Energy transition services provider Well-Safe Solutions has secured two new contracts in the North Sea valued at $25m.
These contracts involve well decommissioning on the UK Continental Shelf for Spirit Energy and another global operator using the Well-Safe Protector jack-up and Well-Safe Defender semi-submersible rigs.
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The contracts include options for an additional 140 days of work in 2025 and 2026, potentially worth another $25m.
Spirit Energy has chosen the Well-Safe Protector to decommission five wells on the York platform in the southern North Sea over 97 days. This decision follows a successful collaboration earlier this year.
Spirit Energy head of wells Nicky Riley said: “With York having reached the end of its economic life in the summer this year, Spirit Energy has partnered effectively with Well-Safe Solutions to ensure swift and responsible decommissioning of the asset.
“This builds on the success of our previous collaborations on the Chestnut, Trees and Appleton fields. Together, we look forward to continuing setting the standard for efficient, responsible decommissioning of assets at the end of their productive lives.”
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By GlobalDataThe firm scope is set to start in Q2 2025, with optional wells projected to take around 50 days.
Well-Safe Solutions chief commercial officer Chris Hay said: “Securing these contracts with an array of blue-chip operators – each with their own distinct requirements – demonstrates the flexibility of the Well-Safe Solutions offering in safely and efficiently liquidating ageing well stock.
“As the North Sea continues to face political and economic headwinds, it is heartening to see operators securing valuable North Sea assets amidst a backdrop of availability concerns and units departing the region.
“Approximately 60% of the UKCS’ topside and subsea decommissioning is set to occur between 2026 and 2032, making this a key growth industry for the UK and Scotland alike. We are proud to be collaborating with our clients as the industry moves towards a low-carbon future for the North Sea.”
In another agreement, the Well-Safe Defender will decommission at least two subsea wells in the North Sea for an unnamed client, starting in March 2025 and lasting 75 days.
This contract also includes options for additional wells in 2025 and 2026.
This series of contract wins comes after Well-Safe Solutions’ recent expansion into Malaysia in September 2024, appointing Adrin Shafil as country manager.
