RWS, located in Aberdeen, Scotland, was established in 1990 as a downhole technology service provider to the oil & gas industry providing cased hole logging service and hydraulically expandable well construction and tubing/casing repair services. RWS is a subsidiary of Read ASA which has several other lines of business including seismic services and permanent monitoring which will not be part of the transaction.
RWS has a strong reputation as a long-standing high quality provider of Cased Hole Logging services in the North Sea region. The company has, in addition, developed a portfolio of ground breaking, patented products for downhole well construction and repair which are hydraulically expandable. Hydraulic expansion creates superior sealing quality whilst being cost effective and reliable. The business currently employs 67 people and is located in Aberdeen, Scotland. Revenues in 2009 were £ 8.6 million.
“RWS high quality service combined with their unique product portfolio and a strong management team creates a great platform for growth”, said Helge Tveit, Partner with Energy Ventures and Joar Welde, Partner with Viking Venture.
Fraser Louden, CEO of RWS, said: “This change will provide an excellent opportunity for READ to grow our cased hole service offerings and accelerate the delivery of the HETS oilfield expandable solutions to a wider geographical market. This investment is ideal timing for the company and I look forward to a dynamic & rapid future growth at READ Well Services.”
Energy Ventures is a leading venture capital firm specializing in the upstream oil and gas technology arena. Energy Ventures advises four oil and gas venture funds with a combined capital base in excess of US$400 million. Energy Ventures has offices in Stavanger, Aberdeen and Houston. Target companies are located in the North Sea and North America with significant international potential. Investment drivers include new technologies and their application to enhance performance, raise productivity, reduce cost and open new markets.
Viking Venture is one of the leading technology focused venture funds in Norway with 200 million USD under management in four funds. The funds investment focus are companies within electronics, software, oil & gas, materials and clean technology. Viking Venture is an active owner and several of its portfolio companies have been established as international successes. The fund is located in Norway. www.vikingventure.no