Investment team

HitecVision has a sixteen person senior investment team with an average of eighteen years of operational experience from the oil and gas industry and sixteen years of investment experience in the industry

  • Ole Ertvaag, Founding Partner and CEO

    Ertvaag co-founded HitecVision together with Jon Gjedebo and Ola Sætre, and his background includes 20 years of oil industry experience. He joined HitecVision’s predecessor Hitec in 1989, and held the position of CFO and later also as COO. In addition to operational, financial and accounting responsibilities, Ertvaag headed Hitec’s M&A activities and was in charge of structuring and negotiations of transactions. He has lead all the IPOs undertaken by Hitec and HitecVision, and has been instrumental in most of the investments and trade sales carried out through the Hitec system since the early 1990s. Ertvaag has a business education from the Norwegian School of Management.

  • Ola Sætre, Founding Partner

    Sætre has nearly 25 years of experience from the petroleum industry, and is a co-founder of HitecVision and its predecessor Hitec. He was Executive Vice President at Hitec, and has previously held executive-level positions in corporate management, marketing, operations, manufacturing and project management. In these capacities Sætre was involved in numerous negotiations and has been responsible for the acquisition of licensed technologies. Sætre is a qualified engineer, and has an extensive industry network and a deep industry knowledge.

  • Pål M. Reed, Senior Partner and Deputy CEO

    Reed joined the HitecVision team in 2005 as partner. Prior to this he was Chief Investment Officer of Argentum Fondsinvesteringer, the Norwegian State's PE fund investor with approximately NOK 5 billion under management. Reed's previous experience includes a number of years heading private investment companies, such as First Vice President in the Kreditkassen bank, working with structured finance; and partner and managing director of companies in the Pareto Group, a leading Norwegian investment bank. Reed is educated at the Norwegian School of Economics and Business Administration and at the universities of Oslo, Bergen and Paris Sorbonne.

  • Egil Stokka, Senior Partner and Legal Director

    Stokka is qualified as a lawyer and also holds a Master of Science in Business from the Norwegian School of Economics and Business Administration. Stokka has been an investment professional with HitecVision since 2001. He joined HitecVision from the position of Corporate Advisor in Marine Shuttle Operations, an oil service technology company, where he worked for three years. Prior to that, he spent several years practicing law in the law firms Schjødt and Langangen & Engesæth. Stokka has mainly worked on financial and legal assignments within corporate finance, IPOs, project development and contracts.

  • Gunnar Halvorsen, Senior Partner

    Halvorsen has more then 20 years' oil industry experience, working for HitecVision and its predecessors since 1997, initially as an investment manager with Cybernetix and later as the company's General Manager. Before this he spent a number of years at Amoco in Norway and Houston, where his latest position was head of the analytical department at Amoco Norway Oil Company. Prior to Amoco, he held positions as Senior Corporate Advisor at the Kreditkassen bank and Finance Manager at BJ Hughes. Halvorsen holds a MSc in Finance from the University of Colorado, USA.

  • Atle Eide, Senior Partner

    Eide joined HitecVision in 2007. From 2003 to 2007 he was the CEO of Marine Harvest ASA and one of its predecessors Pan Fish ASA. Eide's previous work experience includes the CEO position of a number of listed and unlisted companies. Eide has been non-executive chairman of the board of the fund HitecVision III since its inception in 2002, and has also held a number of non-executive board positions in companies such as Fokus Bank, Acta, Cermaq and SalMar.

  • Kjell-Erik Endresen, Senior Partner

    Endresen joined HitecVision's partner group in 2008. He brings 23 years of experience and expertise from the oil and gas sector, having worked at Ernst & Young since 1985 - as a partner from 1997 - and provided auditor and transaction advisory services to large Norwegian and international companies in the sector. Endresen has headed a large number of projects in connection with IPOs, M&As, share issues and restructuring both in Norway and cross border. Endresen is a State Authorised Public Accountant from the Norwegian School of Business Administration.

  • Tor Espedal, Senior Partner

    Espedal joined the HitecVision team in April 2010 as Senior Partner. He brings more than 22 years of international oil and gas experience to HitecVision. Espedal comes from the position as Vice President of Subsea7’s activities on the Norwegian Continental Shelf. Prior to joining Subsea7, Espedal worked 17 years for Statoil in a number of business areas and locations. During his last years at Statoil, Espedal worked on Statoil’s international E&P strategy (Acquisitions and Divestments) with particular responsibility in the Latin American region. Espedal has extensive international experience, having led a number of major projects and contributed in building Statoil’s international presence. Espedal has an extensive network in the industry, both nationally and internationally. Espedal has a MS.c from the Norwegain School of Management.

  • Pål Reiulf Olsen, Senior Partner

    Olsen has 20 years of experience from the oil and gas sector and joined HitecVision in 2009. He has for the past 14 years been Director, Corporate Finance, in the Norwegian investment bank First Securities ASA (formerly Elcon Securities AS) and has for the past ten years headed First’s energy sector corporate finance team. Mr. Olsen has extensive experience from the Norwegian energy industry, in particular within E&P and the oil service sector. He has been responsible for numerous IPO and equity issues, and managed a number of mergers and acquisitions. He has a large personal network in the oil and gas industry. Mr. Olsen has also co-founded two oil service companies. Prior to joining Elcon Securities Pål Reiulf Olsen served as Chief Controller and Head of Strategic Planning in Aker ASA, parent company of the Aker Group. Pål Reiulf Olsen received a MSc in Business from the Norwegian School of Economics and Business Administration in 1982 and is a CPA.

  • Harald Vabø, Senior Partner

    Harald Vabø joins HitecVision from the position as CEO of the oil company Wintershall Norge (formerly Revus Energy). Vabø has a long track record from the oil industry and is perhaps best known as co-founder and CEO of Revus Energy. Revus was established in 2002, listed on the Oslo Stock Exchange (OSE) in 2005 and after a number of significant discoveries, sold to Wintershall in 2008. From 1988 to 2002, Harald Vabø worked for Enterprise Oil Norge, another company known for its strong results on the Norwegian Continental Shelf (NCS). Harald Vabø holds a BSc Honours Degree in Civil Engineering from Sunderland Polytechnic (UK).

  • Svein Arild Killingland, Senior Partner

    Svein Arild Killingland joins HitecVision from the position as head of Business Development of the oil company Wintershall Norge (formerly Revus Energy). Prior to Wintershall, Killingland worked at Statoil from 1983 to 2008. In Statoil he built up the portfolio management function, before joining the IPO team prior to Statoils listing in 2001 as responsible for Statoils 50bn NOK asset acquisition from the State Direct Financial Interest. He has also worked on a number of business development assignments in Russia, North Africa and the Americas, and was responsible for Statoil/Hydro's business development in Eurasia, Middle East and Asia.

  • Christian Berg, Senior Partner

    Christian Berg joined HitecVision 1st of April from the position as CEO of Hafslund ASA where he has led the company through consolidation and growth within its core activities. Hafslund is a major integrated Nordic utility listed on Oslo Stock Exchange. Berg joined the company in 1998 as Vice President for business development, and became a member of the group management in 2000, then as CFO. During his tenure as CFO and CEO, Christian Berg was responsible for a number of successful investments, initial public offerings and divestments.  Christian Berg holds a M.Sc. from the Norwegian School of Economics (NHH) in Bergen.

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  • Jan Erik Rugland, Partner Industry

    Rugland is based in HitecVision’s Stavanger office, and joined the team in 2010. He brings 16 years of experience and expertise from the oil and gas sector, having worked for National Oilwell Varco and its predecessor Hitec since 1993. Rugland has for the last five years led National Oilwell Varco’s Stavanger-based engineering, manufacturing, installation, and service operations, and has also been responsible for business development including acquisition targeting. Prior to the position as Vice President, Jan Erik Rugland started his career in Hitec and National Oilwell holding positions as Project Manager, Completions Manager and QA Manager. He has a large personal network in the oil and gas industry. Mr. Rugland holds a BSc in Management Science from UMIST and a MSc in Quality Management from the University of Stirling.

  • Per Hatlem, Partner Industry

    Hatlem has been a member of the HitecVision team since 2007 and has 25 years experience from the oil and gas sector which includes 14 years within the offshore industry, working 10 years for Norske Shell and Statoil on R&D project management and commercialization and four years as CEO of the listed oil services company Norwegian Applied Technology ASA. Hatlem has also been the CEO of Comrod AS, a leading manufacturer of highly specialized antennas, masts and power supply mainly directed at the defence and marine markets world wide, and the CEO of the international food producer and supplier Danica Foods Group AS.

  • Arne Magnus Rise, Partner Industry

    Rise has been with HitecVision since 2008. He was formerly a Senior Associate Director of Arkwright, where he worked since 2000, working primarily with Energy Services, Process, and Private Equity industries. He has experience in strategy, commercial due diligence, corporate finance, performance improvement, and restructuring. Rise holds a M.Sc. degree from the Norwegian School of Economics and Business Administration. He has also studied Philosophy and Law at The University of Bergen.

  • Lars Erling Krogh, Partner Industry

    Mr. Krogh joined HitecVision as a Partner Industry in August 2011 and
    has assumed the position of acting CFO at Troms Offshore Supply. He previously worked for six years as Investment Director at Kistefos AS,
    a privately held investment company, where he was responsible for the company’s shipping and offshore activities. His primary responsibility was to develop the operational and financial performance of four shipping and four offshore companies. Prior to working at Kistefos, Krogh was a Partner at Convexa Capital, a venture capital firm in Norway. Over the past year, he has managed a family owned business.

    Mr. Krogh holds a BA in Political Science from Boston University and executive training from the Harvard Business School Private Equity and Venture Capital Program.

  • Pål A. Dahlberg, Chief Investment Officer

    Dahlberg has more than fifteen years' oil service industry experience, working for HitecVision and its predecessor companies since 1992. He was a member of the team responsible for most of the publicly listed Hitec group’s acquisitions, sales and spin-off IPOs, and from 1995 to 2000 was also in charge of Investor Relations. His experience also includes other operative positions in the Hitec group, mainly within sales, internationalization and public relations. His previous experience includes three years in London, mainly assisting the internationalization of Norwegian businesses for the Norwegian Export Council. Dahlberg holds a Master of Science in Business from the Norwegian School of Economics and Business Administration.

  • Joachim Modahl, Investment Director

    Joachim Modahl joined the HitecVision team in 2006. He has previously worked as an investment banking analyst at Stifel, Nicolaus & Co in Denver, USA, and as a Venture Capital Analyst at Såkorninvest in Stavanger. Modahl holds a BSc in Business Administration from the University of Denver, USA

  • John Smolen, Investment Director

    Mr. Smolen joined the HitecVision’s Houston Office in September 2011 from his position as a consultant providing financial advisory services to Milagro Exploration. He previously worked as a Senior Analyst in the Financial Planning and Analysis Group of Express Energy Services (a Macquarie Capital oilfield services portfolio company) and as an Investment Banking Associate in Macquarie’s Global Oil and Gas Group over a period of four years. Mr. Smolen has also worked as a Commercial Real Estate Investment Banking Analyst at Churchill Capital Company and as a Private Markets Analyst in the University of Texas Investment Management Company (“UTIMCO”).

    Mr. Smolen obtained his BBA in Finance from The University of Texas at Austin and his MBA from INSEAD Business School in France. He holds the Chartered Financial Analyst (CFA) designation.

  • Dagfinn Nygaard, Investment Director

    Mr. Nygaard joined the HitecVision’s Stavanger office as an Investment Director in September 2011 from his position as CFO & Business Development Manager with Angle Wind AS, a wind turbine technology company. Prior to joining Angle Wind, Mr. Nygaard worked for three and a half years as a corporate finance advisor at Pareto Securities in Stavanger. Prior to working for Pareto, he was a management consultant for five years at Deloitte in Oslo and PwC in Stavanger.

    Mr. Nygaard holds a M.Sc. from the Norwegian School of Economics and Business Administration (NHH) in Bergen.

  • Per Jarle Dysjaland, Senior Associate

    Dysjaland joined HitecVision’s investment team as an analyst in 2008. He has previously worked at Marine Harvest ASA and its predecessor Pan Fish ASA as a strategical analyst within finance and business development, focusing on reporting and M&A activities. Dysjaland has also worked at FABI AS/Procom Venture AS as a consultant. He is a chartered engineer, and holds a Masters Degree in Industrial Finance and a BA in Business and Technology Science from the University of Stavanger.

  • Andreas S. Oulie, Senior Associate

    Andreas S. Oulie joined HitecVision’s Oslo office in June 2010. He has for the past three years been an Advisor in the Corporate Finance department of First Securities AS, a Norwegian investment bank. Oulie has advised on and executed transactions within the E&P and oil service universe. Prior experience include internships in the equity research department of First Securities AS and a position as Finance Journalist at The Norwegian Financial Daily (Finansavisen). Oulie holds a BSc in Economics and Business Administration from the Norwegian School of Economics and Business Administration (NHH).

  • Ronny Karlsen, Senior Associate

    Mr. Karlsen joined HitecVision’s Stavanger Office as an Senior Associate in March 2012 from Pareto Securities, Corporate Finance department in Oslo and New York. Prior to working for Pareto, he was an Associate in Perella Weinberg Partners oil and gas team in London.

    He started his career as an analyst in UBS Investment Bank, Investment Banking Division, Energy Team in London.

     

    Mr. Karlsen holds a M.Sc. from the Norwegian School of Economics and Business Administration (NHH) in Bergen.

     

  • Andreas Marø, Associate

    Mr. Marø joined the HitecVision investment team in May 2011, working through the summer.
    He is currently pursuing an MSc in Business Administration (MBA), with a major in Entrepreneurship and Private Equity at Cornell University, USA. Upon completion of his MBA, Mr. Marø will assume a full time position as Associate at HitecVision’s Oslo office, in spring 2012. Prior to his MBA studies, Marø worked for three years as an Analyst at Arkwright Norway, a management consultancy specializing in strategy development and private equity M&A.

    Marø also holds a BSc in Business and Economics from the Norwegian School of Management, BI in Oslo.