HitecVision III (vintage year 2002, originally named Energivekst) was HitecVision's third investment vehicle and our first private equity fund. It was an energy sector fund with a committed capital base of NOK 690 million. HitecVision made a significant investment in the fund.
Fund III invested in nine portfolio companies in the oil and gas sector, all of which were fully exited within the original seven-year term of the fund. Three of the companies were exited through IPOs, three via trade sales, and three were sold in secondary sales.
Noreco is one of Norway's leading independent oil companies, founded in Stavanger in 2005 by a strong team of experienced E&P professionals. The company has a balanced licence portfolio focused at the North Sea and the Norwegian sea, consisting of more than 50 licences. Noreco has oil and gas production from 7 offshore fields. The company acquired Altinex ASA in August 2007, and was listed on the Oslo Stock Exchange in November that year (ticker: NOR). Noreco is headquartered in Stavanger, and has offices in Stavanger, Copenhagen and Oslo.
EXITED INVESTMENT
In October 2007 Pure Group AS merged with TORR Canada, Inc. (listed on the Toronto Stock Exchange, ticker TOR). The group supplies advanced, proprietary process technologies for purification of oil, gas and water to the petroleum industry from eight locations througout the world. Pure Group was originally formed by Statoil and HitecVision with the vision to create an international industrial group based on technology originally developed for use on the Norwegian Continental Shelf. The group has over 100 skilled employees world wide.
EXITED INVESTMENT
Knowledge Systems is the world’s leading provider of software and consultancy to predict pore pressure in rock formations. The company’s software and services are used in planning oil and gas wells; during the drilling operation, analyzing real-time information; and in post drilling analysis. Knowledge Systems is based in Houston.
EXITED INVESTMENT
SPT provides a combination of software and consulting services to the international petroleum industry. Its flagship software, OLGA 2000, is the market-leading simulator for transient multiphase flow of oil, water and gas in wells and pipelines.
EXITED INVESTMENT
RigNet is a global provider of high-performance communications networks and real-time-data services for the offshore oil and gas industry. RigNet’s managed service offering will ensure that remote operations have the best possible communications capability for their projects to improve decision making, reduce downtime, and increase productivity.
EXITED INVESTMENT
NCA provides cutting services within Plug and Abandonment, Decommissioning/Cutting Services and Onsite machining on abandoned wells, platform removal projects and well slot recovery projects. Through IOS Offshore the NCA Group also offers mooring products and services. The Group operates world wide out of bases in Stavanger, Houston and Aberdeen.
EXITED INVESTMENT
UK-based MTEM has developed a revolutionary new technology (Multi-Transient Electro-Magnetic) which produces resistivity profiles over prospective reservoirs to identify hydrocarbons before committing to costly drilling programs.
EXITED INVESTMENT
Advanced Production and Loading AS (APL) was established in 1993, and is today one of the world's leading suppliers of turret mooring and offshore loading and offloading systems. APL was listed on the Oslo Stock Exchange in March 2005.
EXITED INVESTMENT
Revus Energy has a unique strategy as an independent E&P company which focuses solely on the untapped opportunities on the Norwegian continental shelf. The company focuses on reservoir expertise and business development. Revus Energy was listed on the Oslo Stock Exchange in June 2005.
