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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....
ZiLift demonstrates no rig pump deployment

ZiLift demonstrates no rig pump deployment

Zilift Ltd, have successfully demonstrated cable deployment of their SpeedDrive technologies on cable and without the need for conventional rig services.  Using a conventional winch and pressure control equipment (including BoP, lubricator and stuffing box), a SpeedDrive 2625 pump assembly was run into a test facility well in Oklahoma demonstrating the live-well deployment capability of the system. A wireline deployed, retrievable packer in the tubing string was used to land out the pump system and the repeatability of the ability to latch and unlatch the system verified.  Whilst unlatched the system was suspended in the BoP rams and the lubricator removed, demonstrating the capability to install a hanger termination in order to permanently install the equipment. Mike Rushby, Manager of the SpeedDrive Business Unit said: “This trial is a significant step forward in Zilift’s capability to deliver through tubing cable deployed ESP technologies without the need for a rig at any point – something the industry has been seeking for decades.” Zilift, a fully independent company, was established in May 2009 exclusively to develop and market permanent magnet technologies that will form the next generation of artificial lift for the oil and gas industry. ZiLift is a Viking Venture II portfolio company. More info on www.zilift.com...
Statoil extends subsea agreement with 4Subsea

Statoil extends subsea agreement with 4Subsea

Statoil has decided to extend their current frame agreement with Viking Venture portfolio company 4Subsea with another two years. The scope of the contract includes annulus testing and inspection on flexible risers on the Norwegian Continental Shelf (NCS). The original frame agreement lasted until June 2016. Statoil has now decided to utilise an option to extend the contract for two new years. – We are pleased that Statoil continuously trusts us to play an important role in maintaining production through the integrity management work we perform on flexible risers and flowlines”, says Torbjørn Amundsen, Senior VP Products and Business Development. Read the full article on 4Subsea.com. About 4Subsea: 4Subsea AS is an independent engineering company within subsea technology and renewable energy. The company was established in December 2007 and has a permanent staff of around 60. The staff consists of highly qualified chartered engineers with a unique blend of theoretical and practical experience within subsea technology.  ...
Exprosoft awarded well reliability work offshore Canada

Exprosoft awarded well reliability work offshore Canada

ExproSoft was recently chosen for two back-to-back studies on major offshore field in Canada. ExproSoft is pleased to be the preferred vendor for two well reliability studies in Canada, utilizing the global well equipment reliability database, WellMaster. The project work will provide the operator with invaluable insight into the failure mechanisms causing well failures, and an estimate on the expected number of interventions for the remainder of field life. The first study is a RAM analysis, which uses field experience and industry data (including WellMaster) to estimate future intervention needs and expenses. The second study is a QRA to establish the risk level for the wells on the field. Delivery of reports are June and October, 2016. ExproSoft is a software & consultancy company increasing well uptime for oil & gas operators. The company delivers solutions that allow operators to understand failures and risk of well equipment, and use this knowledge to reduce intervention cost and increase production throughout the wells’ life cycle. Visit exprosoft.com...
Schlumberger Acquires Meta Downhole Limited

Schlumberger Acquires Meta Downhole Limited

Unique metal-to-metal sealing technology expands Completions portfolio HOUSTON, March 24, 2016—Schlumberger today announced the acquisition of Meta Downhole Limited, a UK-based engineering and service company that offers technology and expertise to provide downhole metal-to-metal isolation solutions in well integrity applications. “With Meta’s unique proven technologies, we will take a quantum leap forward in advancing our downhole completions technology offering,” said Olivier Le Peuch, president, Completions, Schlumberger. “When combined with their metal-to-metal isolation expertise and operational track record, we can offer our customers reliable and flexible solutions to address downhole isolation challenges.” The company’s Metalmorphology® technology uses established principles to shape metal downhole that reliably conforms to the geometry of the wellbore casing or liner, delivering permanent metal-to-metal isolation. Once implemented, operators have a gas-tight, axial load-bearing and compliant life-of-well solution. Meta technology can be deployed in a wide variety of applications to improve structural and casing integrity, seal tie-backs in new wells, isolate selected zones, facilitate slot recovery or assure plug-and-abandonment integrity. Meta is headquartered in Aberdeen, Scotland, and has offices in three locations globally with 30 employees. For more information on Meta Downhole Limited, please visit www.metadownhole.com. About Schlumberger Schlumberger is the world’s leading supplier of technology, integrated project management, and information solutions to customers working in the oil and gas industry worldwide. Employing approximately 95,000 people representing over 140 nationalities and working in more than 85 countries, Schlumberger provides the industry’s widest range of products and services from exploration through production. Schlumberger Limited has principal offices in Paris, Houston, London and The Hague, and reported revenues of $35.47 billion in 2015. For more information, visit www.slb.com. ###...
READ Cased Hole Launches ZeroTime at ICoTA in Houston

READ Cased Hole Launches ZeroTime at ICoTA in Houston

READ Cased Hole takes its latest logging technology, ZeroTime to launch at the SPE ICoTA Coiled Tubing and Well Intervention Conference & Exhibition in Houston this week. Determined to stay agile in the current market and with a commitment to delivering fast, accurate answers to its customers, READ is launching ZeroTime in an era when the industry is in need of innovation to achieve a step change in efficiency and cost optimization like never before. By adding intelligence to routine trips in hole, ZeroTime™ provides a detailed understanding of downhole conditions, eliminating the need for stand-alone diagnostic surveys. This enables operators to plan their next move in total confidence with zero-added rig time. Despite difficult market conditions for majority of the oil and gas sector operating in the North Sea, READ has seen several contract wins over the last months thanks to its established reputation as a market leader in efficient and cost optimized production and integrity evaluation. About READ Cased Hole READ Cased Hole is the specialist in production and integrity evaluation, delivering fast and reliable cased hole log data analysis which allows well operators make qualified decisions quickly while minimising risk and maximising efficiency. Visit www.readcasedhole.com to find out more. READ Cased Hole is a Viking Venture portfolio company. About ZeroTime ZeroTime™ from READ Cased Hole provides customers with a smart way to log while working, giving them fast, accurate answers that help to maximise efficiency every day. Visit www.zerotime.info to find out more....