HitecVision invests in DeepWell

The deal sees DeepWell extending a share issue to HitecVision with the value of NOK 285m. According to DeepWell shareholder Solstad Offshore, an additional NOK 200m share issue has been secured as growth capital in the future.

The firm invested via its HitecVision VI fund, which closed in July 2011 on its hard-cap of $1.5bn after just four months on the road. The fund had originally set a target of $1.25bn.

DeepWell's current main shareholders are Norwegian shipping companies Solstad Offshore and Østensjø, which own stakes of 39% and 36% respectively.

Following the capital injection by HitecVision, Solstad's shareholding in DeepWell will decrease to approximately 20%, according to Solstad.

The remaining shares in DeepWell are held by company employees and board chairman Geir Egil Østebøvik.

Company
Founded in 2004, DeepWell is headquartered in Haugesund and currently employs 124 staff. The company recorded turnover of NOK 190m in 2012, and is expected to generat approximately NOK 220m in 2013.

DeepWell is a well intervention company specialising in wireline services for oil companies on the Norwegian Continental Shelf. Wirelines are electronic cables that are used to transmit data and lower tools into wells. Clients include BP, Statoil, ConocoPhillips and Maersk Oil.

People
Martha Kold Bakkevig is the CEO of DeepWell.

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• Topics
• Expansion
• Nordics
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• HitecVision