HydraWell signs contract with Chevron for UK plug and abandonment services

6/21/2018

ABERDEEN -- HydraWell has signed a contract with Chevron North Sea Limited for the provision of equipment and personnel for plug and abandonment (P&A) services on the UK continental shelf. The contract is valid for three years, with two additional one-year options.

HydraWell will provide support out of its office and operational hub in Aberdeen, UK.

HydraWell high pressure PWC (Perforate, Wash and Cement) jetting system can plug and abandon, or complete annulus remediation work as required.

The key benefit of the PWC jetting system is that it can install a rock-to-rock barrier, in line with UK regulatory requirements, in less than two days. In comparison, traditional methods such as section milling can often take 10-14 days.

“This technology can help significantly reduce the cost of plugging operations compared with traditional methods. The cost and increased benefits of using this innovative technology has seen a rise in the number of operators choosing the PWC method when abandoning or restoring the integrity of hydrocarbon wells, which is encouraging,” said Mark Sørheim, CEO of HydraWell.

To date, 16 operators – including major, national and independent oil companies – have utilized the PWC technology, installing close to 250 plugs worldwide.

HydraWell is jointly owned by the company’s management and private equity fund Norvestor VII, L.P., which is advised by Norvestor Equity AS – a leading private equity firm focusing on lower mid-market control investments in the Nordic region. HydraWell’s headquarter is based in Stavanger, Norway, with additional offices in Aberdeen, UK and Abu Dhabi, UAE.

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