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HitecVision invests in the Momek Group

HitecVision announced 13 of September the acquisition of 50% of the Momek Group. Momek Group is one of the largest industrial contractors in Northern Norway, providing services to the oil & gas, mining and process industries.

The oil & gas industry in Northern Norway is expected to grow in the coming years based on several discoveries in the Norwegian sector of the Barents Sea and the Norwegian Sea (Skrugard, Havis, Norvarg). There are also a number of fields currently under development (Aasta Hansteen, Goliat, Skarv). These new developments will come in addition to producing fields in the Norwegian Sea like Norne and Marulk, and Snøhvit in the Barents Sea, operated by major oil companies like Statoil and Eni.

To participate in the projected activity growth in the region, HitecVision has decided to establish a Northern Norway focused oil & gas services platform. The investment in Momek Group marks the establishment of this new platform.

Momek Group was founded by and is still led by Mr. Wiggo Dalmo. Mr. Dalmo will continue as CEO of Momek Group AS and will also be a major shareholder in the new platform company.