READ announces demerger of ANSA data analytics business
World-leading cased hole logging specialist, READ Cased Hole (“READ”) 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, known globally for delivering innovative, impartial, and high-precision data analytics services for well integrity, production logging and reservoir evaluation within the oilfield sector. 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. These are showcased in the brand new ANSA website www.ansa-data.com
ANSA already has the right team of multidisciplinary, multilingual analysts in place at dedicated data hubs in the UK, US, and Middle East to safeguard continuity of service for its clients. Moreover, 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.”
One such opportunity for ANSA will be the successful realisation of a two-year Artificial Intelligence/Machine Learning R&D project. This will see a set of ANSA’s core analysis reporting practices for well integrity evaluation becoming fully automated through an advanced data software platform during 2021, saving clients time and money, and giving them more accurate and consistent results.
Bruce continued, “ANSA requires a unique kind of talent – people who can deliver consistently meticulous and reliable data analysis products of the highest quality, as well as bring their own ingenuity and ideas to help its clients succeed in their operations. ANSA’s independent log analysis experts are some of the brightest minds in the industry, and their extensive mix of knowledge and skills produce impartial diagnostics to help clients make informed decision.”