HitecVision Acquires Deep Sea Mooring

HitecVision has acquired Deep Sea Mooring. Deep Sea Mooring was established by Odfjell Drilling in 2008.

PRESS RELEASE

HitecVision is pleased to announce the acquisition of 100% of Deep Sea Mooring.
Deep Sea Mooring (DSM) was established by Odfjell Drilling in 2008. DSM has been
developed from an in-house mooring service provider to one of three providers of
mooring services to E&P companies and rig owners in Norway. The company offers
rental equipment, pre-lay mooring solutions and ancillary services and serves the
market through its locations in Mongstad and Kristiansund.
Simen Lieungh, CEO of Odfjell Drilling states: For 40 years Odfjell Drilling has been a
pioneer in the offshore drilling industry with a proven track record of establishing
and developing new businesses. We are proud of having developed Deep Sea
mooring to a stage where it has a strong potential on a stand-alone basis. We
believe in the future of the company, product and service portfolio and its competent
and dedicated team of people. Under HitecVision’s ownership, Deep Sea Mooring can
certainly become a potent player in the international mooring industry. We believe
HitecVision are the right owner to develop Deep Sea Mooring in the international
mooring industry.
Gunnar Halvorsen, Senior Partner of HitecVision, comments: “We are impressed by
the development of Deep Sea Mooring under Odfjell’s ownership, and are pleased to
have been entrusted by Odfjell to become the new owners of the company.”
Deep Sea Mooring, being a niche supplier of critical services to the oil and gas
companies, is a typical investment for HitecVision. We have followed and invested
in this segment before, and believe Deep Sea Mooring has great future potential. We
look forward to working with the company’s management to develop it further.
Åge Straume, Vice President of Deep Sea Mooring, adds: “We have had a great cooperation
with Odfjell as owner and customer, and look forward to a continued close
relationship. HitecVision as a new owner is welcomed by both Deep Sea Mooring
management and employees. We know HitecVision as a leading investor for our type
of company, with a strong track record in this segment, and we have noted the
success of previous investments. With this strong investor backing, we will be able
to grow Deep Sea Mooring further as the preferred supplier of high quality mooring
equipment, pre-lay mooring solutions and services to the oil and gas industry.
The transaction is subject to approval from relevant competition authorities
Contact persons:
Gunnar Halvorsen, Senior Partner HitecVision, mobile +47 91 83 39 06
Kjell Erik Endresen, Senior Partner HitecVision, mobile +47 98 20 66 53
About HitecVision
HitecVision is a leading investor in the international oil and gas industry with offices
in Stavanger, Oslo and Houston. The investment focus is on middle market
investments in oilfield services and technology companies, and exploration and
production (“E&P”) companies across the oil and gas value chain. HitecVision
manages four funds with more than $ 3 billion in assets under management.
About Odfjell Drilling
Odfjell Drilling is a privately owned international drilling, well service and
engineering company. We have been in involved in international drilling operations
since the early seventies. The company has 3000 employees and operates in 20
countries worldwide.