OilVoice - Qserv Joins Forces With Aker Solutions

Qserv Joins Forces With Aker Solutions

Friday, July 04, 2008

Qserv has entered into an agreement with Aker Solutions to form a new company, Aker Qserv Limited, which will be a wholly owned subsidiary of Aker Well Service AS.

Qserv has grown rapidly since it was established in 2001 and has developed a strong presence in the UKCS market offering a variety of Well, Pipeline and Process services.

“This is an exciting time in the development of the Qserv business and the acquisition generates amazing opportunities for staff and clients", says Ciaran Dreelan, Well Services Director of Qserv. "The combination of our service offering, geographical spread and aligned business ethics creates seamless synergies. This acquisition allows Qserv to further enhance our portfolio of services to our existing UKCS clients to include the full range of wireline tractor and wireline logging services.

"Additionally, it allows us to enhance our position in the market place, and maintain our key strengths as the local service provider. For clients and staff, it will be business as usual, the management team remain the same and we are firmly committed to growing the Aker Solutions and Qserv range of services to be the prominent North Sea provider along with being an internationally recognised brand. I look forward to further developing the business across the North Sea and other international markets as part of Aker Solutions”.

Tommy Dreelan, Managing Director of Qserv adds, “This acquisition is about creating a combined business capable of offering an enhanced range of innovative services to meet our client’s current and future demands, in a market place where resources are tight and costs are high. We have entered into this agreement with Aker, a company who’s philosophy and attitude matches our own to allow us to strengthen Qserv’s position for the long-term future.”

Mads Andersen, executive vice president of Aker Solutions says, “The demand for well services has developed favourably in recent years and we expect the positive development to continue. We have strong growth ambitions within this segment and the acquisition of Qserv is an excellent opportunity to complement and extend our technology base”.

The strategic fit between Qserv and Aker Solutions’ well intervention division is strong with complementary footprint and technology portfolios. The two companies are already cooperating on the delivery of integrated intervention services across a variety of disciplines including wireline tractor services, logging services and Light Well Intervention vessels.

“The combination of Aker Solutions’ well service unit and Qserv creates the leading provider in our range of services throughout the North Sea. This reinforces our position in the home market and generates unique opportunities whilst accelerating our international growth. The market is increasingly asking for deliveries of an even more complete range of products and services. We firmly believe that this acquisition will enable both companies to achieve further growth prospects and open up new industrial opportunities as we go forward”, says Ole Petter Thomesen, President of Aker Well Service in Stavanger.

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