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About us
Hitecvision Underside Bilder 0020 Bygg A Hinna Park Kontor Stavanger Sept 19 Bge Fotograf Hitec Vision 04

History

HitecVision has acquired its knowledge of the offshore energy industry by focusing exclusively on this industry for more than 30 years, first as a part of the industry, and later as an investor in the industry. The company continues to build its teams by recruiting mainly from the industry. HitecVision's history can be divided into four distinct phases:

Industrial phase (1985-2000)

The history of HitecVision goes back to 1985 when the firm's predecessor company Hitec AS was established as a supplier of control systems and instrumentation to the drilling industry. Ola Sætre was amongst the founders, and 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. Ole Ertvaag and Ola Sætre founded HitecVision to act as a holding company to manage a legacy portfolio of 14 Hitec companies that were not part of the National Oilwell transaction. This portfolio was further developed and partly realized, before being spun out in 2005 as a separate entity with other owners and management.

Private equity phase 1 (2002 – 2014)

In 2002, Ertvaag and Sætre took HitecVision to the next phase, by raising our first institutional private equity fund, HitecVision III (NOK 690 million/USD 100 million). (The numeration in recognition of Hitec and the legacy portfolio being the first two investment vehicles.) With the divestment of the legacy portfolio in 2005 the transformation to pure private equity firm was complete. The firm raised HitecVision IV (USD 300 million) in 2006, HitecVision V (USD 816 million) in 2008, HitecVision Asset Solutions (USD 420 million) in 2010, and HitecVision VI (USD 1,500 million) in 2011.

Private equity phase 2 (2014- present)

HitecVision continues to pursue its strategy to be a leading sector-focused private equity investor. HitecVision VII (USD 1,900 million) was raised in 2014, with a focus on larger investments in companies that combine relatively secure cash flows with significant upside potential, such as energy infrastructure.

With strong growth both in capital and the number of portfolio companies, we have always remained true to our focus on the offshore energy sector only, and believe that this discipline is one of the keys to our success. We have been part of the industry's development for more than three decades, and we aim to be part of the energy transition that will happen over the next decades.