UK-based well-decommissioning firm Well-Safe Solutions has secured a new £66m ($85m) investment to fund the next phase of its growth in decommissioning space.

MW&L Capital Partners, a private investment vehicle, has led the new round of investment and has brought together a consortium of private investors to acquire a major stake in the business.

MW&L founding partner Julian Metherell said: “Decommissioning is one of the greatest industrial challenges we face and a sector with massive global potential.

“Well-Safe, with its wealth of well decommissioning experience, dedicated marine P&A assets, and associated equipment, is the first-of-its-kind tier one company with a complete P&A capability, and is ideally placed to capitalise on this opportunity.”

The new investment will support the company’s future decommissioning projects

Launched in 2017 by Alasdair Locke, Mark Patterson, and Paul Warwick, Well-Safe currently employing 70 staff and approximately 20 contractors to provide safe and cost-efficient decommissioning.

The company claims that it is a specialist well decommissioning company that helps operators to meet the decommissioning related challenges and regulatory requirements, while significantly reducing costs.

In August 2019, the company awarded two contracts for refurbishing the Well-Safe Guardian into a bespoke plug and abandonment unit. The contracts were awarded to Global Energy Group and Rigfit7seas.

Under the contracts, Global Energy Group is planned to provide quayside services and the paintwork scope while Rigfit7seas is intended to provide accommodation upgrade services.

Well-Safe founding executive director Mark Patterson said: “I am proud to have been involved in establishing a business that has the potential to revolutionise how we tackle well decommissioning safely, responsibly and cost-effectively.

“When embarking on this venture, I wanted to get the business onto the best footing, launching the brand and creating the right environment to attract the most experienced people in the industry to form a centre of excellence in P&A. With these accomplished and the first tranche of major external investment in place, the time is now right for me to step down and leave the business in safe and expert hands.”