Response to energy trilemma results in record year for EXCEED
Ian Mills, Managing Director, Exceed. Issued on behalf of Exceed by Rachel Creegan
Financial year 23/24 sees £29million turnover
50% of revenue from Energy Transition activity
International growth includes frontier region activity
Order backlog into ’25 at £25+million
Exceed, the largest independent well & reservoir management specialist, has announced financial results which break all records since the company was established fifteen years ago.
One of only three who have been granted UK Well Operator status, the company has reported a £29million turnover, the result of UK and international activity across the full asset lifecycle, from exploration and development to repurpose and decommissioning.
Operating in seven of the nine applications for wells in the energy transition, 50% of revenue for 23/24 has been attributed to North Sea decarbonisation, operating on landmark projects including the ongoing redevelopment of Centrica Energy Storage+’s Rough Field for future world-leading large-scale H2 storage, Spirit Energy’s carbon storage cluster and increasingly diverse and specialised decommissioning activity. Recently completing a vessel-based decom campaign for Serica, Exceed sees continued growth for its vessel-based decom services and will commence a multi-well vessel-based campaign Q4 2024 in partnership with Norwegian vessel owner Deepocean.
The company has recently been awarded the well management contract with Apache North Sea, involving management of a variety of operational programmes, while also working to develop well decommissioning plans for the operator’s significant well portfolio. Long term relationships with Serica, Ping and Anasuria Operating Company have been retained and developed across numerous projects.
Overseas, the company continues to make its mark in frontier E&P regions, establishing a Namibian base for services in the high-potential Orange Basin to existing client, Galp, whilst securing a multi-well contract with independent exploration company, Rhino Resources.
Further international activity has been undertaken by the company’s managed pressure drilling division, with global MPD contract wins in Norway and South Korea, in addition to continued activity with two of the North Sea’s major players.
Exceed Managing Director, Ian Mills, comments: “With 30 projects currently live, Exceed is experiencing its most prolific period which us reflected by our highest turnover, an increasing global head-count and an exceptionally robust pipeline for 2025.
“This growth is undoubtedly the result of our resilience, diversification and investment to retain our team during the pandemic, with our market reputation underpinned by exceptional relationships built with our clients, and the quality of work we undertake across the entire asset lifecycle. We remain passionate in our commitment to decarbonisation and are proud of the fact that 50% of our activity sits within this sphere. However, we also apply a highly rational approach to support the energy transition by ensuring energy security and affordability at home and internationally through our subsurface, well engineering, subsea and drilling capabilities.”
About Exceed
Exceed is an industry-leading specialist in delivering well & reservoir management and performance improvement solutions to the energy and high hazard industries. Exceed operates globally, with a mobile, highly-experienced team of technical, operational professionals and performance improvement coaches working on international projects.
Headquartered in Aberdeen, Scotland (UK), Exceed is official recognised by the UK Regulatory Competent Authority as Well Operator, building upon nearly two decades of reputation for outstanding results based on effective, pragmatic project management across the well lifecycle.
The company is an integral player in the journey to net zero, with the knowledge and experience to support well integrity management, decommissioning, and the reuse of existing wells and infrastructure. www.xcd.com
