Well-Safe Solutions, a specialist well abandonment company focused on the North Sea, has acquired Intervention Project Management (IPM). Terms were not disclosed. IPM’s founder and managing director, Phil Milton, has been appointed CEO of Well-Safe Solutions.
Formed in 2007, IPM provides independent engineering, project management, and consultancy services to the global oil and gas industry. The firm specializes in well intervention, including plug and abandonment, and production optimization.
Well-Safe Solutions will combine subsea oil and gas expertise and experience with dedicated assets and equipment to become the first-of-its-kind tier one company with a complete P&A capability from front-end engineering and design to project execution. The company plans to acquire assets to carry out well abandonment work, including a semi-submersible rig, jack-up rig, and light-weight intervention vessel.
Simmons & Co. served as financial advisor for Well-Safe.