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About us
Hitecvision Bilder08

Ocean Installer’s construction support vessel Normand Clipper is capable of performing subsea work around the year in the North Sea

History

HitecVision has acquired its knowledge of the oil and gas industry by focusing exclusively on this industry for almost 30 years, first as a part of the industry, and later as an investor in the industry. We continue to recruit mainly from the industry. Our history can be divided into three distinct phases

Industrial phase (1985-2000)

The history of HitecVision goes back to 1985 when our predecessor company Hitec AS was established by Jon Gjedebo and Ola Sætre, as a supplier of control systems and instrumentation to the drilling industry. Ole Ertvaag was recruited as the fast-growing company’s first CFO in 1989. Hitec went public in 1994, and during the 1990s the team established a strong track record of acquiring, developing and spinning out oil service and related technology companies, as well as organic growth and international expansion of the drilling technology business.

Holding company phase (2000-2005)

In 2000, Hitec’s drilling technology business was sold to National Oilwell (now National Oilwell Varco) and the company was taken private.  While Mr Gjedebo joined National Oilwell, Ole Ertvaag and Ola Sætre founded HitecVision to act as a holding company to manage the remaining 14 Hitec companies that were not part of the National Oilwell transaction. This legacy portfolio was further developed and partly realized, before being spun out in 2005 as a separate entity with other owners and other management.

Private equity phase (2002 – present)

In 2002, Ole Ertvaag and Ola Sætre took HitecVision to the next phase, by raising our first institutional private equity fund, HitecVision III (NOK 690 million/USD 120). (The numeration in recognition of Hitec and the legacy portfolio being the first two investment vehicles.) Over the last decade, HitecVision has continued to pursue its strategy to become a leading sector-focused private equity manager.  The Firm raised HitecVision IV (US$300 million) in 2006, HitecVision V (US$816 million) in 2008, HitecVision Asset Solutions (US$420 million) in 2010, HitecVision VI (US$1,500 million) in 2011 and HitecVision VII (US$1,900 million) in 2014.
With strong growth in capital and a team of 61 between offices in Norway and the US, we have always remained true to our focus on the oil and gas sector only, and believe that this discipline is key to our success.