That is why the Intership boss believes that it’s so hard for new entrants to enter the wellboat market

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Founder and CEO of wellboat company Intership Ole Peter Brandal said there is one reason in particular that many players are unable to establish themselves in the wellboat industry.

He led Sølvtrans from 2004 to 2011. He then went back to banking at his old employer, Nordea, but the call of the wellboat industry brought him back. In 2014, Ole Peter Brandal started Intership.

Brandal believes the wellboat industry fifteen years ago was low status, but today it’s high status. He said that many players have tried to enter the wellboat market, including resourceful oil companies, but have failed.

“The reason for that is quite simply, relationships. The wellboat industry is very relationship-driven and those who give assignments must know the players personally. This is a very critical service, and you have to know that those who receive the assignments are able to handle what they are set to do – to set the right boats for the right tasks,” said Brandal to Vikebladet Vestposten.

He also said it is difficult to get into the wellboat industry because it is extremely capital-intensive. The company even got investors with them in the beginning, so they could rent well boats, at a stiff price, before the company later bought the boats.

In 2018, British investors Alchemy Special Opportunities came in as a majority owner, and since then Intership has invested around a EUR 102 million.

Today, the company owns six wellboats, all of which are on long-term contracts.

“It gives us very good earnings. In addition, when we have owners who are extremely willing to invest more money, it is a good situation. We are rigged for the future, and for further expansion,” said Brandal.