HitecVision and GC Rieber Shipping agree to form new subsea services company

GC Rieber Shipping and HitecVision have today entered into a 50/50 joint venture agreement in order to create a new subsea services company. The basis for the joint venture is GC Rieber Shipping’s investments in the geotechnical company Bluestone Offshore Pte Ltd and the subsea services company Technocean AS, including its subsidiary Scan Mudring.

The joint venture has been established to drive further growth and strengthen the operational base in the existing companies. Furthermore the joint venture will be looking for strategic growth opportunities within niches in the global subsea services market, in close co-operation with its customers the oil companies and major oil service companies.

Under the joint venture agreement, GC Rieber Shipping will contribute its shareholding in Bluestone and Technocean to the joint venture, as well as a direct investment of NOK 35 million. HitecVision will contribute with capital initially of NOK 160 million. Both parties have also under the JV agreement committed to certain follow-on investments. The joint venture company will be a majority shareholder in both Bluestone and Technocean and have a significant financial capacity to consider follow-on investments in both companies.

The joint venture company will immediately provide USD 17.5 million of growth capital for Bluestone, which allows Bluestone to restructure its balance sheet and provides a stable financial foundation for further growth. The joint venture company has also allocated capital to participate in future share issues in Technocean, which may be required to fund working capital and investments to support Technocean’s rapid growth.

“The global demand for a wide variety of subsea services is expected to grow significantly over the coming years, although the JV parties acknowledge that the market in the very near term is seen to be challenging”, says Sven Rong, CEO of GC Rieber Shipping.

Bluestone Offshore is a deepwater offshore geotechnical survey services company based in Singapore. Geotechnical Survey Services involves drilling, sampling and analysis of the seafloor to provide data to oil companies and engineering companies for the design of subsea facilities and anchors for oil rigs and other floating facilities.

Technocean, based in Norway, provides subsea inspection, maintenance and repair, survey and light construction support services. It currently has one CSV vessel on long term contract in the North Sea and is well positioned to expand the fleet to build a presence in West Africa and Brazil.

Scan Mudring is a wholly-owned subsidiary of Technocean and is a specialist provider of subsea dredging services. The company has a track record of executing successful projects in deep water, with difficult operating conditions and in areas with restricted access.

“The combination of GC Rieber Shipping’s maritime expertise within subsea support and HitecVision’s competence in building oil service businesses represents a powerful partnership for creating an international subsea services business of scale. The three cornerstone companies in the JV are all well positioned within their respective niches to deliver high growth and will form a solid platform from which to expand the group,” says Pål Reed.

GC Rieber Shipping is a highly respected owner and operator of seven advanced multi functional special purpose vessels for defined markets within offshore subsea, ice research and support and marine seismic. Furthermore, GC Rieber Shipping has recently acquired two subsea IMR newbuildings for delivery in 2010/11 and has through a 51% owned joint-venture company three offshore support new buildings for delivery in 2010. The company’s strategic value chain investments include the subsea contractor Technocean (58 % stake), Octio Group, which specializes in permanent monitoring of oil fields (60 % stake) and the geotechnical company Bluestone Offshore (40 % stake). The Company is headquartered in Bergen with ship management offices in Sevenoaks (England), Singapore and Yuzhno-Sakhalinsk (Russia), which provide a global presence. The Company is listed on Oslo Børs with ticker RISH.

www.bluestoneoffshore.com

www.technocean.no

www.scanmudring.com

08.12.2009

HitecVision closes investment in Grenland Group

On the 8th of December 2009, HVS Invest AS, which is jointly owned by HitecVision and Skogen Investering AS, completed its voluntary offer for the acquisition of shares in Grenland Group ASA (Oslo Stock Exchange - GGG). HVS Invest now controls 75,2% of the outstanding shares of the company.
18.11.2009

Spring Energy: Step change through acquisition of first producing asset and attractive exploration and appraisal portfolio

Spring Energy and Wintershall Norge ASA have agreed to a transaction
10.11.2009

HitecVision closes investment in Bjørge

HitecVision and Aker Capital Fund acquires control over Bjørge ASA by completing the voluntary offer, and announces that it will make a mandatory offer and elect a new board of directors
22.10.2009

HitecVision and GC Rieber Shipping agree to form new subsea services company

GC Rieber Shipping and HitecVision have today entered into a 50/50 joint venture agreement in order to create a new subsea services company. The basis for the joint venture is GC Rieber Shipping’s investments in the geotechnical company Bluestone Offshore Pte Ltd and the subsea services company Technocean AS, including its subsidiary Scan Mudring.
14.10.2009

Nemo Engineering breaks surface “down-under”

Nemo Engineering of Norway has established an immediate presence in the burgeoning
subsea oil and gas market in Australia with its purchase of local specialised services
provider Land & Marine Technology Systems (LMTS) based in Perth, Western Australia
12.10.2009

HitecVision and Skogen Investering announce bid for Grenland Group

Skogen Investering and HitecVision together want to strengthen and further develop the oil service company Grenland Group ASA (“GGG”) through a joint ownership company, HVS Invest AS, which aims to acquire 100 per cent of the shares in Grenland Group
28.09.2009

HitecVision, Aker Capital and Camar announce bid for Bjørge

Stavanger/Oslo, 28th September 2009:

HitecVision, Aker Capital Fund and Camar together want to strengthen and further develop the technology company Bjørge ASA. This will take place in the form of a joint ownership company, Bokn Invest AS, which aims to take over 100 per cent of the shares in Bjørge. Bokn Invest is today announcing a voluntary cash offer to the shareholders in Bjørge to buy all shares in the company for NOK 11 per share.
26.08.2009

Spring Energy: Successful Bream delineation wells

Drilling of delineation well 17/12-4 and two horizontal sidetracks; 4A and 4B on the Bream oil discovery have been successfully completed.
14.08.2009

Disposal of Technor ISIS

Technor Group has, as a part of a long term strategic plan, sold its subsidiary Technor ISIS Ltd.
09.07.2009

Spring Energy: Oil and gas discoveries in first exploration well on PL 378

Drilling of Spring Energy's first exploration well (35/12-2) on the Grosbeak prospect in PL 378, 25 km north of the Troll field in the North Sea, has been completed.
19.06.2009

Spring Energy: Appraisal well started on PL 407

Drilling of the Bream appraisal well in PL 407, 50 km Northwest of the Yme Field in the North Sea has started. Dependent upon the results of the vertical wellbore, a horizontal sidetrack could be drilled and a DST performed.
03.06.2009

Spring Energy: First exploration well commenced on PL 378

Drilling of the Grosbeak exploration well in PL 378, 25 km North of the Troll field in the North Sea has started. The Grosbeak prospect is situated in a prolific hydrocarbon province, and a total of 11 prospects have been identified within PL 378.
28.05.2009

New CFO in STG

Jens Kristian Rein has been employed as new Chief Financial Officer/CFO in STG AS as per 7th of August 2009. He takes the position in a team together with Atle Strømme/CEO and Ingvar Malde/Group Controller.
19.05.2009

Spring Energy pre-qualified as operator

The Ministry of Petroleum and Energy (MPE) has pre-qualified Spring Energy as an operator on the Norwegian Continental Shelf (NCS).
07.05.2009

Divestment of remaining shares in Noreco

On May 7th 2009, the Fund’s remaining shareholding in Norwegian Energy company ASA (Noreco) was divested through a market placement, bringing total proceeds from the Fund’s Noreco investment to about NOK 360 million. The exit is in line with Hitecvision’s ownership plan and within the original fund term.
04.05.2009

Spring Energy awarded 2 licenses in 20th round

As announced by the Norwegian Ministry of Petroleum and Energy on 30 April 2009, Spring Energy has been awarded 2 licenses in the 20th Round.
04.05.2009

Five awards to Noreco in the 20th license round

Norwegian Energy Company ASA (Noreco - OSE:NOR), The oil company Noreco has been offered five licenses in the 20th license round on the Norwegian continental shelf.
24.04.2009

Spring Energy expands its exploration loan facility with SEB

The Oslo-based oil company Spring Energy has signed a Term Sheet with Skandinaviska Enskilda Banken AB ("SEB") for an expansion of its revolving exploration loan facility from NOK 400 million to NOK 600 million.
17.04.2009

New International valve group created

- Valco Group aims for further industry consolidation.

Valco Group announces its new corporate identity as a leading international player in the market for industrial valves. The new group, with revenues of about USD 100 million in 2008, currently operates in the oil & gas, marine and energy & industry sectors. Valco Group has been formed from the Norwegian and French valve operations of the former Flowtech division of Technor Group.
01.04.2009

Noble Denton Group Ltd to be acquired by Germanischer Lloyd

Oslo and London, 1 April 2009:
HitecVision and Ferncliff announced today that their common portfolio company Noble Denton Group Ltd. will be acquired by Germanischer Lloyd (GL) in an all-cash transaction.
30.03.2009

Technor to be acquired by Simtronics ASA

Stavanger, Norway, 30 March 2009:
HitecVision announced today that the activities of its portfolio company Technor AS will be acquired by Simtronics ASA (Oslo Stock Exchange: SIMTRO). Total consideration is NOK 186.9 million, payable partly in cash, partly in shares. Following the transaction HitecVision becomes Simtronics’ principal shareholder.
16.03.2009

LEIRVIK acquires Reanco Team AS

LEIRVIK Module Technology today announced that the company has acquired Reanco Team AS from UK based James Fisher Group.
11.03.2009

Noreco refinances bond

Norwegian Energy Company ASA (Noreco - OSE:NOR), Noreco has received pre-acceptances from the majority of the bondholders for a proposed refinancing of the existing NOK 2,240 million bond (OSE:NOR01 & NOR02). The proposal entails a new amortization profile and extension of parts of the loan, which will enhance Noreco's financial position.
05.03.2009

Spring Energy acquires a 15% working interest in PL 405 and PL 405B

The Oslo-based oil company Spring Energy has reached agreement with Faroe Petroleum Norge AS ("Faroe") to acquire a 15 % working interest in production licenses PL 405 and PL 405B, located in the Southern North Sea.
05.03.2009

Trond Sel appointed President of Hitec Products Drilling AS

Trond Ferkingstad has resigned from his positon as President for the company to pursue opportunities outside the Group. He will be succeeded by Trond Sel (52).
05.03.2009

Leirvik establishes Leirvik Emtunga

HitecVision's portfolio company Leirvik Module Technology has acquired certain key assets of its former competitor Emtunga Offshore, which filed for bankruptcy in December.Leirvik has re-established operations under the new name Leirvik Emtunga AB.
03.02.2009

Proposal by Noreco to merge Noreco and Det norske oljeselskap

Norwegian Energy Company ASA (Noreco - OSE:NOR), has today proposed to Det norske oljeselskap ASA (Det norske - OSE:DETNOR) a combination of the two companies through a share-for-share merger. The proposed exchange ratio is 2.44918 Noreco shares per each Det norske share, implying a 52.5% ownership in the combined company for Det norske shareholders. Noreco's proposal gives a 9.3 % premium to the 6 months volume weighted average trading prices. Noreco believes the proposed terms to be fair and balanced, and is looking forward to discussions with Det norske.
28.01.2009

Spring Energy acquires a 20 % working interest in PL378

The Oslo-based oil company Spring Energy has reached agreement with Premier Oil Norge AS ("Premier") to acquire a 20 % working interest in production license PL 378 located in the Northern North Sea.