ABERDEEN-headquartered cased hole logging specialist, READ Cased Hole has today confirmed the demerger of its ANSA data analytics business, resulting in the formation of a new, fully independent, and separately run company trading as “ANSA”.
ANSA is global team of independent log analysis experts, delivering innovative, impartial, and high-precision data analytics services for well integrity, production logging and reservoir evaluation within the oilfield sector, from data hubs in Aberdeen, Houston and Doha.
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ANSA is now expanding its portfolio with the development of game-changing, advanced software-based data analysis solutions, applicable for a broader range of energy projects.
As a result of the demerger, READ and ANSA now operate as two discrete business entities, each with its own organisational structure, resources, financing, and leadership.
READ will continue to provide downhole technologies and services for cased hole logging to the global oil and gas market.
While the new independent ANSA business will deliver a comprehensive suite of data processing, analysis, and interpretation solutions to help clients overcome energy-related challenges around the world, not limited to the oil and gas market.
The company has recently expanded its headcount from 13 to 15 and has plans to create up to four further positions by mid-2021, readying its size and structure for future growth.
Both ANSA and READ are majority-owned by Norwegian private equity firm, Norvestor.
Tor Erling Gunnerød, Norvestor Equity Partner and chairman of READ said: “As a fully independent company, ANSA has the freedom to be more entrepreneurial and focus on its core competency of delivering ironclad data analysis solutions to clients around the world.
“Our strategic goal is for ANSA to further develop its range of specialist services, accelerate the expansion of its client base, and create increased value and return on investment for its shareholders.”
Bruce Melvin will continue in the role of CEO of both READ and ANSA in the interim, until a new figurehead for each business has been put in place.
Bruce said: “This is a transformational moment for both companies. Each has a tremendous opportunity to streamline its operations and ultimately focus on what it does best. Clearly, change of this magnitude brings challenges, given the interconnectedness of the two business lines over the last 30 years. But it also brings huge opportunities that both READ and ANSA now have the potential to capitalise on.”
