UWG Group Acquires HCS and forms WellCut, Inc
UWG Group has acquired the technology and assets of Hydrodynamic Cutting Services (HCS) and has renamed the new venture, WellCut, Inc.
UWG, based in the United Kingdom, acquired HCS from Flow International Corporation. WellCut will be headquartered in an 8,000-square foot facility in Lafayette. UWG was advised by Simmons & Company International.
UWG provides riser systems and subsea well intervention in addition to its well abandonment services, including cutting and removal of conductors. UWG was formed in 1989 and has offices in Norwich and Aberdeen in the United Kingdom; Houston; Rio de Janeiro, Brazil; and Dubai, United Arab Emirates.
WellCut's cutting portfolio will be enhanced later this month with the delivery of UWG's severance technology, Sabre, which is a water jet abrasive cutting solution used for severing multiple casing strings below the mudline in a single pass.
"We recognized the need to invest in and expand the asset base of HCS with the purpose of delivering cost-effective, reliable well abandonment and severance services to the growing Gulf of Mexico market," said Paul Alcock, president of WellCut. "This acquisition will provide a platform for WellCut to be the market leader in reliable severance services."
Flow International Corporation is the world leader in the development and manufacture of ultra high-pressure waterjet technology.
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