Oilfield services firm combines three well intervention services companies to create Wellvention.
Oilfield services company Reservoir Group has announced a “major expansion” of its Middle East operations.
The Aberdeen-based group has combined three well intervention services companies under one new brand, Wellvention, adding Saudi-based Nordic Well Services to existing member companies, Aberdeen-based Wellbore Intervention (WBI) and Dutch firm The Tool Company (TTC).
Reservoir Group acquired TCC and WBI last December in seven-figure deals.
Reservoir Group said the move was designed to increase its presence in specialist well services.
Member company and global coring specialist Corpro already has a presence in the Middle East, and the new Saudi base will provide a further platform for growth marking the first geographic expansion for the Wellvention brand.
Fraser Louden, managing director of Reservoir Group’s well intervention and well monitoring division, said: “We are now at an important stage in the implementation of a clear and focused strategy, designed to ensure that Wellvention becomes an even more visible proposition in its market sector.
“Establishing a presence in Saudi Arabia through our new club member company is a major step in that plan and, along with providing a quick entry to the Middle East through a centralised hub, will enable us to service countries from the Kingdom, including Kuwait and Qatar, in the longer-term.
“Our expansion in high-growth international markets is key in the journey to building a global brand with the ability to meet both current and future customers’ specialist requirements, regardless of location.”
Jim Thomson, managing director of WBI, added: “The Middle East contains some of the largest quantities of proven oil and gas reserves in the world, with countries such as Saudi Arabia dominating the oil market.
“The future of global energy supply and demand is inextricably linked to the management of these reserves.
“By dramatically increasing its presence and reach within the Middle East, Reservoir Group will be able to leverage the success of its brands in the region, where some have been operating for a number of years. By further developing customer relations and with a stronger operational presence, we will provide the basis for even greater success going forward.
“I am looking forward to using my knowledge and relationships to help Wellvention reach our full potential in the region.”