WellPartner AS
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WellPartner AS - overview
Established
2008
Location
-, -, Norway
Primary Industry
Oil & Gas
About
WellPartner AS operates in the oil and gas industry, providing specialized equipment and expert services for subsea drilling, completion, and well intervention operations, ensuring operational safety and efficiency for clients across various international markets. Founded in 2008 in Norway, WellPartner AS specializes in subsea operations, offering innovative solutions for oil and gas companies. Eivind Håvarstein leads the company, which was acquired by Circle Group AS, a portfolio company of HitecVision, in November 2014, with the transaction completed in June 2015. The company's operational headquarters is in Norway, serving clients primarily in the North Sea, Gulf of Mexico, and offshore regions in Asia and Africa.
WellPartner specializes in providing advanced technical expertise and high-quality equipment and services tailored for subsea drilling, completion, and well intervention operations. Their core offerings include surface and subsea riser systems, riser and conductor tension systems, and safety mechanisms such as the WellSafe system, designed to minimize risks during "locked to bottom" operations. The Casing Landing Assembly (CLA) tool enhances operational efficiency by reducing rig time, while umbilical deployment systems facilitate the effective management of subsea equipment. Wellpartner serves a diverse clientele in the oil and gas industry, including drilling contractors and companies operating in various international markets such as the North Sea, Gulf of Mexico, and offshore regions in Asia and Africa.
Their innovative solutions are aimed at enhancing safety and efficiency, ultimately addressing the complex challenges faced by operators in demanding environments. WellPartner generated revenue of USD 16. 95 mn in 2022, with an EBITDA of USD 4. 03 mn for the same year.
The company derives its revenue primarily from product sales and rental agreements tailored to the needs of their clients in the subsea sector, engaging in direct contracts with oil and gas companies for the rental or purchase of their products, such as riser systems and the WellSafe safety device. WellPartner plans to enhance its product offerings and expand into new geographic markets. While specific upcoming products have yet to be detailed, the company's focus on innovation suggests a commitment to developing advanced subsea solutions. Recent funding from the acquisition by Circle Group AS will likely support these growth initiatives, enabling the company to explore new markets and enhance its operational capabilities.
Current Investors
Circle Group AS
Primary Industry
Oil & Gas
Sub Industries
Consulting Services, Oil & Gas Equipment and Services, Oil & Gas Exploration and Production
Website
www.wellpartner.no
Company Stage
Add-on
Total Amount Raised
Subscriber access only
WellPartner AS - timeline of key events
WellPartner AS - financials
| Fiscal Year Ended | Dec 31, 2010 | Dec 31, 2011 | Dec 31, 2012 | Dec 31, 2013 | Dec 31, 2014 | Dec 31, 2015 | Dec 31, 2016 | Dec 31, 2017 | Dec 31, 2018 | Dec 31, 2019 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (USD) | 59,781,745 | 101,831,282 | 131,568,196 | 144,131,967 | 137,604,807 | 62,039,128 | 31,136,944 | 33,262,279 | 80,139,864 | 107,535,069 | 117,146,018 | 101,035,250 | - | - | - |
| % Revenue Growth (YoY) | - | 70.3% | 29.2% | 9.5% | (4.5%) | (54.9%) | (49.8%) | 6.8% | 140.9% | 34.2% | 8.9% | (13.8%) | - | - | - |
| EBITDA (USD) | 8,915,226 | 12,799,656 | 6,812,774 | 23,796,609 | 22,326,061 | 7,957,709 | (13,609,720) | (1,733,104) | 19,633,969 | 26,339,707 | 40,645,131 | 40,665,645 | - | - | - |
| Operating Income (USD) | 8,703,957 | 12,391,056 | 4,594,816 | 19,113,108 | 16,890,930 | 396,256 | (23,586,153) | (10,844,169) | 8,899,635 | 12,845,441 | 25,475,645 | 31,374,420 | - | - | - |
| Operating Margin | 14.6% | 12.2% | 3.5% | 13.3% | 12.3% | 0.6% | (75.7%) | (32.6%) | 11.1% | 11.9% | 21.7% | 31.1% | - | - | - |
| % EBITDA Margin | 14.9% | 12.6% | 5.2% | 16.5% | 16.2% | 12.8% | (43.7%) | (5.2%) | 24.5% | 24.5% | 34.7% | 40.2% | - | - | - |
| NET Income (USD) | 6,227,408 | 9,129,901 | 10,215,795 | 13,334,555 | 12,255,926 | 2,694,696 | 17,696,389 | (9,026,646) | 6,417,532 | 10,025,082 | 20,501,458 | 25,233,007 | - | - | - |
| % Net Margin | 10.4% | 9.0% | 7.8% | 9.3% | 8.9% | 4.3% | 56.8% | (27.1%) | 8.0% | 9.3% | 17.5% | 25.0% | - | - | - |
WellPartner AS - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Add-on | Completed | WellPartner AS | - |
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WellPartner AS - employee data
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