HitecVision completes exit from Norway's Noreco
HitecVision has sold its remaining share of oil service company Norwegian Energy company ASA (Noreco). The sale was via a market placement and brings the total proceeds from the Noreco investment to NOK 360m. 3i, HitecVision and Lyse Energi invested NOK 500m into Noreco in October 2005 (December 2005). The company floated in November 2007.
The Noreco investment was made from HitecVision Fund III, which is expected to be fully exited by the end of the fund's seven-year lifespan at the end of June this year.
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