NORTHWOODS Energy announces its acquisition of SM ENERGY’S Powder River Basin Assets for $500 million

Apollo Global

DENVER, CO and NEW YORK, NY – January 10, 2018 – Northwoods Energy LLC
(“Northwoods” or the “Company”) (formerly known as Converse Energy), a portfolio company
of certain funds managed by affiliates of Apollo Global Management, LLC (NYSE:APO)
(“Apollo”), today announced it has agreed to acquire SM Energy’s core Powder River Basin assets.
The acquisition is comprised of over 112,200 predominantly contiguous net acres of leasehold in
Converse, Campbell, and Johnson counties in Wyoming.
Northwoods is led by Chief Executive Officer Tom Tyree, who has extensive experience in the
acquisition and development of upstream oil and gas properties in the Rocky Mountains, Marcellus
Shale, and Barnett Shale. Mr. Tyree was Co-Founder, President, and CFO of Vantage Energy from
2006 to 2016. He is currently on the board of directors of Bonanza Creek Energy and served as
CFO of Bill Barrett Corporation prior to Vantage Energy. The Apollo funds, including Apollo
Investment Fund VIII and Apollo Natural Resources Partners II, have committed to invest up to
an aggregate of $850 million in Northwoods.
Mr. Tyree said, “Northwoods is excited to be working with Apollo to build a leading Powder River
Basin-focused independent E&P business. We believe the basin has some of the best geology of
any play in the Lower 48 and that Northwoods has a tremendous opportunity to develop this highly
contiguous, core acreage position.”
Geoff Strong, Senior Partner at Apollo, said, “We look forward to working with Tom as
Northwoods seeks to become a best-in-class Powder River Basin operator. Northwoods’ acreage
position creates a solid foundation from which the Company can build significant scale in the
region.”
Tudor, Pickering, Holt & Co. advised the buyer. Vinson & Elkins acted as legal advisor to the
buyer.

About Northwoods Energy LLC
Northwoods Energy LLC is an upstream oil & gas company based in Denver, CO and focused on
the Powder River Basin. Northwoods is backed by investment funds affiliated with Apollo Global
Management and the Northwoods management team, and is led by Chairman and Chief Executive
Officer Tom Tyree.

About Apollo Global Management, LLC
Apollo is a leading global alternative investment manager with offices in New York, Los Angeles,
Houston, Chicago, St. Louis, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg,
Mumbai, Delhi, Singapore, Hong Kong and Shanghai. Apollo had assets under management of
approximately $242 billion as of September 30, 2017 in private equity, credit and real estate funds
invested across a core group of nine industries where Apollo has considerable knowledge and
resources. Apollo’s team has extensive experience investing in the Natural Resources industry and,
since 2001, certain of Apollo’s flagship private equity funds, have invested or committed to invest
approximately $12.2 billion in 34 natural resources-related opportunities (as of September 30,
2017). Greg Beard, Apollo’s Head of Natural Resources, leads a team of approximately 20 private
equity professionals focused on identifying value-oriented corporate carve-outs, asset
acquisitions/build-ups and distressed investments across the energy and metals and mining markets
globally. For more information about Apollo, please visit www.agm.com.
Forward Looking Statements

This press release may contain forward looking statements with respect to Apollo that are within
the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements include, but are not limited to,
discussions related to Apollo’s expectations regarding the performance of its business, its liquidity
and capital resources and the other non-historical statements contained herein. These forwardlooking
statements are based on management’s beliefs, as well as assumptions made by, and
information currently available to, management. When used in this press release, the words
“believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to
identify forward-looking statements. Although management believes that the expectations
reflected in these forward-looking statements are reasonable, it can give no assurance that these
expectations will prove to have been correct. These statements are subject to certain risks,
uncertainties and assumptions. We believe these factors include but are not limited to those
described under the section entitled “Risk Factors” in Apollo’s Form 10-K filed with the Securities
and Exchange Commission (“SEC”) on February 13, 2017, as such factors may be updated from
time to time in Apollo’s periodic filings with the SEC, which are accessible on the SEC’s website
at www.sec.gov. These factors should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included in this press release and in other
SEC filings. We undertake no obligation to publicly update or review any forward-looking
statements, whether as a result of new information, future developments or otherwise, except as
required by applicable law. This press release does not constitute an offer of any Apollo fund.

Contacts
For investor inquiries regarding Apollo:
Gary M. Stein
Head of Corporate Communications
212-822-0467
gstein@apollolp.com

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Partners Group to become largest investor in 730MW Dutch offshore wind farm project

Partners Group

Partners Group, the global private markets investment manager, has agreed to acquire a 45% stake in Borssele III/IV (“Borssele”), a 731.5MW construction-ready offshore wind farm in the Netherlands, on behalf of its clients. The investment makes Partners Group the largest shareholder in a consortium of investors that also includes Shell, Diamond Generating Europe,1 Eneco Group and Van Oord.

Borssele will comprise 77 9.5MW Vestas turbines placed across two sites in the Borssele Wind Farm Zone, which is 22km off the coast of the province of Zeeland, at the southern border of the Netherlands’ Exclusive Economic Zone. Grid connectivity has already been secured for the project, which is due to begin construction in H2 2018. The wind farm will benefit from the Dutch offshore feed-in tariff for a period of 15+1 years from the commencement of commercial operations in early 2021. Once it is fully operational, Borssele is expected to generate about 3TWh per annum, enough electricity to power approximately 825,000 households.

David Daum, Senior Vice President, Private Infrastructure Europe, Partners Group, states: “Borssele is an attractive opportunity to invest in a high-quality offshore wind project alongside experienced partners. With the Dutch government committed to achieving 16% of its energy production from sustainable sources by 2023 as part of a National Renewable Energy Action Plan, we believe the project is both timely and critical in helping the country achieve that aim.”

Brandon Prater, Partner, Head Private Infrastructure Europe, Partners Group, adds: “Renewable energy continues to be a transformative trend within the infrastructure asset class and an important component in the future energy security of many countries. In wind energy alone, Partners Group has committed to invest in onshore and offshore projects totaling over 1.8GW in Europe, Asia and Australia since 2011.”

Previous onshore wind energy projects include the 240MW Ararat Wind Farm and 270MW Sapphire Wind Farm in Australia, into which Partners Group invested in June 2015 and December 2016, respectively. Most recently, in August 2016, Partners Group invested in the construction of Merkur Offshore, an approximately 400MW offshore wind farm in Germany.

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Verdane VIII portfolio company Jupiter Bach has been elected Gazelle 2017 by Danish newspaper Borsen

Verdane Capital

Jupiter Bach – Gazelle 2017

We are very proud to inform that Jupiter Bach has been awarded Gazelle 2017 by Borsen, the leading financial Magazine in Denmark. This is not something we have applied for, but a recognition we get as we have doubled the company’s revenue or result within a four year period.

More specifically Borsen is stating that “A Gazelle company has within 4 financial years had positive growth and has doubled the revenue or result. These are tough requirements – and it is impressive that you have been able to meet them. Gazelle companies daily defy challenges like low growth, demographic headwind, disruption and having to attract qualified manpower, but they are still able to create success. They generate new employment and progress, and add value for their owners and for the local community which they are a part of.

The award was given at a Boersen award event November 30 at Sonnerupgaard Gods in Hvalsoe, Denmark. Representatives from management and employees participated in the prestigious event.

Our election as Gazelle 2017 bears witness to our growth and positive development within the last 4 years.

We would like to express our gratitude to our loyal customers and devoted team of employees, who have all contributed to this development.

We will continue to work hard to continue this growth journey together with you, and remain

devoted to wind!

 

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KKR Injects Additional Capital to Support Joulon’s Asset Management Platform

KKR

Capital injection enhances Joulon’s acquisition activity

Joulon completes acquisition of global engineering and project management company Harris Pye

DUBAI–(BUSINESS WIRE)– Joulon (the “Company”), a leading asset management services provider to the energy industry, today announced that KKR has injected additional capital to support the Company’s ongoing acquisition activity. With KKR’s continued support, Joulon has completed its acquisition of Harris Pye Engineering Group Limited (“Harris Pye”), a global provider of engineering and project management services to the marine, offshore and industrial sectors.

Joulon’s platform provides comprehensive Asset Management services to the energy industry. The Company’s business model is based on acquiring businesses with established track records and complementary global expertise in maintenance, repair and overhaul (“MRO”) services to the oil and gas industry. By combining and enhancing these companies’ expertise and synergies, Joulon is able to offer truly integrated solutions to customers in the global energy industry.

Harris Pye is the latest addition to Joulon’s platform of well-established, global companies in the energy services and manufacturing segment. Since Joulon’s launch 18 months ago, the Company has completed 11 acquisitions, including: OES, Global One, Sara Sae, DSL, Excel Marco, JVS, CPC, Aggrego, STS, Thanh Ngoc, RAM Design and DronePro.

Ashish Shastry, Member and Head of Southeast Asia at KKR, said: “KKR is very pleased with Joulon’s progress in building a unique franchise that puts customers first by providing a high quality one stop solution to meet their global asset management needs in the fast moving energy industry. We look forward to building on Joulon’s success to date by deploying further capital into Joulon and helping the Company continue to grow, enhance its service offering and support its customers.”

Founders, Deepak Munganahalli, Chairman of Joulon and Abhishek Kumar, Vice Chairman and Group CEO of Joulon, said: “We are grateful to Joulon’s customers for their continued support and guidance. With a growing workforce of more than 2500 people and 50 workshops and offices worldwide, Joulon aims to be the global partner of choice for leading energy industry companies. With the continued partnership with KKR, Joulon is even better positioned to execute its growth strategy to develop a leading global energy services platform to address the specific requirements of asset owners and operators.”

The Project Management and Execution segment has become increasingly important given the impact the category has on customers’ total cost of ownership of assets. Joulon is committed to solving Project Management and Execution challenges for its customers and its latest acquisition of Harris Pye, further deepens the Company’s offerings across key verticals. Joulon will continue to acquire businesses and enhance its Project Management and Execution capabilities to assist customers as they undertake reactivation and modification projects in the coming years.

The investment in Joulon comes from multiple funds managed or advised by KKR. Further details of KKR’s investment and Joulon’s acquisition of Harris Pye were not disclosed.

About Joulon

Joulon offers comprehensive asset management services to the energy industry through its portfolio of established manufacturers and service providers, complemented by a global team of experts with decades of asset ownership and management experience. The platform provides a complete range of offerings from individual products and services to integrated end-to-end asset management solutions. Joulon employs the industry’s latest technologies and processes to provide the entire suite of solutions to customers as they continuously look to improve the efficiency of their asset ownership and operations. For additional information, please visit www.joulon.com.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit and, through its strategic manager partnerships, hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside its partners’ capital and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Anita Davis, +852 3602 7335
Anita.Davis@KKR.com
or
Sard Verbinnen & Co
Rick Carew/Miles Radcliffe-Trenner, +852 3899 6630
KKR-SVC@sardverb.com

Source: KKR

 

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Terra Firma sells EverPower to a fund managed by BlackRock Real Assets

Terra Firma

Terra Firma has reached an agreement to sell the portfolio of operating assets of EverPower, a leading US-based wind energy development and generation company, to a fund managed by BlackRock Real Assets.

Through this transaction, a fund managed by BlackRock Real Assets will acquire 752MW of wind assets across seven sites in Pennsylvania, Illinois, California and New York. Terra Firma continues the sale process of EverPower’s 3GW development business.

Since Terra Firma’s acquisition of EverPower in 2009, the company has successfully grown the operating capacity 12-fold to become a top 25 wind energy producer in the US.

David Giordano, BlackRock’s Head of Renewable Power, Americas & APAC, said:

“This transaction demonstrates BlackRock’s continued focus on investing in renewable power investments, which currently amount to nearly US$5 billion of equity assets under management. The seven operating onshore wind farms that we have agreed to acquire from EverPower will provide our clients with strong geographic diversification in fundamentally sound, strategically advantaged assets.”

Andrew Géczy, Chief Executive Officer of Terra Firma, said:

“I’m delighted to announce today the signing of this agreement to sell EverPower’s operating sites. This reflects our intention to realise our investment in EverPower, and demonstrates our ability to be creative in order to maximise value for our investors. Under Terra Firma’s ownership, EverPower has become a growth-oriented, high quality developer, with a large and very strong portfolio of operational assets. Terra Firma’s decision to divide EverPower’s portfolio reflects the standalone strength and scale of each unit and delivers the highest value to investors.”

Barclays and KeyBanc acted as financial advisors and Morgan, Lewis & Bockius LLP acted as legal advisor to the seller. Credit Suisse acted as exclusive financial advisor and Milbank, Tweed, Hadley & McCloy LLP acted as legal advisor to the buyer.

The transaction is subject to regulatory approval and is expected to close in H1 2018.

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Actis energy platform Zuma Energía reaches financial close on two further solar farms in Mexico

Actis

Actis today announced that its renewable energy platform Zuma Energía, has secured close to US$300 million project financing for the construction of two solar farms in Mexico, with a total capacity of 337 MW.

The solar parks Orejana and Santa María, which will be built in Sonora and Chihuahua, respectively, were awarded in the Second Long-term Electricity Auction. Once operational the farms will supply over 500,000 homes with clean energy and mitigate over 280,000 thousand tons of CO2 emission per year, from over 1 million solar panels.

The Orejana solar park, in Hermosillo, Sonora, will have a capacity of 158 MW and the Santa María solar park in Galeana, Chihuahua will have a capacity of 179 MW. Zuma Energia is exploring opportunities with local SMEs and value chains for the construction, operational and maintenance stages of the projects, in order to generate employment and long-term economic benefits.

These latest closes follow the financial closure of Reynosa Wind Farm in August, one of the largest wind farms in Latin America with a total capacity of 424 MW.  Reynosa Wind Farm was the first project to achieve financial close on project financing of all projects awarded Power Purchase Awards in the long term electricity auctions held in 2016.

In addition to the Orejana, Santa Maria and Reynosa Wind Farm, Zuma Energía has a 50MW wind farm in operation in Oaxaca. This portfolio has positioned Zuma as a leading Mexican provider of clean energy certificates in the country -2.3 million a year.

Actis created Zuma in 2014, in three years the company has secured an 800MW portfolio. Actis holds an 80% and Mesomerica Investments holds 20% stake in Zuma Energia.

Actis is one of the most significant private investors in renewable energy projects across Latin America. The firm has committed over US$4.8 billion in 32 energy companies across 25+ countries generating 17GW of energy capacity and directly impacted 68 million consumers.

Adrian Katzew, CEO of Zuma Energía, commented: “At Zuma Energía we are very grateful for the trust deposited upon us by our shareholder and lenders, and the dedication from all the banks and advisors to establish the principles of these new financial structures.  Also, my gratitude to the extraordinary work performed by Zuma´s team.”

Michael Harrington, Board Member of Zuma and Partner and Head of Mexico at Actis commented: “We are seeing the energy reforms play out and attract new players and international funding. Mexico has compelling fundamentals for investing in power generation, including superior natural resources, an evolving and supportive regulatory framework and a deep project finance capacity.”

Project financing was secured through Bancomext, Banobras, Nafin and the North American Development Bank (Nadbank).

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Eneas completes add-on acquisitions

Norvestor

Eneas Group Holding AS (“Eneas”), majority owned by Norvestor VII, L.P., has acquired Enegia Market Services OY and Enegia Sweden AB (collectively “Enegia Market Services”) and Yrittäjäin Sähkönhankinta Oy (“Sähkönhankinta”)in Finland.

With these two acquisitions, Eneas significantly strengthens its position as the leading Nordic energy intermediary for SMEs. Enegia Market Services is a leading independent energy intermediary for SMEs in the Finnish electricity market with presence also in Sweden, and until now a division of Enegia Group Oy.

Enegia Market Services offers its customer base of approximately 14,000 SMEs active procurement services. Estimated 2017 revenue for Enegia Market Services is EUR 4.7 million. In May 2017, Eneas acquired Sähkönhankinta, an independent energy intermediary for SMEs in the Finnish electricity market with approximately 3,000 customers. Following these acquisitions, Eneas provides active energy procurement services to more than 30,000 customers in the Nordics, with a combined energy consumption of approximately 7.0TWh. Eneas also offers Smart Metering and Energy Audit services. “We are very pleased to announce the acquisition of Enegia Market Services.

Following our acquisition of Sähkönhankinta, acquiring Enegia Market Services is a natural next step for the Eneas Group, which already has strong market positions in Norway and Sweden. We look forward to working with suppliers and employees – new and old –to further improve and expand the services provided to customers in Finland. Through this acquisition Eneas strengthens its’ position as the clear market leader in energy brokerage and energy services to SME businesses in the Nordics” , says Thomas Hakavik, CEO of Eneas Group.

“Since The greenfield establishment in Finland in 2016, followed by the two acquisitions, Eneas has now become market leader within active energy procurement services to SMEs also in Finland. We look forward to leveraging our product platform and Nordic position further, to the benefit of all our customers”, says Fredrik Korterud, Partner at Norvestor Equity and chairman of Eneas.

For further information:

Fredrik Korterud, Partner Norvestor Equity

Telephone: +47402 11 402

Email: fredrik.korterud@norvestor.com

Thomas Hakavik, CEO Eneas Group

Telephone: +47913 68511

Email: thomas@eneas.no

Rebecca Schau, Investor Relations Manager, Norvestor Equity

Tel.: +47 959 29 314

Email: rebecca.schau@norvestor.com

Eneas was founded in 1995 and has grown to become the leading Nordic independent electricity intermediary for SMEs, serving customers in industry, commercial and government segments. Eneas has 170 employees located in offices in Drammen,Trondheim, Östersund, Hämeenlinna and Tampere. In 1998 Eneas expanded into Sweden and has since then been able to steadily grow their customer base through their Energy Audit, Energy Broker and Smart Metering service offerings. Today, Eneas has over 30,000 SME customers across Sweden , Norway and Finland.

Read more at www.eneas.no

 

Norvestor Equity

is a leading private equity company focusing on lower mid-market buyouts in the Nordic region. The team has worked together since 1991 making it one of the most experienced private equity teams in Norway, having executed 66 investments with 260 follow-on M&A transactions, in addition to executing 43 exits including 14 IPOs. Norvestor focuses on investment opportunities in growth companies, making platform investments principally in Norway and Sweden, with potential to achieve a leading Nordic or international position either through organic growth, through acquisitions or by expanding into new countries. Funds advised by Norvest or are currently invested in the following portfolio companies; Johnson Metall, Sentech (formerly Advantec Sensing), Apsis, Aptilo, Cegal, Marine Aluminium, Crayon, Robust, iSurvey, Future Production, Nomor, PG Flow Solutions, Roadworks, Permascand, 4Service, HydraWell, Eneas, Presserv, Nordic Camping & Resort, READ Cased Hole, IT Gården,NetNordic and Wexus.

Read more at www.norvestor.com

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Enegia to strengthen its partnerships and sharpen its energy management operations

On 30th of October Enegia has concluded a transaction with Caverion Finland on the transfer of its remote property management operations to Caverion Finland. Concurrently, the companies have reached a partnership agreement on the sales and delivery of energy data management and energy efficiency services.

The global energy industry is experiencing unprecedented changes as a result of digitalisation and shifts in the consumption and production of energy. Enegia’s strategy is to position itself at the centre of these changes. As a result of the transaction, Enegia is able to clarify its operations and focus its energy management business on the EnerKey energy data management services. Enegia is already the leading provider in Finland in this field, and EnerKey offers the best potential for future growth and expansion.

“A partnership with Caverion is ideal for Enegia’s strategy. On the one hand, it brings Enegia new opportunities to grow our EnerKey business, both in Finland and internationally. On the other hand, the remote management services have better potential to develop in Caverion’s management, as part of a larger portfolio and strengthened by the resources Caverion is able to invest in the services,” states Kalle Ahlstedt, CEO of Enegia, of the new agreement.

Together, Enegia and Caverion provide property owners with the most comprehensive selection of energy efficiency services available. Enegia is a leading European provider of energy market and energy reporting services, and its EnerKey software is the most widely used tool in the Nordic countries for the management of energy efficiency services. Caverion is a leading European provider of energy management services and PPP/ESCO/EPC projects. By combining these fields, clients of the two companies have the opportunity to benefit from leading-edge tools and expertise, from the setting of objectives to the planning, implementation and monitoring of projects.

“The megatrends of digitalisation and energy efficiency are combined in the new partnership and asset deal.  Digitalisation also means faster response times and better service. Together with Enegia, we offer our clients an extensive portfolio of digital services for energy data processing and remote property management,” says Ville Tamminen, Head of Division Finland at Caverion.

Caverion designs, builds, operates and maintains user-friendly and energy-efficient technical solutions for buildings, industries and infrastructures. Our services are used in commercial and residential buildings, industrial plants, public sector properties and infrastructure. Our aim is to ensure business continuity and safety, healthy and pleasant surroundings and the optimal performance and cost management of properties. Our vision is to be a leading European provider of advanced and sustainable life cycle solutions for buildings and industries. Our strengths include technological expertise and comprehensive services, covering all technical disciplines throughout the entire life cycles of properties and industrial plants. Our revenue in 2016 was approximately EUR 2.4 billion. Caverion has approximately 17,000 employees in 12 countries in Northern, Central and Eastern Europe. Caverion’s shares are listed on Nasdaq Helsinki.

www.caverion.com Twitter: @CaverionGroup

Enegia is one of the leading Nordic independent expert organisations for the energy industry. The company has over 20,000 corporate and public sector clients. Over half of the 100 largest Finnish companies use Enegia’s services, and the net sales of our solutions business in 2016 was approximately EUR 16.8 million. Enegia’s electricity trade volume is 20 TWh, corresponding to approximately one quarter of Finland’s electricity use.  Enegia’s EnerKey is the leading energy data and energy process management system in the Nordic countries. The system is used by approximately 300 organisations to manage energy consumption information from 60,000 meters in 13,000 properties. Enegia is majority-owned by the Finnish private equity firm Vaaka Partners Oy.

www.enegia.com

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EV Private Equity invests in Ashmin and Workover Solutions

No Comments

Ashmin, founded in 2003 by Doc Gunther, a respected engineer of downhole drilling tools, announced the completion of an investment of $15,000,000 from EV Private Equity into Ashmin and its sister company Workover Solutions. The funds will be primarily used to accelerate broad commercialization of Ashmin’s proprietary downhole tools including drilling motors and friction reduction tools; and to continue the rapid growth of Workover Solution in providing thru-tubing services for well completion and intervention.

“Ashmin has a solid track-record of developing premium, reliable drilling and well intervention/completion tools,” said Neil Fletcher, who was recently appointed as Ashmin’s CEO. “The investment by EV Private Equity allows us to strengthen the management team and build a rental fleet of our proprietary drilling motors and friction reduction tools to satisfy current customer demand for high performance downhole tools.”

“We believe that backed by its engineering strength, Ashmin is well positioned in a growing market, and we are proud to partner with the current owners and management,” said Espen Strøm, Investment Director with EV Private Equity.

Workover Solutions has grown rapidly in the Northeast since inception in 2015, and the capital from EV Private Equity will allow the company to increase its footprint in NAM.

“We are very excited to receive funding from EV Private Equity, and we are looking forward to the next phase of Ashmin,” said Doc Gunther, Founder of Ashmin.

About Ashmin and Workover Solutions

Ashmin is a recognized leader in product engineering and has delivered unique solutions to the industry for close to 15 years. Ashmin has a strong product portfolio and several novel technologies under development. Workover Solutions has established strong relationships with numerous clients in the Northeast delivering prompt and reliable workover and completion services. Ashmin is headquartered in Conroe, Texas.

For more information visit ashmin.com or workoversolutions.com.

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PSW Group Capping Stack Exercise for new operator – Wellesley Petroleum

Hercules
PSW Group has taken a strategic step to provide operators with a capping stack as part of Norwegian Oil & Gas emergency response plans.
PSW Group’s capping stack was mobilized and deployed in Fensfjorden on the 22nd of August, successfully demonstrating the company’s ability to immediately respond to a well control incident.
PSW Group’s capping stack was mobilized and deployed in Fensfjorden on the 22nd of August, successfully demonstrating the company’s ability to immediately respond to a well control incident.

In preparation for their first operated well, Wellesley Petroleum tested the mobilization and deployment procedures of PSW Group’s stack to ensure their well could be capped within a 72 hour target. The exercise not only tested the capping stack and deployment team, but the associated support systems in Wellesley and Well Expertise incident teams.

“The capping stack deployment exercise with our Well Incident Team has increased our knowledge and confidence to react in a well control situation. We are very pleased with the collaborative efforts from all concerned” says Callum Smyth, Country Manager i Wellesley Petroleum.

The capping stack is stored at the PSW Group facilties at Mongstad and has a 24/7 duty team available.

“Our capping stack can be ready at Mongstad quayside within 24 hours of notification. We have the facilities, tools and personnel to maintain, test and mobilise the stack, as well as deploy and install on the relevant well” says Oddbjørn Haukøy, CEO of PSW Group.

 

Contact:

Oddbjørn Haukøy, CEO of PSW Group

Telephone: + 47 91 17 19 14

Callum Smyth, Country Manager of Wellesley Petroleum

Telephone: + 47 95 27 15 68

Michael Simpson, CEO of Well Expertise

Telephone: + 47 48 09 98 41

 

PSW Group is a company which delivers multidiscipline services to the oil and energy sector, both onshore and offshore, with a strong customer base within subsea and drilling. The company is organised in the following entities: PSW Technology, PSW Solutions, PSW Integrity and PSW Power & Automation. The company is headquartered at the Subsea & Drilling base at Mongstad, and has additional offices at Ågotnes, Bergen, Liverpool and Aberdeen. For more information, please see www.psw.no

 

Wellesley Petroleum is a newly established Norwegian oil and gas operator with an extensive licence portfolio and an active exploration program. The Company has built a team of highly experienced industry professionals and completed their first operated well less than a month after the capping stack deployment exercise. For more information, please see www.wellesley.no

Well Expertise is a well management company with main office in Stavanger providing well planning and operational support aswell as a well incident team and support resources. For more information, please see www.wellexpertise.com

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