HydraWell has joined forces with READ (including subsidiaries READ Cased Hole and ANSA), a cased hole production logging, well integrity and reservoir evaluation solutions provider, to create a leading well integrity specialist with ambitions to play a prominent role in late-life oilfield activities.
Both companies have long-established histories of delivering expert well integrity services and solutions for clients around the world. The new combined company will be strategically located with offices and bases in Stavanger, Aberdeen and Houston together with a presence in Alaska, Australia, Brazil, Malaysia and Qatar. HydraWell CEO, Mark Sørheim, will now be CEO of the combined company which will have a total of 75 employees. Total revenue for the combined company is expected to reach approximately US$20.3mn in 2022.
According to HydraWell, late-life oil and gas wells worldwide have an increased requirement for well integrity monitoring, and there is a growing demand for permanent plugging and abandonment of these ageing assets. HydraWell, READ and ANSA will operate within well integrity, with READ and ANSA measuring and analysing well integrity issues with HydraWell remediating the issues identified. The combination of the companies will allow customers to benefit from seamless well integrity planning and diagnostics to barrier installation using digital tools, repeatable and reliable service delivery and effective new technologies that reduce risk and cost to operations.
Sørheim commented, “This is an exciting juncture in our corporate journeys, and we are delighted to join forces with a like-minded specialist business whose services are complementary. This allows us to create a unique offering within the well integrity market to deliver further added value to our customers through deeper knowledge, increased operating efficiencies and improved workflows across their well operations.”
Manager 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. This will not only enhance READ’s presence in the abandonments market but also expedite ANSA’s digital platform attracting new client relationships. We look forward to what the future holds and building on the success of both companies.”
