Norwegian private equity firm HitecVision invests in DeepWell
HitecVision has revealed a growth capital in well intervention firm DeepWell AS. The latter provides services for oil companies on the Norwegian Continental Shelf. The financial terms of the investment were not disclosed, according to Oil Pubs.
DeepWell is presently based in Haugesund, Norway. The firm was established in 2006. The company is presently owned by local shipping firms Solstad and Ostensjo, with ownership of 39% and 36% respectively. The rest of the company's shares are owned by its employees and the Board Chairman Geir Egil Ostebovik, the report detailed.
Under the terms of the transaction, both Solstad and Ostensjo will maintain their ownership in DeepWell by rolling over 100% of their equity, the report stated.
For some time, HitecVision has sought an entry into the industry of well intervention. Over the last few years, DeepWell has developed strongly and established itself as a potential top player in the said field. HitecVision's backing in DeepWell will be used for its growth and expansion, the report explained.
The said investment was made through HitecVision VI LP, Oil Pubs reported.