HitecVision is pleased to announce the sale of Technor Safe Ex AS to BARTEC, the leading industrial technology safety company. HitecVision has over the past four years consolidated Safe Ex's position in the Norwegian market and is now handing over a compa

Bjørge ASA has today announced that it will reorganize into two independent companies, with its process, fire and safety solutions divisions demerged into a separate company.

Bjørge ASA has today announced that it will reorganize into two independent companies, with its process, fire and safety solutions divisions demerged into a separate company. The split will create two focused operations capitalizing on established market positions within the service sectors of the oil and gas industry. The two distinct companies will both pursue organic and structural growth strategies to reach their goals of becoming leaders in their respective market segments.

On 17 September 2010, the Board of Directors of Bjørge ASA (“Bjørge”) resolved to propose a demerger to the company’s shareholders, creating two separate companies. The Bjørge Group today comprises two divisions serving a broad range of the oil and gas industry. “New” Bjørge intends to continue as a listed company and include the solutions and services business within valves and instrumentation for the energy and offshore industries. The demerged, new company (”NewCo”), will include the process, fire and safety solutions businesses and will apply for a separate listing on the Oslo Stock Exchange.

Creating separate companies with increased focus and flexibility shall benefit the companies’customers, suppliers and employees, as well as their investors. “New” Bjørge and NewCo will as a result of the demerger be able to develop separately and pursue different growth opportunities geographically, organically and through merger and acquisitions activities. The demerger is expected to become effective in December 2010.

Bjørge’s majority shareholder Bokn Invest, owned by HitecVision and Converto Capital, is pleased to share its own objectives related to this investment. “We have been the major shareholder of Bjørge for a year. Having gained thorough insight of the company and its market we believe that the creation of separate, much more focused entities will enhance the value for shareholders, employees, customers and other stakeholders. This restructuring represent the beginning of three exciting company and equity stories” says Frank O. Reite, representing Converto Capital in the Bokn Invest AS board of directors

Bokn Invest holds approximately 77% of the shares in Bjørge ASA. Bokn Invest will ensure that the restructuring and transactions following this process will be performed in full accordance with the Norwegain Code of Corporate Governance. The major owner will aim to provide both companies with the tools necessary to grow organically and strategically. Both business segments have considerable potential for further value enhancing restructuring, while Bokn Invest remains committed to support the market introduction and further development of Naxys.

“This is a natural point in Bjørge’s development to focus and sharpen the business model. Over a period of two to five years we expect these companies to grow significantly in terms of both revenues and profitability and we remain committed to the further development and support of the companies” comments Atle Eide, senior partner in HitecVision and chairman of Bokn Invest. Eide adds: “In accordance with our investment model, it is our plan to remain as an active shareholder over the coming years”

  1. 15.12.2010

    HitecVision increases ownership and delists Bjørge

    Bokn Invest AS, a company owned by HitecVision and Aker Capital, acquired about 76% of the shares in Oslo Stock Exchange-listed Bjørge ASA through a voluntary offer in November 2009. In a number of transactions since the 8th November 2010, Bokn Invest has acquired all of the shares in Bjørge that it did not already own.

  2. 26.11.2010

    HitecVision invests in Core Energy

    HitecVision, the leading oil and gas focused private equity investor, announced today an agreement to provide an equity line of USD 150 million to the independent oil and gas company Core Energy AS.

  3. 22.11.2010

    Hitec Products Drilling changes name to Axon Norway AS

    Hitec Products Drilling AS changes name to Axon Norway AS

  4. 05.11.2010

    HitecVision increases holding in Grenland Group

    HitecVision has today signed an agreement to acquire all the shares in HVS Invest held by Skogen Invest AS. HVS Invest has a 75.5% shareholding in Grenland Group (Oslo Stock Exchange: GGG), and HitecVision will, following the closing of this transaction, be the sole shareholder in HVS Invest.

  5. 05.11.2010

    New contract to Apply Leirvik

    Apply Leirvik today announced the award of an EPC contract from Statoil for delivery of a Living Quarter and Helideck to the new Gudrun Platform.

  6. 01.10.2010

    Technor announces sale of Technor Safe Ex

    HitecVision is pleased to announce the sale of Technor Safe Ex AS to BARTEC, the leading industrial technology safety company. HitecVision has over the past four years consolidated Safe Ex's position in the Norwegian market and is now handing over a company poised for growth in Norway and internationally.

  7. 20.09.2010

    HitecVision is pleased to announce the sale of Technor Safe Ex AS to BARTEC, the leading industrial technology safety company. HitecVision has over the past four years consolidated Safe Ex's position in the Norwegian market and is now handing over a compa

    Bjørge ASA has today announced that it will reorganize into two independent companies, with its process, fire and safety solutions divisions demerged into a separate company.

  8. 08.09.2010

    Spring Energy announces major asset package sale

    Spring Energy has today announced the sale of 15% in PL 378 (containing the Grosbeak discovery), 20% in PL 375 (containing the Beta discovery) and 20% in PL 551 to Talisman Energy Norge AS for an amount between USD 114.5 million and USD 129.5 million pending certain near term milestones.

  9. 24.08.2010

    AT Group announced at ONS

    AT Group (ATG) created from four Energy & Industry supplier Groups.

  10. 22.07.2010

    Spring Energy: Discovery on Maria prospect

    Spring Energy announces further exploration success in the recently completed exploration well (6406/3-8T2) on the Maria prospect in PL 475BS, 15 km East of the Åsgard Field and 5 km Northeast of the Trestakk discovery.

  11. 06.07.2010

    HitecVision aquires Tampnet from Statoil

    Statoil and HitecVision have signed an agreement under which HitecVision will acquire Statoil’s subsidiary Tampnet AS.

  12. 02.07.2010

    Reef Subsea names Mark Preece as new CEO

    Reef Subsea has appointed Mark Preece as Chief Executive Officer with effect from 1 July 2010.