March 23, 2023


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Well-Safe Creates 100 New Jobs with Rig Buy

This article was first published on Rigzone here

Well-Safe Solutions revealed Monday that it has acquired the West Epsilon jack-up rig from Seadrill to bolster its bespoke decommissioning fleet.

The investment will lead to the creation of around 100 new jobs, according to Well-Safe’s chief executive officer, Phil Milton, who said the acquisition strengthens the company’s offering.

Well-Safe outlined that it will start work immediately on the rig, which has been renamed Well-Safe Protector, to undertake an upgrade and modification program. In early 2021, the unit is expected to be ready to be deployed specifically for enhanced plug and abandonment projects.

“The acquisition of this asset allows us to continue to deliver our vision and the business model that we set out to deliver to the industry, giving us the ability to cover both subsea wells and multiple platform projects,” Milton said in a company statement.

“We have remained focussed and committed to our strategy and are delighted to have reached this agreement with Seadrill,” he added.

In a statement posted on the company’s website, Well-Safe highlighted that the industry’s number of drilling units in the UK Continental Shelf is in decline through both retirement and cold stacking. The business noted that it is bucking the trend, however, by investing heavily in its fleet.

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Back in April 2019, the company acquired the Well-Safe Guardian. Operations on the upgrade of the rig were paused earlier this year though, due to the Covid-19 pandemic.

Well-Safe describes itself as the complete package for subsea and land well plug and abandonment. Based in Aberdeen, Scotland, the company has two acres of quayside facilities with access to 40,000 square feet of covered space at the Port of Dundee, Scotland, for its marine assets.

As of September 13, 1.41pm CEST, there have been 28.6 million confirmed cases of Covid-19 and 917,417 deaths, according to the latest figures from the World Health Organization.

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