leading Well Expertise as CEO for Norway operations, commented, "This acquisition underscores our commitment to best-in-class well engineering and project management services. Our strategic alignment with Elemental Energies fosters a shared vision of becoming the go-to global well management partner across various projects."

This acquisition is part of a series of strategic moves by Elemental Energies, including Vysus Senergy Wells (December 2022), Norwell Engineering (May 2023), and Sentinel Group (February 2024). These investments showcase the company's dedication to acquiring critical engineering expertise for delivering energy security and transition projects worldwide.

Stig Seland, Well Expertise's Commercial Manager and co-founder, added, "We've built strong customer relationships through collaboration, and that will remain our focus. We're excited to offer a broader range of services and maintain our commitment to supporting the future of Norwegian energy."