The business Axis Well Technology, based in Aberdeen, is a leading independent provider of oil and gas consultancy services to the upstream oil and gas sector, offering services throughout the well life cycle in well testing; well intervention; completions; petroleum engineering; oil and gas production optimisation; subsurface and project management. Its clients are predominantly independent oil & gas service companies operating in the North Sea and increasingly around the world. Investment rationale Elysian was introduced to the transaction as part of a limited auction by its contacts in the Aberdeen market. Elysian was chosen as a suitable partner in competition to a trade competitor as we offered the more attractive combination of flexibility, quick decision making, the ability of the vendor to continue to grow the business and the offer of funding for the continued growth of the business. The opportunity was to grow organically both domestically and internationally by providing Axis’s highly skilled engineers to new and existing clients. In addition, selective acquisitions offered the opportunity to secure further experienced consultants, often in adjacent areas of expertise, to broaden and deepen the service offering that Axis can provide to its clients. Progress to date Since April 2013, Elysian has supported the company’s development both geographically and in service offering: Established the London office Secured significant new contracts throughout the Middle East and Africa reducing the company’s exposure to the North Sea Added new service offerings such as Subsea Engineering & Due Diligence Services Ongoing screening of niche and complementary acquisition targets Reduced net acquisition debt substantially through strong cash generation to strengthen the business despite the low oil price

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