HydraWell appoints CEO

28 July 2017 – Rapidly growing plug & abandonment (P&A) and well repair specialists HydraWell has appointed Mark Sørheim as its new chief executive officer.

Mark Sørheim joins HydraWell from Schlumberger in Aberdeen where he held the position as integrated drilling & completion project director. Sørheim has spent almost 20 years in Schlumberger, including management roles in UK, Norway and France as well as operational roles in UK, Colombia and India.

“I have cooperated with HydraWell while at Schlumberger and have been highly impressed. When someone tells you that they can plug a well in 2-3 days instead of the 10-14 days it takes with conventional methods, most people will probably be a bit cautious at first. However, HydraWell’s perf, wash & cement technology does just that. It is by far the oil and gas market’s most cost-efficient P&A solution and I cannot wait to start working with the technology full time,” says Mark Sørheim, newly appointed CEO of HydraWell.

Mark Sørheim succeeds HydraWell’s co-founder Odd Engelsgjerd, who will continue to support the company as business advisor, board member and major shareholder.

“This transition has been planned for some time, by the board of directors and I, as part of our strategy to grow the business further,” says Odd Engelsgjerd.

HydraWell has developed the proprietary PWC®-technology (perforate, wash and cement) that plugs offshore wells in 2-3 days, compared to the traditional method of section milling which takes considerably longer time to complete. So far more than 200+ Hydrasystem plugs have been installed worldwide on behalf of 16 operators including supermajors, majors, NOCs and independent oil companies.

HydraWell is jointly owned by the company’s management and private equity fund Norvestor VII, L.P., which is advised by Norvestor Equity AS – a leading private equity firm focusing on lower mid-market control investments in the Nordic region.