Following the acquisition of Fortiori in 2013, SeaOwl has reached an agreement to acquire Wellstaff, a provider of technical assistance to the energy sector. Wellstaff’s services are highly complementary and synergistic with those of SeaOwl. Wellstaff, achieved EUR 33.5 million of revenues for the last fiscal year.
With this new acquisition, SeaOwl not only increases its market share within the field of oil and gas technical assistance but also expands its expertise to new segments within the energy sector, and further strengthens SeaOwl’s ability to bring innovative services to customers and geographies.
SeaOwl’s intention is to constitue a centre of excellence in drilling by merging Wellstaff, Fortiori and Nexource (already part of the SeaOwl Group) within a new entity called “SeaOwl Energy Services”.
With the support of its shareholders, the management of SeaOwl intends to pursue acquisitions in the area of manpower dedicated to energy companies in the near future in order to drive the consolidation of an industry impacted by the current oil and gas environment.
Georges Italiano, CEO of Wellstaff says, “We are very pleased to be joining forces with the growing SeaOwl Group and its talented and dynamic management team. I am confident that, together, the new SeaOwl Energy Services entity will be able to provide high satisfaction to customers by leveraging its engineering expertise.”
David Thomas, who will lead SeaOwl Energy Services, concludes, “With the acquisition of Wellstaff, we have chosen to accelerate our strategy of consolidation in the area of manpower services and technical assistance to energy companies. And we intend to continue to do so, in order to meet the expectations of our clients and partners, and to take advantage of the existing opportunities in the industry.”