Odfjell Technology Ltd, a market-leading integrated service provider for the energy sector, has strengthened is plug and abandonment (P&A) and slot recovery offering with the acquisition of McGarian TDC Ltd in a deal worth in excess of £3million.
The Aberdeen-based company has a successful track record spanning almost 20 years in the design of whipstocks, casing and packer milling, fishing and remedial products. The acquisition will enhance the market-leading position of Odfjell Technology’s Well Services division.
Demand in the P&A sector is growing rapidly, with the segment now representing as much as 45% of an asset’s decommissioning costs. Odfjell Technology delivers a fully integrated service for P&A campaigns using innovative operational models for the challenges of different well constructions, varying downhole geologies and adjacent infrastructure.
Odfjell Technology AS CEO Simen Lieungh said: “We are delighted to welcome McGarian TDC Ltd to the Odfjell Technology family. Their engineering and product design capability perfectly complements our existing competencies.
“P&A represents a significant investment for our customers involved in of end-of-life operations. Our aim has always been to provide an efficient service with a focus on safety and environmental security – this strategic acquisition enables us to further strengthen that commitment to our customers.”
Bruce McGarian, owner of McGarian TDC Ltd, added: “Joining forces with Odfjell Technology presents an exciting opportunity for us to leverage our expertise on a larger scale.”
For further information about Odfjell Technology’s well services offering, visit www.odfjelltechnology.com