Firms in tie-up
READ and HydraWell merge to build oilfield role
Aberdeen oil and gas services company READ Cased Hole has merged with Norway-based HydraWell to create a well integrity specialist with ambitions to play a prominent role in late-life oilfield activities.
The combined company, which includes READ subsidiaries READ Cased Hole and ANSA, will have operations in presence in Alaska, Australia, Brazil, Houston, Malaysia and Qatar.
Mark Sørheim, HydraWell CEO, will take the same role in the combined company which will have 75 employees and a turnover in excess of £16 million.
“This is an exciting juncture in our corporate journeys, and we are delighted to join forces with a likeminded specialist business whose services are complementary,” he said.
“This allows us to create a unique offering within the well integrity market to deliver further value to our customers through deeper knowledge and improved workflows which will introduce increased operating efficiencies across their well operations.”
Managing director of READ Cased Hole, Bruce Melvin added: “READ Cased Hole continues to go from strength to strength and the merger adds to this by positioning our new entity as leading integrated well integrity measurement, analysis and remediation specialists.”