Seawell Purchases TecWel for NOK 168M

Seawell Limited announced the purchase of TecWel AS, purchasing it for NOK168 million. A possible increase in the purchase price is agreed based on future performance and technology achievements.

TecWel develops and manufactures proprietary high frequency ultrasound investigation tools and provides cased-hole services within production optimization and well integrity to the oil and gas industry world wide.

Commenting on the acquisition, Seawell's Executive Chairman, Jorgen Peter Rasmussen said, "This acquisition falls in line with several other acquisitions made by the company recently in order to create a Seawell technology group. It further increases our ability to serve our clients, adding additional unique well services tools to our line of specialized products and services. The acquisition is in line with our strategy to strengthening our offering to the drilling and well services segment of the oil and gas industry."