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Energy Ventures and Viking Venture exit READ Cased Hole Ltd

Energy Ventures and Viking Venture exit READ Cased Hole Ltd

Read Well Services Holding AS, a portfolio company of Energy Ventures III LP and Viking Venture III, funds managed by Energy Ventures III AS and Viking Venture AS, has signed an agreement to sell their shareholding in READ Cased Hole Ltd (“RCH”)  READ Cased Hole is a leading independent specialised provider of production logging and well integrity evaluation services with a 25-year track record from analysing wellbore data. RCH’s “best-in-class” technologies and diagnostic excellence ensure that customers have accurate answers to plan immediate action and maximise the long-term performance of their wells. “Since joining READ Cased Hole in December 2013, we have assembled a great team and embarked on an exciting journey to grow our position as the leading independent alternative for cased-hole logging and evaluation services. Energy Ventures and Viking Venture have been extremely supportive in investing into READ Cased Hole through what has been a difficult period for the industry, and I am pleased that another strong Norwegian Private equity partner will continue on with the journey for READ Cased Hole and support our ambitious plan to consolidate our market position as well as expanding our range of services and geographical reach,” says Roy Martin, CEO of READ Cased Hole. “On behalf of departing shareholders, Energy Ventures and Viking Venture, departing Chairman Gavin Prise commented, “The management team at Read Cased Hole have been successful in delivering through very challenging market conditions by providing innovative, high quality and cost effective downhole data services. We thank the team for their efforts and our advisors Simmons & Company International for their support in this successful process,” says Gavin Prise....