Multi-million Contract Award for Aberdeen-based Well Integrity Specialist Firm
Aberdeen-based production and integrity evaluation specialist READ Cased Hole (READ), announced today that it has been awarded a multi-million pound contract by Danish energy giant, Maersk Olie og Gas A/S, which is part of the multinational Maersk Oil energy company, and the A.P.Moller-Maersk Group. The dual-award, five year contract with an optional three-year extension appoints READ as the primary service provider for cased hole logging services, including production evaluation and well integrity domains, which would be delivered across Maersk’s assets in the Danish North Sea.
“The new contract win is a testimony to our 17 year-strong and successful relationship with Maersk,” said Roy Martin, CEO of READ “and we are confident that the range of production and well integrity solutions READ will continue providing will be instrumental for Maersk’s success as the market leader in mature well management and recovery. This contract puts READ on the track to working with Maersk for a quarter of a century and the results of this collaboration show that optimisation and effectiveness is more than just an industry trend during tough times, but a sustainable practice with tangible results.”
Maersk Oil produce a mixture of oil and gas oil from 15 fields in Denmark. Its biggest partnership is the Danish Underground Consortium (DUC) where 85% of the oil and 97% of the gas export in the country stems from. In 2014, Maersk Oil operated a production of 140,000 barrels of oil per day and 370 million standard cubic feet of gas per day and even though production is naturally declining, the oilfields still have sizeable resources remaining. Maersk’s recent expansion project at Tyra Southeast Oil and Gas Field, expected to add production of a further 50 million barrels of oil equivalent over the next three decades, represents a significant long-term investment and underlines the value of Maersk’s operations within the Danish North Sea.
“This is an excellent result for READ and we are delighted to extend a highly collaborative relationship that has resulted in the introduction of a number first to market innovations and technologies.” said Tobben Tymons, READ Technical Director. “When it comes to operational efficiency the application of READ technology and analytical solutions have proven to be instrumental in supporting qualified and quick decision making, a key enabler in minimising downtime and delivering cost-effective recovery. We believe our commitment to delivering fast, accurate answers, combined with an exceptional operating and safety record, is the very foundation of the special relationship we have developed with Maersk.”
READ Cased Hole has offices in the United Kingdom, Norway, Australia and Qatar. It is in the portfolio businesses of Energy Ventures, the Norway-based private-equity investor behind thousands of deals and dozens of oil and gas industry investments since launching in 2002.
“This is one of a series of high-profile results and we are thrilled for the team at READ and see this as a very positive development which maintains their strong foundation as the leading independent cased hole logging provider within the North Sea.” Said Greg Herrera, Senior Partner, Energy Ventures.