The Scottish Loan Fund has pumped a £5 million investment into two north-east based oil and gas energy companies to help them expand.
The fund – managed by Aberdeen-based Maven Capital Partners – has completed a £5 million investment in the energy service specialists Meta Downhole (Meta) and READ Cased Hole (READ)
Aberdeen-based READ and Meta (the ‘Group’) are trading companies of READ Well Services Holdings, which have operated as separate entities since 2011 to enable a greater focus on specific growth strategies suited to the distinctive product lines.
READ, a leading, specialist provider of integrity and production evaluation services used during well construction, production and intervention operations, also has offices in Norway, Australia and Qatar and will use the new funding provided to support its geographic sales growth into new targeted areas such as the Middle East and Asia Pacific regions, where they already have existing clients.
Sister business Meta is a provider of metal-to-metal integrity solutions for a range of well applications ranging from land wells through to ultra deep-water structures.
It will use the funding for international expansion into existing and new markets, where it says there is growing demand for its unique, patented technology that provides customers with certified gas-tight barrier solutions that span the life of a well through to decommissioning, even in deep-water environments, and a range of cladding products that extend the life of wells in production.
At its state-of-the-art testing facility in Aberdeen, Meta is able to test and qualify products to replicate extreme high pressure and high temperature well environments, with operations also supported by offices in Houston, Dubai and Kuala Lumpur.