Aberdeen-headquartered well integrity services firm READ has been acquired by a group of Norwegian investors in a multi-million pound deal.
The deal, for an undisclosed value and from an undisclosed group of investors, includes READ subsidiaries READ Cased Hole and ANSA Data Analytics.
The Bridge of Don-based firm merged with Norwegian company HydraWell under a joint ownership model in 2022.
Since the merger, revenues across READ and ANSA have doubled to reach over £12m in 2024.
READ Cased Hole managing director Bruce Melvin said: ““Through the joint ownership model with HydraWell we were able to pool our strength and resources to achieve the financial stability needed to deliver on our short-term growth strategy.
“Having successfully achieved that, this latest move will allow our new owners to elevate the business, including potential acquisitions and investment in new technology.”
Melvin told Energy Voice the company has already identified potential international acquisition targets in light of the takeover.
The company said following the Norwegian acquisition it will “remain committed” to its operational hubs in Aberdeen, Texas, Alaska and Qatar.
READ also expects to see “no material changes to staff or operations”. The company has a global headcount of 54 staff, with 42 based in Aberdeen.
The company took on five additional staff in 2024, and said its recruitment drive will continue into 2025 as it looks to hire offshore engineers and maintenance technicians.
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