The company has made a strategic investment in IOS as it has made quick progress since its inception in 2014
WellConnection Group, one of the foremost Norwegian inspection, maintenance and repair (IMR) firms, has entered into the UK market by purchasing the Peterhead-based Independent Oilfield Services (IOS).
Reportedly, WellConnection Group has bases in Hammerfest, Mongstad, and Stavanger in Norway. The company has made a strategic investment in IOS as it has made quick progress since its inception in 2014 and has emerged as one of the leaders within IMR services and storage across the UK.
Sources familiar with the development claim that IOS will represent the first step in realization of WellConnection Group’s strategy to become a strong international player and provide a strong foothold in the UK market. The company would reportedly change its brand name to WellConnection IOS.
Rune Haddeland, the Chief Executive Officer of WellConnection Group, was reportedly quoted saying that the takeover of IOS enables the company to share knowledge and benefit from integrated processes, systems, and technology. The acquisition also allows the WellConnection Group to provide new service offerings to the client base of both the companies and reach the wider UK market place with NORM (Naturally-Occurring Radioactive Materials) and Hydrocleaning services, Haddeland further added.
According to a report by Oil Field Technology, IOS has a collaborative culture and complementary business model which is similar to that of WellConnection Group.
Managing Director of IOS, Glynn Geddie reportedly commented that WellConnection Group is an expert in its domain and is equipped with outstanding facilities, making the acquisition a massive opportunity to expand the company’s offerings for existing and new customers in the UK. IOS is looking forward to expanding the team in the next few months, Geddie further added.
It is being reported that Geddie would be appointed as the CEO of WellConnection IOS and will manage the company’s operations from the Peterhead-based facility.