Norvestor divests Hydrawell

Norvestor VII L.P. and Norvestor VII OS L.P. (“Norvestor”), via its holding company Hydrawell Holding AS, has signed an agreement to divest Hydrawell Intervention AS and its subsidiaries (together “Hydrawell” or the “Company”) to the global technology company SLB.

Founded in 2008 and headquartered in Tananger, Norway, HydraWell is a leading technology company specializing in solutions for plug and abandonment (P&A) and well integrity remediation in the energy industry.

Since partnering with the founders and key employees in Hydrawell in 2016, Norvestor has supported the Company in becoming a global leading player within P&A operations, and in recent years Hydrawell has grown significantly while delivering industry-leading operational performance and profitability.

“The effort by the Hydrawell team has been outstanding.” says outgoing Hydrawell Chair and Norvestor Partner Per-Ola Baalerud. “Through great leadership and strong teamwork, Hydrawell has expanded its market position while developing new and innovative solutions to meet the needs of an industry under pressure.” Baalerud finishes.

“As we now have ended a long partnership and on behalf of the whole team in Hydrawell, I would like to extend my sincere thanks to Norvestor for supporting our journey throughout this period.” says Stian Vemmestad, CEO of Hydrawell.

Hydrawell was advised by Alpha Corporate Finance, Schjødt and EY.

The transaction has been closed.

For further information:

Per-Ola Baalerud, Partner Norvestor
Telephone: +47 916 30 007
Email: pob@norvestor.com

Stian Vemmestad, CEO Hydrawell
Telephone: +47 928 05 787
Email: sv@hydrawell.no

Founded in 2008 and headquartered in Tananger, Norway, HydraWell delivers specialized well intervention and production optimization solutions to the global energy sector, with a focus on well integrity, operational efficiency, and innovative engineering. Read more at https://www.hydrawell.no/.

Norvestor Advisory is a leading private equity company focusing on mid-market buyouts in the Nordic region. The team has worked together since 1991, making it one of the most experienced private equity teams in the Nordics, having executed 100 investments with more than 750 add-on acquisitions, in addition to executing 68 exits, including 16 IPOs. The Norvestor funds seek to invest in growth companies in the Nordic mid-market that have the potential to achieve a leading Nordic or international position, typically through organic growth, acquisitions across fragmented industries or by geographic expansion.