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.
For further information:
Espen Strøm, Investment Manager Energy Ventures
Telephone: +47 95 75 35 44
Joar Welde, Partner Viking Venture
Telephone: +47 982 06 930
READ Cased Hole Ltd (“RCH”) is a specialist in production logging and integrity evaluation. The definitive information that RCH delivers helps customers better understand the performance of their wells. This enables operators to make qualified decisions quickly and with confidence, minimising risk and maximising production efficiency from their producing wells. RCH have 25 years of concentrated cased-hole logging experience and a solid reputation for delivering assured diagnostics for their customers. The RCH team consists of 33 people and the headquarters are in Aberdeen (Scotland).
Read more at www.readcasedhole.com
Energy Ventures Private Equity is a leading private equity firm actively seeking early to mid-stage growth investments in companies that deliver a marketable, proprietary product or service with potential in the upstream oil and gas sector. Headquartered in Stavanger, Norway with offices in Houston, TX and Aberdeen, Scotland, Energy Ventures is located at the heart of the energy industry and where technology innovations thrive.
Read more at www.evpe.com
Viking Venture is a leading Nordic venture fund. Viking Venture invests in growing IT companies with international potential. The manager advises nine funds with a total of 1.5 billion NOK under management and has its headquarters in Trondheim, Norway.
Read more at: vikingventure.com.