Norvestor acquires HydraWell

The deal saw the GP use its Norvestor VII and Norvestor VII OS vehicles to buy a 60% stake in HydraWell from the company's founders.

Existing management and key employees will invest alongside Norvestor, holding the balance of shares in combination with the founding team. As part of the transaction, Norvestor partner Per-Ole Baalerud will replace Odd Engelsgjerd as chair of HydraWell's board.

The plugging and abandonment (P&A) market in which HydraWell operates is seen as robust by Norvestor, though the GP expects to see significant growth in another HydraWell sector – well repair and infilling – given the current oil price environment.

Company
Headquartered in Stavanger, HydraWell is an oil and gas services company focusing on well integrity.

The company was founded in 2008 and offers products and services within P&A, well repair and infilling. It employs a staff of 25 and had NOK 83m of revenues in 2015.

People
Norvestor Equity – Per-Ole Baalerud (partner).

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• Topics
• Buyouts
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• Norvestor
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• Oil & Gas