Bjørge to demerge into two oil and gas service companies
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.
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
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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.
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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.
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22.11.2010
Hitec Products Drilling changes name to Axon Norway AS
Hitec Products Drilling AS changes name to Axon Norway AS
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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.
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05.10.2010
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.
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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.
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20.09.2010
Bjørge to demerge into two oil and gas service companies
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.
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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.
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24.08.2010
AT Group announced at ONS
AT Group (ATG) created from four Energy & Industry supplier Groups.
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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.
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06.07.2010
HitecVision acquires Tampnet from Statoil
Statoil and HitecVision have signed an agreement under which HitecVision will acquire Statoil’s subsidiary Tampnet AS.
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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.
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01.07.2010
Altra is awarded $1.5m UK contracts
Aberdeen-based Altra Energy, a company in the STG Group, has been awarded brownfield contracts worth a total of £1 million ($1.5 million) in the UK North Sea.
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30.06.2010
Apply Sørco wins frame agreement for Kvitebjørn and Brage
Apply Sørco has received a letter of intent from Statoil for the Maintenance & Modification frame agreement for the Kvitebjørn and Brage platforms in the North Sea.
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24.06.2010
Apply Capnor and Grenland AsIs Global merge
Apply Capnor has today agreed with Grenland Group to buy Grenland AsIs Global (ASIS). Apply Capnor and ASIS are frontrunners within the laserscanning technology and they are today the leading independant suppliers for this segment in Norway.
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22.06.2010
Spring Energy increases exploration loan facility
Spring Energy has successfully amended its exploration loan facility with its banking group that comprises Merchant Banking, Skandinaviska Enskilda Banken AB, DnB NOR and BNP Paribas.
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22.06.2010
Comeback for Apply Leirvik Emtunga in South-East Asia
Apply Leirvik Emtunga AB has been awarded a contract for the Engineering, Procurement, Construction and Commissioning of a replacement Living Quarter by Brunei Shell Petroleum Sendirian Berhad.
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14.06.2010
Spring Energy optimizes portfolio
Spring Energy has agreed to sell its 10 % working interest in the PL 341 license to GDF SUEZ E&P Norge AS.
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11.06.2010
Grenland Group ASA has been awarded a contract from Statoil
Grenland Group has been awarded a contract from Statoil for modification of the
Water Injection Plant on the Gullfaks B platform. The water Injection plant is
pumping sea water into the oil reservoir, for maintenance of the well pressure
and production capacity. -
11.06.2010
Bjørge to acquire Sontum Fire and Safety AS
Bjørge FPE AS, a subsidiary of Bjørge ASA, have today signed an agreement with the owner of Sontum Fire & Safety AS, Valco Group AS, for the acquisition of Sontum Fire & Safety AS.
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12.05.2010
Apply Leirvik's Living Quarters installed on Troll A platform
On the 7th May, a new living quarters module was successfully installed on Statoil's Troll A platform. The living quarters were built by Apply Leirvik.
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05.05.2010
Spring Energy continues to build value through the acquisition of assets from Wintershall
As part of its strategy of building a balanced portfolio of assets on the Norwegian Continental Shelf, Spring Energy has agreed to acquire assets from Wintershall Norge ASA (WINO).
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11.03.2010
Apply Steelcad AS solgt til Havyard
Apply Group har gjennom sitt datterselskap Apply Sørco AS solgt Apply Steelcad AS til Havyard Design AS, et selskap i Havyard Group. Apply Steelcad AS er et selskap med 27 ansatte i Norge og eierandeler i engineeringselskaper i Polen og Kroatia.
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10.03.2010
Axon Energy Products closes two acquisitions, establishes Pressure Products Group
Axon Energy Products have closed two acquisitions in the Houston area in recent weeks. With Church Energy Services, Axon has added a product line in blowout preventers which complements the product lines of Drilling Controls Inc., resulting in the formation of Axon Pressure Products Inc. (APP). The acquisition of the assets of the pump manufacturer Demay International adds both a new product line and a modern facility well suited for manufacturing oilfield equipment.
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23.02.2010
Apply Steelcad AS sold to Havyard
Apply Group, through its subsidiary Apply Sørco AS, has sold Apply Steelcad AS to Havyard Design AS, a company in the Havyard Group. Apply Steelcad AS has 27 employees in Norway and shareholdings in engineering companies in Poland and Croatia.
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01.02.2010
HitecVision closes investment in Reef Subsea
HitecVision and GC Rieber Shipping ASA have established the jointly owned company Reef Subsea AS, in accordance with the joint announcement on the 22nd October 2009. Reef Subsea has received a NOK 195 million investment from its owners. In addition, GC Rieber Shipping have transferred its existing investments in the geotechnical company Bluestone Offshore Pte Ltd and the subsea services company Technocean AS, (including its subsidiary Scan Mudring).
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01.02.2010
Spring Energy awarded NCS Business Developer of the Year 2009
On 28 January Spring Energy was awarded the Norwegian Continental Shelf Business Developer of the Year by Rystad Energy at the Gullkronen award seremony in Oslo
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20.01.2010
Spring Energy: Successful award in APA 2009
As announced by the Norwegian Ministry of Petroleum and Energy on 19 January 2010, Spring Energy has been awarded 4 licenses in the APA 2009. One of the awarded licenses has a firm well commitment.
Following this, Spring Energy now holds a total of 24 licenses on the NCS.
For more information abouth the award, follow this link to NPD. -
11.01.2010
Spring Energy: Further exploration success
Spring Energy announces further exploration success in the Company's third exploration well recently completed on the Beta prospect in PL 375 (34/4-11), located 15 km Northwest of the Snorre Field.