READ Well Services Wins 7-Figure Contracts from BP, StatoilHydro

Two significant contracts with a combined seven figure value have been reported by READ Well Services (RWS Ltd). These milestone deals will contribute to an anticipated record annual turnover in 2008 of UK12 million which will represent a 25% increase on last year's figures. BP Exploration Operating Company UK Limited has awarded RWS Ltd a three year contract for the provision of borehole seismic services in the UK Continental Shelf (UKCS) offshore sector in the North Sea. StatoilHydro has also contracted RWS Ltd to provide borehole seismic services on selected production platforms in the Norwegian North Sea. The contract is set for a 27 month period. RWS Ltd is a North Sea based service and technology provider to the upstream oil and gas industry.

Commenting on the contract wins, RWS Ltd Director Paul Hazel says, "Our continuous investment in our borehole seismic technology data processing is bringing real dividends for our clients, our company, and our staff. The contract with BP will further increase RWS Ltd's profile within the North Sea, whilst the contract with StatoilHydro underpins the growth in activity seen in our Norwegian operations throughout 2007.

Paul continues, "We have a highly experienced team within our seismic divisions not only in the UK but in our head office in Oslo, where our dedicated seismic processing and vertical seismic profile (VSP) research team are based. Securing these contracts has provided a solid framework for RWS Ltd's continued growth and development in 2008."