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READ WELL SERVICES WINS QUEEN’S AWARD FOR ENTERPRISE

READ Well Services, the oilfield technology specialist, has received the prestigious Queen’s Award for Enterprise in the category of ‘Innovation’ for the development of its Hydraulically Expandable Tubular System (HETS).

Her Majesty the Queen has announced the award today (Her Majesty’s birthday), on the advice of the Prime Minister and the associated advisory committee, which includes representatives from Government and industry. The award recognises significant business success resulting from continuous innovation and development by an organisation.

HETS is a patented technology and applies direct hydraulic pressure to expand, repair, connect or reconnect downhole oilfield tubular equipment. The strength, durability and life of the connection has out-performed any previously developed technology and, as such, has demonstrated its credentials both in extending the current life of older wells and providing full life-of-field repairs to new wells.

The technology was developed at READ’s headquarters in Aberdeen and has already been applied in over 70 offshore operations in the UK, Norway, Denmark and Holland. HETS is undergoing continuous development to support its use in an increased breadth of well specifications and global locations.

The technology has contributed to a significant part of the growth of the READ Well Services business. Since the commercialization of HETS, READ has grown from a turnover of approximately £3 million in 2002 to a budgeted revenue of £12.5 million for 2011. Employees have risen from 27 in 2002 to now over 70, with the company pursuing a significant recruitment campaign to reach 100 employees by the end of the year as the demand for HETS deployment increases.

READ Well Services chief executive officer, Fraser Louden, commented: “We are extremely privileged to receive this highly prestigious award. Our success in developing the unique HETS technology is testament to the industry-leading capabilities of our engineering, development, technical and field teams. The award builds on our strong success story with HETS and supports our continued growth plans for the business.”

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