Norse Cutting & Abandonment AS (NCA) acquires 100% of the assets of plugging and abandonment (P&A) specialist LIS Energy Services LLC in Louisiana, USA. The acquisition strengthens NCA’s service range significantly within the P&A and decommissioning industry and provides a vital next step in becoming the world leading decommissioning specialist.
LIS Energy Services operates 5 rigless P&A spreads out of their base in Belle Chase in Louisiana and has plugged more than 700 wells since its inception in 2001. The company was founded by Thomas Jancke and Jack Fernandez, together with Gary Laborde. LIS has experienced a strong and profitable growth the last years and has 35 employees. The main office is in New Orleans.
“We are very impressed by the growth LIS Energy Services has achieved over the last years and by the strong position they have achieved in the P&A market. With this acquisition, NCA will have full in-house capabilities in taking oil and gas wells from the end of production through permanent plugging of the wellbores to removal and disposal of the casing strings. This is a major milestone in our strategic plan of becoming the world’s leading decommissioning specialist. In addition to complementing our existing service portfolio, the acquisition provides a unique platform for synergies and future growth. By combining NCA’s international network and knowledge about marine operations and platform removal with LIS Energy Services competence within well abandonment services, we can offer a very attractive combination of services to our clients”, says CEO of NCA, Carl Lieungh.
“We are very happy with this solution where we can continue building on the strengths of both companies. By joining forces we become a complete service provider of integrated solutions within the P&A and decommissioning business”, President of NCA Inc., Richard Giffhorn says.
As of April 2008 LIS Energy Services will be operating under the name of NCA Energy Services LLC from New Orleans, with both Jancke and Fernandez in the management.
NCA is a portfolio company in HitecVision Private Equity III. The main office is located in Tananger outside Stavanger. NCA was established in 1999 and has since grown rapidly and established three main business lines; P&A and Decommissioning Service, Repair and Maintenance Specialist Services, and Mooring Services. NCA’s revenues are in 2008 expected to reach 500 mill NOK/ 95 mill USD. The NCA Group will after this transaction have 190 employees worldwide.