READ Divides in Two
READ Well Services has divided its operations in to two sister companies and appointed an additional chief executive officer.
READ Expandables Ltd will focus on developing the company's expandable well integrity and downhole isolation products, with existing CEO Fraser Louden overseeing the rolling out of a growing range of new technologies in to the global energy market.
Former Expro CEO Gavin Prise, has been appointed to the Board and will assume the role of CEO of READ Cased Hole Ltd, which consists of a range of well integrity and production logging services.
The strategy will allow both Aberdeen companies to focus on distinctive growth strategies better suited to each product line and technology, which can be tailored to their respective clients in different locations while benefiting from the advantages of a shared infrastructure.
A consortium led by Energy Ventures and including Viking Venture and KLP invested £18.5 million last year to acquire READ Well Services Ltd, the expandables and cased hole business of Norway's READ-ASA Group.
Gavin Prise worked for 10 years in the operator sector in technical and management roles before spending 15 years with international oilfield services company Expro Group, including four years in a Board capacity and latterly as Chief Executive Officer.
Mr Prise said, "READ has a great reputation in the area of well integrity and production logging. As we establish READ Cased Hole we will build upon this reputation as we strive to be the leading provider of downhole well assurance services.
"Our aim is to provide our clients with the highest quality expertise, service and products, giving them clarity on downhole wellbore condition and flow profile. From a personal perspective, my earlier career was in well integrity and it's an area I am really comfortable in. I feel I can make an important contribution which brings value to our clients and continued success for READ's talented team."
Fraser Louden joined READ in 2003 and has worked in several different leadership roles. Fraser previously managed the READ-ASA Group of companies leading up to and through the 2010 acquisition period. He has significant experience in logging, seismic, R&D and within new technology implementation.
Mr. Louden said, "Our Expandable business is forging ahead in delivering a three point plan of establishing a clear catalog of expandable integrity products, developing a global distribution network and gaining a consistent repeat customer base. Wherever we go we find a strong appetite for our product and this new corporate strategy of an increased, but distinct focus, will help us to implement our plan and deliver a very high future value to our investors."
READ chairman, Borge Kolstad, added, "The Expandable products are a new technology range while the Cased Hole services is a more mature, well established business. This strategy of forming sister companies and supporting distinctive growth plans is very exciting for us and we believe will significantly increase the market share of both divisions and aid growth.
"We are delighted that we have been able to add Gavin to the team. His knowledge, experience and enthusiasm will help us realise the potential in our cased hole business but at the same time will also allow Fraser to focus fully on the many outstanding opportunities that we have with our range of expandable integrity products."
- READ Divides in Two (Mar 23)
- Read Well Services Appoints New Group VP, Managing Director (Dec 10)