175-Well North Sea Orders Go to Ardyne

Ardyne has won four long-term North Sea contracts for work on 175 wells, the U.K.-based fishing, milling and casing recovery provider reported Thursday.

“The recent contract wins demonstrate our long-term commitment to the North Sea and continued capital investment here, despite challenging times for the industry,’ Ardyne CEO Alan Fairweather commented in a written statement emailed to Rigzone.

Three of Ardyne’s new contracts call for fishing, plugging and abandonment (P&A) and inner string conductor recovery on 103 wells for major operators in the U.K. and Norwegian sectors of the North Sea, the company stated. The firm noted the projects will commence in the second and third quarters of this year and establish Ardyne as a full-service P&A and fishing services provider in the region.

A Norwegian operator awarded the fourth contract, which covers fishing and slot recovery services for 72 wells, Ardyne noted. The contract recipient added the campaign will run for approximately four years, starting in the third quarter of 2020.

According to Ardyne, the latest contract wins – worth more than GBP 45 million – follow the company’s decision last year to pursue a strategic plan to pivot from being a niche provider to offering full-service P&A and slot recovery support.

“That decision was based on a combination of sound commercial sense, technologies that fit the long-term requirements of the market and an adaptable business model that reflects our dynamic growth,” remarked Fairweather. “Key to winning these contracts was the experience of our team in delivering full fishing, milling and casing recovery services, our field-proven technologies and the investment we have made in new, traceable assets that nobody else could have made.”

Fairweather also stated that work on more wells could be on the horizon for Ardyne.

“The number of mature assets facing cessation of production in the North Sea is growing and the industry’s commitment to long-term P&A project work will only increase,” he noted. “Although Ardyne is only four years old, as individuals we have many years of experience in the P&A sector and our business is perfectly positioned to support future growth.”

To contact the author, email mveazey@rigzone.com.