Wednesday, February 19, 2020

Wellit Partners with Norvestor

January 11, 2019

© Danial / Adobe Stock

The owners of software company Wellit have decided to sell 60 percent of company shares to private equity company Norvestor.

Wellit develops logistics solutions for the global oil and gas industry. Its software, WELS, is a cloud-based multi-tenant platform tailored to the oil and gas industry.

WELS enables all involved parties in the oil and gas value chain to communicate on one logistics platform, thereby removing the risk of miscommunication and duplicate information. WELS optimizes planning and reduces lead-time from order to delivery. Furthermore, the software platform accommodates the use of modern business intelligence tools, including big data analysis and artificial intelligence.

Wellit headquarters are located in Stavanger, Norway. The company is also present in the U.S., U.K., Australia, Malaysia and Abu Dhabi.

Wellit said it has experienced rapid growth since its launch eight years ago. Today the company's software is used by operators and suppliers worldwide. Among Wellit's 30 plus customers are companies such as BP, ConocoPhillips (COP), Equinor, Shell, Repsol, Total, AkerBP and Schlumberger (SLB).

"The global energy industry has become increasingly focused on costs, and logistics are a powerful cost driver for most projects," said Wellit CEO, Jan Inge Pedersen. "WELS offers our customers increased planning power and more efficient use of resources, in effect cutting their costs significantly.

"Our new partnership enables us to expedite our global growth strategy, with Norvestor as an active owner. Now we aim to intensify our efforts to roll out the WELS software platform around the globe and across the entire oil and gas value chain."

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