Well integrity specialists HydraWell and READ have teamed up to create a combined company focused on late-life oilfield activities including cost-efficient and environmentally safe permanent plugging and abandonment (P&A) of hydrocarbon wells.
As disclosed, the combined company will be strategically located with offices and bases in Stavanger, Aberdeen and Houston together with presence in Alaska, Australia, Brazil, Malaysia and Qatar.
HydraWell’s CEO Mark Sørheim will head the combined company which is expected to reach a total revenue of approximately 200 million NOK (around $20.35 million) in 2022.
READ and its subsidiary ANS measure and analyse well integrity issues while HydraWll uses its proprietary Perf-Wash-Cement technology to remediate identified issues.
The combination of the two companies will enable customers to benefit from well integrity planning and diagnostics to barrier installation using digital tools, repeatable and reliable service delivery and new technologies that reduce risk and cost to operations, HydraWell explained.
“This allows us to create a unique offering within the well integrity market to deliver further value to our customers through a deeper knowledge and improved workflows which will introduce increased operating efficiencies across their well operations” , said Mark Sørheim.
Managing director of READ’s subsidiary, READ Cased Hole, Bruce Melvin added: “This will not only enhance READ’s presence in the abandonments market but also expedite ANSA’s digital platform attracting new client relationships. We look forward to what the future holds and building on the success of both companies.”
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