Portfolio

Core Energy

• HitecVision V
• Exploration & Production
• Norway
• Current portfolio
• Core Energy

Core Energy is a start-up oil and gas company established with the aim of capturing the value potential in and around mature oil and gas fields on the Norwegian Continental Shelf (NCS) The company will acquire interests in producing fields on the NCS and create value through focusing on increased oil and gas recovery, near field exploration and adjacent field developments.

• Segment: Exploration & Production
• Location: Norway
• Status: Active
• Year of investment: 2010
• Year of sale:  
• Web page: www.coreenergy.no

STG

• HitecVision IV
• Subsurface
• Drilling and Downhole
• Norway
• Current portfolio
• STG

Subsea Technology Group is a holding company for the Fund's investments in Ross Offshore and Well Processing.

Ross Offshore AS has been a leading provider of Consultancy, Engineering and Project Management services for the Energy Industry since 1997. The company offers unrivalled access to one of the most competent resource pools in the business.

Well Processing is a provider of solutions for Increased Oil Recovery (IOR). In particular, the company has developed SWIT, a patented technology for seabed treatment of raw seawater, making it suitable for injection into oil reservoirs. The company works as an engineering partner and can supply subsea treatment units, technology licenses, or subsea injection designs.

• Segment:Drilling & Downhole / Subsurface
• Location: Norway
• Status: Active
• Year of sale:  
• Year of investment: 2008
• Web page: rossoffshore.no sea-box.no

BassDrill

• HitecVision Asset Solutions
• USA
• Current portfolio

Houston-based BassDrill designs, fabricates and operates safe and efficient tender drilling units, and the company and its management has a proven track record in the design, delivery and operation of such units. BassDrill manages the BassDrill Alpha, a tender drilling barge which currently operates off the coast of West Africa. The company’s second rig - the BassDrill Beta, a semisubmersible tender rig - is being built against an awarded contract with the Brazilian oil and gas company Petrobras, due to start up in 2013.

• Segment: Drilling & Downhole
• Location: USA
• Status: Active
• Year of investment: 2011
• Year of sale:
• Web page: www.bassdrill.com

Stream

• HitecVision V
• Norway
• Current portfolio
• Stream

Stream is a leading provider of products, solutions and services connected to valves and instrumentation within the energy and offshore business. The company is a leading supplier to the Norwegian oil and gas industry and represents several of the world’s leading suppliers in the Norwegian market.

• Segment: MMOD
• Location: Norway
• Status: Active
• Year of investment: 2009
• Year of sale:  
• Web page: www.stream.no

APPLY

• HitecVision IV
• Norway
• Current portfolio
• APPLY

Apply is one of the largest providers of technology, engineering and construction services for the Norwegian oil and gas industry, with a global scope in certain specialised niches. The company is one of the major providers of services in the Maintanance, Modifications & Operations segment in Norway, and the largest global provider of Living Quarters for offshore platforms.

Apply comprises the following business areas:

• MMO/EPCI (with Apply Sørco as Centre of Excellence)
• Living Quarters & Assembly (with Apply Leirvik as Centre of Excellence)
• Systems & Products (with Apply Oil &Gas as Centre of Excellence)
• Solutions and Service (with Apply TB as Centre of Excellence)
• Subsea (with Nemo Engineering AS Centre of Excellence)

Apply consists of the following companies: Apply Sørco, Apply Capnor, Apply Leirvik, Apply Leirvik Emtunga, Apply Leirvik Reanco, Apply TB, Apply Oil & Gas, Nemo Engineering, Nemo Technology and several subsidiaries in a number of countries.

Apply has an annual turnover of about 3 billion NOK and approximately 2000 permanent employees, of which more than 900 are working within engineering and project management.

• Segment: Field Development / MMOD
• Location: Norway
• Status: Active
• Year of investment: 2007
• Year of sale:  
• Web page: www.apply.no

Ocean Installer

• HitecVision Asset Solutions
• Norway
• Current portfolio

Ocean Installer AS, established in 2011, aims to become a significant service provider within the Subsea construction, Umbilicals, Risers and Flowlines (SURF) segment.

Having established the required organisation and systems, Ocean Installer will perform full Engineering Procurement Construction and Installation (“EPCI”) SURF work, based on a combination of owned and leased vessels.

Ocean Installer is based in Stavanger.

• Segment: Field Development
• Location: Norway
• Status: Active
• Year of investment: 2011
• Year of sale:  
• Web page:www.oceaninstaller.com

Align

• HitecVision V
• Norway
• Current portfolio
• Align

Align is a leading provider of process and safety-critical products and solutions as well as a complete range of services that maintain lifecycle-long performance. This perspective ensures optimal operations and lower lifecycle costs. Align has a strong position and extensive experience in selected niche markets within the Norwegian oil and gas industry and the maritime industry, and selected international markets.

• Segment: Field Development
• Location: Norway
• Status: Active
• Year of investment: 2009
• Year of sale:  
• Web page: www.align.no

Troms Offshore

• HitecVision Asset Solutions
• Norway
• Current portfolio

Troms Offshore is the Fund's investment platform in the PSV segment. Troms Offshore has been established to create a leading niche Platform Supply Vessel (PSV) company which will provide offshore services to oil companies through owning and operating high-end large PSVs built to the "Clean Design" class specifications

• Segment: MMOD
• Location: Norway
• Status: Active
• Year of investment: 2010
• Year of sale:  
• Web page:www.tromsoffshore.no

Tampnet

• HitecVision V
• MMOD
• Norway
• Current portfolio
• Tampnet

Tampnet operates the largest offshore high capacity communication network in the world, serving 34 oil and gas fields and carrying traffic for over 60 platforms operated by a multitude of oil companies. Tampnet has developed a high capacity, resilient and low latency communication network of fibre backbone cables and radio links, serving both the Norwegian and the UK sector of the North Sea.

• Segment: MMOD
• Location: Norway
• Status: Active
• Year of investment: 2010
• Year of sale:  
• Web page: www.tampnet.com

Valco Group

• HitecVision IV
• Field Development
• MMOD
• Norway
• Current portfolio
• Valco Group

Valco Group manufactures and services industrial valves for a wide range of industrial applications. The Group has two main manufacturing companies: Westad Industri AS in Norway and SNRI SAS in France, as well as specialised trading and servicing companies.

Valco Group supply valves and related products and services for applications worldwide within the Marine sector, Oil & Gas upstream, Oil & Gas downstream and Energy & Industry, with cryogenic valves a speciality.

Valco is part of the AT Group.

• Segment: Field Development / MMOD
• Location: Norway
• Status: Active
• Year of investment: 2006
• Year of sale:  
• Web page: www.valcogroup.no

Reef Subsea

• HitecVision V
• Field Development
• MMOD
• Norway
• Europe
• Current portfolio
• Reef Subsea

Reef Subsea AS is an expanding subsea services company. The company is headquartered in the UK, and has three operating units:

• Technocean, providing subsea construction support services and inspection, repair and maintenance (IRM) services to the oil and gas industry and to offshore wind farms.
• S3, providing survey, ROV, IMR, decommissioning and geotechnical subsea services.
• Scan Mudring, delivering subsea dredging and excavation services to oil and gas customers.

Reef Subsea is a 50/50 joint venture between Oslo Stock Exchange-listed GC Rieber Shipping ASA and HitecVision.

• Segment: Field Development / MMOD
• Location: UK / Norway
• Status: Active
• Year of investment: 2010
• Year of sale:  
• Web page: www.reefsubsea.com

Aarbakke Group

• HitecVision IV
• Drilling and Downhole
• Field Development
• Norway
• Current portfolio
• Aarbakke Group

Aarbakke is a leading supplier of precision manufacturing services to the oil and gas industry, specializing in the manufacture of subsea and downhole equipment to extreme quality standards.

Aarbakke Group AS consists of Aarbakke AS, Brd. Bauer-Nilsen AS, and IOS Tubular Management AS. Aarbakke is one of Europe’s leading suppliers of machining services. A constantly renewed machine workshop and equally skilful, well educated and motivated employees lets Aarbakke deliver top quality products on time and on budget. Aarbakke develops, constructs, machines, tests and controls products for the oil industry, in particular specialised products in short series.

Aarbakke is part of the AT Group.

• Segment: Drilling and downhole / Field Development
• Location: Norway
• Status: Active
• Year of investment: 2006
• Year of sale:  
• Web page: www.aarbakke.com

Grenland Group

• HitecVision V
• Field Development
• MMOD
• Norway
• Current portfolio
• Grenland Group

Grenland Group is a full-service engineering, procurement and construction company situated in 13 different locations in Norway, in addition to Shanghai and Kuala Lumpur. Grenland Group’s expansion is the result of a market-driven demand for complex solutions within field development, fabrication, marine & prosess solutions and maintenance & modifications.

The company mainly serves clients in the global oil and gas industry. Grenland Group is organised into the following business areas:

• Grenland Group Solutions
• Grenland Group Offshore Partner
• Grenland Group Fabrication

With this organisation, Grenland Group is better able to fulfil customer needs and obtain their satisfaction by providing flexibility, competence and capability to make deliveries within the full-range EPCI spectre, from conceptual design through engineering and fabrication to maintenance and operational support.

• Segment: Field Development / MMOD
• Location: Norway
• Status: Active
• Year of investment: 2009
• Year of sale:
• Web page: www.grenlandgroup.com

Technor

• HitecVision IV
• Field Development
• MMOD
• Norway
• Current portfolio
• Technor

The Technor companies manufacture and distribute electrical equipment for use in hazardous environments. Technor has manufacturing operations in France and Italy, with distributors in several other countries. Technor is part of the AT Group.

• Segment: Field Development / MMOD
• Location: Norway
• Status: Active
• Year of investment: 2006
• Year of sale:  
• Web page: www.technor.com

Axon Energy Products

• HitecVision V
• Drilling and Downhole
• Norway
• USA
• Current portfolio
• Axon Energy Products

Axon Energy Products is an acquisition platform in the drilling and well equipment segment.  The platform is headquartered in Houston Texas, and consists of several companies in Houston and Stavanger.

Hitec Products Drilling AS (HPD) is an independent, preferred provider of advanced, customised drilling solutions and well intervention systems for the offshore oil and gas industry. HPD has two distinct business segments: drilling solutions and well solutions, with a blue-chip customer base which includes oil majors, large oil service providers and drilling companies. 

Drilling Controls, Inc. (DCI) engineers, manufactures and sells primarily blow-out preventer (BOP) control systems, diverter controls and deepwater multiplex controls (MUX) for on- and offshore drilling rigs. The company has a significant installed base and customer relationships developed over 30 years in operation.

Church Energy Services, Inc. is a manufacturer of oilfield pressure control and flow control equipment.  Within its Pressure Control product line Church designs and manufactures a broad range of blowout preventers for both for drilling and well workover operations. The flow control product line includes gate and check valves for drilling applications such as choke and kill manifolds, chokes, flow control devices for drilling and production applications, and various types of valves for drilling, well completion and production applications.

• Segment: Drilling and Downhole
• Location: USA
• Status: Active
• Year of investment: 2008
• Year of sale:  
• Web page: www.axonep.com

SPG AS

• HitecVision IV
• Field Development
• MMOD
• Norway
• Current portfolio
• SPG AS

Vector is an internationally recognized manufacturer of proprietary pipe connection and sealing solutions and subsea applications, with as main products being the SPO compact flange, the TECHLOK clamp connector and the OPTIMA subsea connector. Vector has manufacturing facilities in Norway and Wales, and distribution centres worldwide.

Vector is part of the AT Group.

• Segment: Field Development / MMOD
• Location: Norway
• Status: Active
• Year of investment: 2006
• Year of sale:  
• Web page: vectorint.com

Spring Energy

• HitecVision V
• Exploration & Production
• Norway
• Current portfolio
• Spring Energy Norway

Spring Energy Norway AS is an oil and gas company established by a group of Exploration & Production (E&P) professionals with extensive experience and an excellent track record from the Norwegian Continental Shelf (NCS). On average, the team members have more than 20 years of E&P experience. Their pool of expertise include management, sub-surface, reservoir, production, licensing rounds, business development and portfolio optimisation.

The company participates in exploration, appraisal and development projects on the NCS, with the objective of developing a risk balanced portfolio over the next 3 to 5 years. To secure an optimal mix of assets, Spring Energy will seek to develop its portfolio through licensing rounds awarded by Norwegian authorities as well as acquiring acreage in the asset market. The company will pursue growth opportunities in both mature and immature areas on the NCS, combining innovative exploration methods with advanced technology and high competence.

Spring Energy is qualified by the authorities both as a license holder and an operator on the NCS.

• Segment: Exploration & Production
• Location: Norway
• Status: Active
• Year of investment: 2008
• Year of sale:  
• Web page: www.springenergy.no

Merrick Systems

• HitecVision V
• Field Development
• Norway
• Current portfolio
• Merrick Systems

Merrick Systems, Inc. is an established market leader providing industrial information technologies for the upstream and midstream oil and gas industry. Recognized for its industry expertise and innovative technologies, Merrick is committed to delivering best of breed solutions to improve production operations extending oil and gas producing asset life, lowering lifting costs, increasing production and optimizing operations. Headquartered in Houston, Merrick is establishing a global infrastructure to sell, implement and support its technologies around the world.

• Segment: Field Development
  
• Location: Norway
• Status: Active
• Year of investment: 2011
• Year of sale:  
• Web page: www.merricksystems.com