Wellesley Petroleum AS
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Wellesley Petroleum AS - overview
Established
2015
Location
Stavanger, -, Norway
Primary Industry
Oil & Gas
About
Wellesley Petroleum AS is an oil and gas exploration company focused on developing low CO2 projects, emphasizing sustainability in energy production and exploration. Founded in 2015 and headquartered in Stavanger, Norway, Wellesley Petroleum AS specializes in oil and gas exploration and development. The company has executed two deals, with a significant pivot towards sustainable energy practices. In July 2021, Equinor agreed to acquire a 40% participating interest in the company, while Chris Elliott continues to lead as CEO.
Wellesley has raised a total of USD 250. 00 mn through a Buyout round, which is its latest funding round, involving investors such as Bluewater Energy. Wellesley Petroleum operates primarily in the oil and gas exploration and development sector, focusing on low CO2 projects that align with the transition to cleaner energy sources. The company's core offerings include the exploration and development of oil and gas reserves, emphasizing a reduced carbon footprint.
Since its establishment, Wellesley has drilled 27 wells and achieved nine commercial discoveries, catering to energy companies seeking sustainable solutions in Norway and potentially other European markets. Wellesley Petroleum reported a revenue of USD 319,291,950. 10 for the most recent year, with an EBITDA of USD 301,846,457. 70.
The company's revenue model centers around partnerships and transactions related to its exploration and development activities, primarily focusing on B2B relationships with energy firms. Wellesley Petroleum aims to enhance its market position by continuing the development of low CO2 projects, specifically targeting expansion into other European markets by 2025. The recent funding of USD 250. 00 mn will support these initiatives, including potential new products and enhanced operational capabilities.
With Equinor's increased stake, Wellesley anticipates leveraging this partnership to advance its strategic goals.
Current Investors
Bluewater Energy
Primary Industry
Oil & Gas
Sub Industries
Oil & Gas Exploration and Production, Petrochemicals
Website
www.wellesley.no
Total Amount Raised
Subscriber access only
Wellesley Petroleum AS - timeline of key events
Wellesley Petroleum AS - financials
| Fiscal Year Ended | Dec 31, 2014 | Dec 31, 2015 | Dec 31, 2016 | Dec 31, 2017 | Dec 31, 2018 | Dec 31, 2019 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (USD) | - | - | - | - | - | - | - | - | - | - | - |
| % Revenue Growth (YoY) | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA (USD) | - | (89,594,433) | (273,989,000) | (542,648,000) | (808,146,000) | 63,198,000 | (684,136,000) | (447,563,000) | - | - | - |
| Operating Income (USD) | - | (89,637,082) | (274,071,000) | (542,910,000) | (809,096,000) | 59,285,000 | (687,909,000) | (449,860,000) | - | - | - |
| Operating Margin | - | - | - | - | - | - | - | - | - | - | - |
| % EBITDA Margin | - | - | - | - | - | - | - | - | - | - | - |
| NET Income (USD) | 17 | (19,627,984) | (82,582,000) | (127,918,000) | (210,036,000) | 601,553,000 | (185,070,000) | (154,192,000) | - | - | - |
| % Net Margin | - | - | - | - | - | - | - | - | - | - | - |
Wellesley Petroleum AS - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Secondary Buyout | Completed | Wellesley Petroleum AS | - | ||||||||
| Buyout | Completed | Wellesley Petroleum AS | - |
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Wellesley Petroleum AS - employee data
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