Axis Well Technology

Sector: Energy

Status: Realised

Fund: I

Deal type: Management buyout

Investment date: April 2013

Realisation date: June 2023

Aberdeen-based Axis Well Technology is a leading provider of upstream oil and gas consultancy services that had the opportunity to grow internationally and domestically – and diversify its customer base.

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“When I was looking for external capital for my business, as well as an attractive price, I was also looking for a partner that I felt I could work with, who would deliver, who was flexible and responsive and who would help me and the management take the business forward to a new level. These characteristics led me to choose Elysian.”

Jim Anderson

Chief executive, Axis Well Technology

Investment rationale

Axis’s clients were mostly independent oil and gas service companies operating in the North Sea but increasingly worldwide.

We saw the potential to build its business by providing Axis’s specialist engineers access to new and existing clients. In addition, selective bolt-on acquisitions would lead to more in-house consultants. These would often be in adjacent areas of expertise to broaden and deepen the company’s service offering.

Creating value

During our investment, Axis became the UK’s largest independent well and reservoir consultancy and grew to over 100 specialists working for international clients across the complete well and reservoir lifecycle.

We encouraged the company’s development geographically, reducing the North Sea exposure, with additional operations in the Middle East, Kurdistan and Norway. Elysian also supported management to grow Axis’s technical capacity including the expansion into low carbon projects, such as carbon capture.

Axis was sold in June 2023 to RSK Group, a privately held UK-based environmental, engineering, and technical services group.

Under our ownership, Axis has:

Secured significant new contracts throughout the Middle East and Africa, reducing its exposure to the North Sea.
Added business lines such as subsea engineering, due diligence and Carbon Capture services.
Leveraged its core oil and gas experience to provide critical support on low carbon, CCS and hydrogen projects for multiple clients
Substantially reduced net acquisition debt through strong cash generation, strengthening the business despite a low oil price.