HydraWell and READ (including subsidiaries READ Cased Hole and ANSA) have announced they have joined forces to create a leading well integrity specialist with ambitions to play a prominent role in late life oilfield activities including cost efficient and environmentally safe permanent plugging and abandonment of hydrocarbon wells.
HydraWell and READ each have a long-established history of delivering expert well integrity services and solutions for clients around the world. The combined company will be strategically located with offices and bases in Stavanger, Aberdeen and Houston together with presence in Alaska, Australia, Brazil, Malaysia and Qatar. Mark Sørheim, HydraWell CEO, will be the CEO of the combined company which will have 75 employees. Total revenue for the combined company is expected to reach approximately NOK 200 million for 2022.
Globally, late life oil and gas wells have an increased requirement for well integrity monitoring, and there is a growing demand for permanent plugging and abandonment these ageing assets. HydraWell, READ and ANSA operate within well integrity with READ and ANSA measuring and analysing well integrity issues and HydraWell uses its proprietary PWC, Perf-Wash-Cement® technology to remediate those 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.
“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. 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.” comments Mark Sørheim.
Managing Director of READ Cased Hole, Bruce Melvin adds, “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.”