Wellstream

Wellstream Holdings plc is a British company which designs and manufactures flexible pipeline systems for the oil and gas industry. It is listed on the London Stock Exchange and was a constituent of the FTSE 250 Index before being acquired by General Electric in February 2011.

Wellstream Holdings plc
Subsidiary
IndustryEngineering
Founded1983
HeadquartersNewcastle upon Tyne, United Kingdom
Key people
  • John W. Kennedy (Chairman of the board)
  • Gordon Chapman (Chief Executive Officer)
ProductsFlexible risers and pipelines
Revenue£386.1 million (2009)[1]
£50.8 million (2009)[1]
£34.5 million (2009)[1]
Number of employees
circa 1,000 (2010)[2]
ParentGeneral Electric
Websitewww.wellstream.com

History

The company was founded in Panama City, Florida in 1983 as a supplier of equipment to offshore developers. Wellstream was acquired by Dresser Industries in 1995 and subsequently became part of Halliburton when it merged with Dresser in 1998. Halliburton sold off Wellstream to a Candover-led consortium for $136 million in 2003,[3] which in turn listed the firm on the London Stock Exchange in April 2007.[4] Candover remained Wellstream's largest shareholder with an approximate 14% stake[5] until April 2008, when the block of shares was put up for sale in its entirety.[6]

General Electric agreed to buy the company in December 2010, shortly after GE had agreed to buy Dresser.

Operations

The company is based in Newcastle upon Tyne, with major manufacturing facilities also located in Panama City, Florida, USA and Niterói, Brazil.

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See also

References
  1. Preliminary Results 2009
  2. Trading Statement 2010
  3. Poole, Claire (11 March 2003). "Candover buys Halliburton unit". The Deal. Retrieved 10 August 2008.
  4. Evans, Edward (26 April 2007). "Candover, HBOS Raise 126.4 Million Pounds in Wellstream's IPO". Bloomberg. Retrieved 10 August 2008.
  5. "Annual Report 2007". Wellstream. Retrieved 10 August 2008.
  6. "Candover sells 13.83% Wellstream stake". City A.M. 8 April 2008. Retrieved 10 August 2008.


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