Ardyne appoints North Sea veteran to chairman role

Aberdeen based energy service firm Ardyne has appointed an North Sea industry veteran to the role of non-executive chairman as it seeks international growth.

Paul Warwick, executive chairman of Whalsay Energy Limited and a non-executive director of Well-Safe Limited, will take up the top job at the fledgling plugging and abandonment and slot recovery company.

Mr Warwick has been a non-executive director of Ardyne since shortly after the launch of the company last year.

He takes over the chairman role from co-founder Glynn Williams who has stepped down from the role of executive chairman to become a non-executive director.

Mr Whalsay was an executive vice president at Talisman Energy and a regional president at ConocoPhillips Inc.

He was also co-chair of Oil and Gas UK and the chair of the Technology Leadership Board.

He said: “I am delighted to have been appointed as chairman at this very exciting time for Ardyne.

“Ardyne’s casing recovery technology is saving time and money in North Sea operations and we are ready for international expansion.”

Alan Fairweather, chief executive officer, Ardyne, added: “We have an ambitious growth plan in motion and we are absolutely delighted to welcome Paul in his new role.”

Launched in February 2016, the company is owned by private-equity firm Lime Rock Partners and specialises in downhole products and services for plug, abandonment and other oil and gas operations globally.

Its technology is designed to optimise operations, cut costs and reclaim rig time.

The firm is currently working on a number of projects in the UK and Norwegian North Sea, having already acquired Norway-based oil services company Wellbore.

Accounts just released by Companies House show pre-tax losses of £1.85million for its maiden year, including a short spell trading as Eclipse Intervention Systems before Lime Rock splurged £50million on a relaunch of the business.

Ardyne said start-up losses were expected, adding the accounts were “reflective of the investment that the company is applying to its products and services, including its latest technology, Trident, which is currently operating in North Sea and Norwegian waters”.

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