Norvestor invests in READ Cased Hole Norvestor VII L.P. and Norvestor VII OS L.P. (“Norvestor”), funds managed by Norvestor Equity AS, has signed an agreement to invest in READ Cased Hole Limited (“RCH”).
READ Cased Hole is a leading independent specialised provider of production logging and well integrity evaluation services with a 25-year track record from analysing wellbore data. RCH’s “best-in-class” technologies and diagnostic excellence ensure that customers have accurate answers to plan immediate action and maximise the long-term performance of their wells.
“Since joining READ Cased Hole in December 2013, we have assembled a great team and embarked on an exciting journey to grow our position as the leading independent alternative for cased-hole logging and evaluation services. Our partnership with Norvestor marks a new era for READ Cased Hole, and they are as eager as we are to continue on our ambitious plan to consolidate our market position as well as expanding our range of services and geographical reach”, said Roy Martin, CEO of READ Cased Hole.
“READ Cased Hole is a well-established company with an impressive development and solid growth through a challenging period in the oilfield services market. The combination of an industry leading cased-hole analyst team, a state-of-the art tool fleet, innovative new technologies and a cost effective service model is a strong value proposition in a market where operators are looking to increase utilisation while saving cost. In READ Cased Hole, we are partnering up with a strong management team with proven track record and a history of building great businesses”, says Tor Erling Gunnerød, Partner in Norvestor Equity and chairman designate in RCH.
Following the acquisition, Norvestor will become the largest shareholder in RCH with approximately 95% of the shares and the management team will hold the remaining shares. RCH had consolidated pro-forma revenues of GBP 5.5 million in 2015 and is expected to grow by more than 20% during 2016. RCH employs 33 people and is headquartered in Aberdeen, Scotland.