HitecVision invests in DeepWellCompany News // January 3, 2014
HitecVision has announce a growth capital investment in DeepWell AS, a well intervention company serving oil companies with wireline and other well intervention services on the Norwegian Continental Shelf.
Established in 2006, DeepWell is based in Haugesund, Norway. Its main shareholders are the two local shipping companies, Solstad and Østensjø, with ownership of 39 per cent and 36 per cent, respectively. The remaining shares are owned by DeepWell’s employees and the Chairman of the Board, Geir Egil Østebøvik.
Solstad and Østensjø have supported the company as industrial investors since inception, and will continue their ownership in the company by rolling over 100 per cent of their equity. Both companies have played central roles in advancing the subsea cluster located in the region. Further, they are committed to investing pro rata in order to accelerate the game plan.
HitecVision has for some time sought an entry into the well intervention segment. DeepWell has over the last few years developed strongly, and has successfully established itself as a potential number three well intervention player on the NCS. HitecVision’s investment in DeepWell will leverage the company’s strong position within wireline services to grow the company in scale and scope. The investment was made through HitecVision VI LP.