PSW Group awarded frame agreement with Spirit Energy for Capping & Containment

PSW Group has been awarded a frame agreement for Capping & Containment with Spirit Energy Norway. The agreement has a firm duration of 1 year with 2 annual optional periods.
Spirit Energy, the E&P joint venture which combines Centrica plc’s E&P business with Bayerngas Norge AS, began trading as an independent oil & gas operator earlier this December. By combining forces the company is now one of the largest independent E&P companies in North-West Europe with more than 70 exploration licenses across the continent.

PSW Group awarded frame agreement with Spirit Energy for Capping & Containment

Under the new agreement, PSW Group will be responsible for the provision of a capping stack and related well control equipment, well incident team and emergency response services. The agreement may be applied to any license where Spirit Energy Norway is the operator. “We are very pleased to be awarded this contract as we have have strategically developed our capping stack services in response to industry demands, enabling us to provide a safe and efficient response to a well control incident”, says Oddbjørn Haukøy, CEO of PSW Group.

The PSW Arctic Capping Stack is 24/7-365 maintained and operationally prepared at the PSW Subsea & Drilling base at Mongstad. With this strategic storage facility close to one of Europe’s largest offshore supply bases, PSW Group will have the Arctic Capping Stack at quayside within 24 hours of notification and reach most offshore fields on the NCS within 1-5 sailing days

For futher information, please contact:

Oddbjørn Haukøy, CEO of PSW Group

Telephone: + 47 91 17 19 14

Categories: News


FIELDS Group acquires majority stake in FMTC

Fields Group

November 2017 – FIELDS Group, a renowned industrial holding with offices in Amsterdam and Munich, acquires a majority stake in FMTC. FIELDS Group will support the management of the fast growing safety training provider in its further expansion. FMTC is one of the leading safety training providers in the Netherlands for offshore, maritime, wind and industry. With locations in Schiphol, IJmuiden and Dordrecht, the company can serve its client base optimally. Approximately 70 skilled trainers provide the highest quality of safety training according to the highest international standards. Together with founder Rob Bruinsma and the management team of FMTC, FIELDS Group will further build on the strong foundation that has been built in recent years.

Rob Bruinsma, managing director of FMTC, explains: “With FIELDS Group we have found a partner with relevant experience in further professionalizing our organization and prepare for further growth in the Netherlands as well as abroad. Our current setup with three locations in the Netherlands enable us to service our European client base. Coming years we will look for opportunities to expand our highly flexible, customer focused model into other countries.”

René van der Velden, CEO of FIELDS Group: “FMTC has managed to disrupt the Dutch market for safety training for offshore, marine, wind and industry by offering a highly flexible model, the highest possible quality on an exciting location, that offers a unique experience for trainees. FMTC has proven to be very successful and we are very excited to be able to partner with Rob and his team to further role out this concept internationally. We have identified various opportunities and FIELDS will support FMTC with follow-on investments if needed.”

About FMTC

FMTC, with training locations in Schiphol, Dordrecht and IJmuiden, is a provider of safety training for offshore, maritime, wind and industry. FMTC is fully certified by all relevant parties such as OPITO, NOGEPA, GWO and STCW.


About FIELDS Group

FIELDS Group is a renowned industrial holding with offices in Amsterdam and Munich. With its in-house operational taskforce FIELDS Group is directly involved with the development of the group companies. FIELDS Group invests in industrial companies with its headquarters in the Netherlands or Germany.


Contact for press:

Rob Bruinsma, FMTC: +316 5029 6819,

René van der Velden, FIELDS Group: +316 5343 5712,


Categories: News


GS-Hydro Holding Oy and its subsidiary GS-Hydro Oy file for bankruptcy

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Ratos’s Finnish subsidiary GS-Hydro Holding Oy and its subsidiary GS-Hydro Oy have filed for bankruptcy today at the District Court of Kanta-Häme following consultation with Ratos and GS-Hydro’s lenders.

The Board of Directors of Ratos’s Finnish subsidiary GS-Hydro Holding Oy and its subsidiary GS-Hydro Oy have resolved yesterday evening to initiate bankruptcy proceedings and have filed for bankruptcy at the District Court of Kanta-Häme today. The GS-Hydro Group has experienced liquidity and profitability problems for some time, and these became acute when one of the company’s largest customers could not meet its payment commitments to a Group company within the GS-Hydro Group.

In recent years, Ratos has, together with the company’s Board of Directors and management, implemented an extensive action programme. In combination with this Ratos has made substantial capital contributions since 2015. This has had effect but has taken long time and the company has also been under pressure in several geographical markets. The company’s situation is primarily the result of a weak development and substantial price pressure in the offshore markets in combination with the company’s insufficiently competitive market position.

“First and foremost, we naturally regret the worry and the consequences this situation has had on the company’s employees, customers and suppliers. This is a decision we have tried to avoid for as long as possible,” says Magnus Agervald, CEO of Ratos.

“Ratos has supported the company for a long time and worked intensively in recent years to turn earnings around. As recently as last summer Ratos made a previously agreed capital contribution. We have invested a lot of work in the company, but the conclusion in the current situation is unfortunately that conditions do not exist to reverse the trend,” Magnus Agervald continues.

“Ratos has a responsibility also towards its shareholders, and after careful appraisal of the situation we have come to the conclusion that it would not be responsible to continue contributing capital in this position. It is a difficult decision that we have carefully considered,” says Jonas Wiström, Chairman of the Board of Ratos.

On 31 December 2016, Ratos wrote down the consolidated book value in GS-Hydro by SEK 160m to SEK 0. The consolidated book value of GS-Hydro amounts to SEK -64m as per 30 June 2017.

The bankruptcy estate’s administrator, who will be appointed in connection with the commencement of bankruptcy proceedings for GS-Hydro Holding Oy and GS-Hydro Oy, will provide more information about the proceedings within the scope of his authority.

GS-Hydro was acquired in 2001 in conjunction with the acquisition of Atle. Today, GS-Hydro has approximately 600 employees in 17 countries. In 2016, sales amounted to EUR 93,7m and operating loss (EBITA) to EUR -15,8m.

For questions, please contact:
Magnus Agervald, CEO, +46 8 700 17 00
Helene Gustafsson, Head of IR and Press, +46 8 700 17 98

Categories: News


Hydrawell appoints CEO

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Hydrawell appoints CEO

28 July 2017 – Rapidly growing plug & abandonment (P&A) and well repair specialists HydraWell has appointed Mark Sørheim as its new chief executive officer.

Mark Sørheim joins HydraWell from Schlumberger in Aberdeen where he held the position as integrated drilling & completion project director. Sørheim has spent almost 20 years in Schlumberger, including management roles in UK, Norway and France as well as operational roles in UK, Colombia and India.

“I have cooperated with HydraWell while at Schlumberger and have been highly impressed. When someone tells you that they can plug a well in 2-3 days instead of the 10-14 days it takes with conventional methods, most people will probably be a bit cautious at first. However, HydraWell’s perf, wash & cement technology does just that. It is by far the oil and gas market’s most cost-efficient P&A solution and I cannot wait to start working with the technology full time,” says Mark Sørheim, newly appointed CEO of HydraWell.

Mark Sørheim succeeds HydraWell’s co-founder Odd Engelsgjerd, who will continue to support the company as business advisor, board member and major shareholder.

“This transition has been planned for some time, by the board of directors and I, as part of our strategy to grow the business further,” says Odd Engelsgjerd.

HydraWell has developed the proprietary PWC®-technology (perforate, wash and cement) that plugs offshore wells in 2-3 days, compared to the traditional method of section milling which takes considerably longer time to complete. So far more than 200+ Hydrasystem plugs have been installed worldwide on behalf of 16 operators including supermajors, majors, NOCs and independent oil companies.

HydraWell is jointly owned by the company’s management and private equity fund Norvestor VII, L.P., which is advised by Norvestor Equity AS – a leading private equity firm focusing on lower mid-market control investments in the Nordic region.

Categories: Personalia