Norway: Read ASA Wins EWL Frame Contract from Statoil

READ ASA has been awarded an Electrical Wireline (EWL) frame contract – Borehole Seismic services by Statoil for their exploration and production drilling operations on the Norwegian Continental Shelf (NCS) and internationally.

It’s a long term contract with several extension options. READ has as a part of the contract been awarded borehole seismic data acquisition services on Statoils 36 producing assets on the NCS.

“This award is a strong recognition of READ’s capabilities and service quality as a downhole seismic survey provider to the oil & gas industry over the last 25 years. The contract represents a unique business opportunity for READ to grow its borehole seismic business going forward” stated Tor Hilton, CEO of READ ASA.

“The award is an important milestone in READs focused strategy of becoming a leading reservoir survey and monitoring company. I would like to take the opportunity to honour the management and employees of READ in achieving this recognition from a technology leader such as Statoil”, commented Chairman of READ ASA, Ola Krohn-Fagervoll

Facts about READ ASA:

READ ASA is a Norwegian based oil service company established in 1986 by Tore and Bjørn Kjos. READ provides downhole seismic surveys, seismic data processing and permanent reservoir monitoring (PRM) solutions to the oil and gas industry. READ has since it’s divestment of READ Well Services Ltd in 2010, focused on developing READ into a leading reservoir survey and monitoring company. READ has over the last years developed a novel downhole PRM system – the “PerForM™”, enabling more efficient and timely seismic data for operators of producing fields. Major owners of READ ASA are Tore Kjos (35%) and Bjørn Kjos (17%). Other large shareholders are Eivind Astrup, Ove Høegh and Verdane Private Equity.

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Source:Read ASA , May 8, 2011;