WSG announced on Friday that it has successfully sold its Well Intervention division and plans to utilize the proceeds to lay the foundation for an upcoming phase of international expansion under the newly rebranded name, WSG Energy Services (WSGES).

With the divestment of its traditional Well Intervention offerings, such as coil tubing and slickline services, WSG will now shift its focus towards expanding its market share in Process, Pipeline & Industrial Services (PPIS). The company emphasized that the transaction does not entail any redundancies.

Headquartered in the Netherlands, WSG intends to maintain its global presence with strong operations in the UK, mainland Europe, Asia, and Australia. Furthermore, the company aims to establish a permanent presence in North America as its next strategic objective.

The proceeds generated from the sale of the Well Intervention division to Excellence Logging (Exlog), a provider of oilfield services launched by Bluewater in 2015, will be allocated towards further acquisitions and Research & Development (R&D) efforts. The company seeks to enhance its emissions management processes and technologies, which are increasingly sought after by energy companies striving to reduce emissions and achieve net-zero targets.

WSG's journey began in 2005 near Groningen in Emmen, where it initially focused on coiled tubing and slickline services. Over time, the company diversified its operations and grew to become the largest independently owned provider of process, pipeline, and industrial services to the UK and European refining and LNG sectors.

Geert Prins, the founder of WSG, will remain a key member of WSGES' C-suite as Chairman, while Andrew Burrell will continue serving as CEO, overseeing the global growth of WSG Energy Services.