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HitecVision Sells Tampnet to EQT Infrastructure Fund

HitecVision has sold Norwegian offshore oil and gas broadband operator Tampnet to EQT Infrastructure for around NOK 1.5 billion ($0.3 billion). Established in 2001, the company is headquartered in Stavanger, Norway.

PRESS RELEASE

HitecVision sells Norwegian offshore oil and gas broadband operator Tampnet to EQT Infrastructure in a transaction valued at around NOK 1.5 billion. Tampnet operates the largest offshore high capacity communication network in the world, serving more than 100 Oil & Gas Platforms, FPSOs and Exploration Rigs. During HitecVision’s ownership the company has increased revenues by ca. 60% and EBITDA by ca. 75%. Tampnet is positioned to continue its growth both in the North Sea and select international oil and gas offshore locations.
HitecVision has signed an agreement to sell offshore high-speed communication operator Tampnet AS to EQT Infrastructure. Established in 2001, Tampnet has pioneered the industry, developing a high capacity, resilient and low latency communication network of fibre backbone cables and radio links which serves the Norwegian and the UK sector of the North Sea. The Company is headquartered in Stavanger, Norway.

HitecVision acquired Tampnet in 2010 from Statoil, who originally formed the company and developed it to a solid stand-alone entity. Under HitecVision’s ownership the company has developed further and performed strongly. Through the acquisition of TeliaSonera’s North Sea Communications AS in 2011, the company consolidated its position as the premier provider of offshore high-speed communications to the North Sea oil and gas industry.

HitecVision is specialist investor that invests in and develops high growth, niche oriented companies in the oil and gas industry – companies similar to Tampnet. Our role as an owner is to transform companies, strengthening their value proposition, and within a defined period, sell them onwards to the industry.

HitecVision believes that EQT, who have previously invested in several companies with comparable business models, has the competencies and the financial strength to bring Tampnet to the next level.

Ole Ertvaag, CEO of HitecVision, comments: “We are very impressed by the development of Tampnet and the performance of the company’s management. We believe that EQT as new owners will, together with management, continue to grow the company in the North Sea and internationally”.

The transaction is subject to customary merger clearance from Norwegian competition authorities.

Artic Securities have acted as exclusive financial advisors for HitecVision.

For further information, please contact:
Pål M Reed, Senior Partner, HitecVision.
Phone +47 9226 7171

Arne Trondsen, Senior Partner, HitecVision
Phone + 47 22 01 40 22 or + 47 9260 4424

About HitecVision
HitecVision is a leading investor in the international oil and gas industry, providing capital and competence to growth companies in Europe and North America. The firm’s background from the industry enables it to create value by partnering with entrepreneurial managers to build substantial and sustainable companies.

HitecVision is a serial entrepreneur having acquired, invested in or established more than 100 companies, exited over 70, and listed seven companies (IPOs).

HitecVision manages four funds with a total committed capital of USD 3 billion and is headquartered in Stavanger with offices in Oslo and Houston

About Tampnet
Tampnet operates the largest offshore high capacity communication network in the world, serving more than 100 Oil and Gas Platforms, FPSOs and Exploration Rigs. Pioneering the industry, Tampnet has developed a high capacity, resilient and low latency communication network of fiber backbone cables and radio links, serving both the Norwegian and UK sector. Tampnet is an authorized telecommunications operator in Norway and in Australia. Tampnet was established by Statoil in 2001 and acquired by HitecVision in 2010.

About EQT
EQT is the leading private equity group in Northern Europe with over EUR 19 billion in raised capital and multiple investment strategies. Together with an extensive network of independent Industrial Advisors, EQT implements its investment strategy by acquiring or financing good medium-sized to large companies in Northern and Eastern Europe, Asia and the United States, supporting their development into leading companies. Development is achieved by an industrial strategy with focus on growth. Since inception, EQT has invested more than EUR 11 billion in around 100 companies and exited close to 50. EQT-owned companies have more than 550,000 employees. EQT Infrastructure is a EUR 1.2 billion fund, launched 2008, investing in medium-sized infrastructure businesses in the Nordic region, parts of Continental Europe, and North America.