Well-Safe secures multi-year EnQuest deal worth over $45m

Well-Safe Solutions has clinched a major decommissioning contract with EnQuest, projected to yield over $45 million in revenue. This partnership not only enhances the company’s order book but also positions it for sustained activity in the highly competitive North Sea market. The Aberdeen-based firm is set to utilize its semi-submersible rig, Well-Safe Defender, for a minimum of 100 days of operations in 2026, followed by at least 130 days in 2027.

Contract Details and Market Impact

The contract with EnQuest comes with options for additional work extending from 2028 to 2034, reflecting Well-Safe Solutions’ strategic planning for future endeavors. This development is particularly significant given the current constraints on rig availability in the North Sea, where only seven semi-submersibles are operational nearby. Many of these rigs are either already committed to other projects or are currently stacked, creating a competitive environment for decommissioning services.

Successful Decommissioning of OpenHydro’s Tidal Energy Platform

CEO Phil Milton emphasized the importance of this contract, describing it as a “pivotal moment” for the company. He noted that the deal not only affirms Well-Safe’s capabilities but also sets a positive trajectory for its growth in the coming years. The firm has previously conducted successful campaigns for clients in the UK Continental Shelf (UKCS) using both the Well-Safe Defender and its sister unit, the Well-Safe Protector. This latest contract strengthens Well-Safe Solutions’ position in the market and offers a degree of stability amid rising demand for decommissioning services.