Successful IPO for Revus Energy

Guy
27 June 2005

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Revus Energy, the independent Norwegian upstream company, has achieved a successful flotation of its business on the Oslo Stock Exchange with trading of the company's ordinary shares due to commence today.

The company is valued at £95m based on a placing price of NOK42 per share. 3i and HitecVision Private Equity (investing through its Energivekst fund) led the first institutional funding round, providing working and growth capital to allow Revus to pursue its growth strategy. Given the strong market appetite of the offering, 3i has sold down a significant stake in the transaction.

Mike Hill, investment director in 3i’s Oil & Gas Team, commented: "We are delighted that Revus has achieved a successful flotation on the Oslo Stock Exchange today. This has enabled the company to raise £21m of capital to fund further exploration and field development projects. The flotation is a key step in allowing the business to pursue its growth aspirations."

Gunnar Halvorsen, partner in HitecVision, said: “Revus is a model investment for us. A first-class management team and the right market timing have created a company that is mature for a listing only 30 months after it was created. We are proud to have been among the initiators of this success story.”

Dr Andrew Armour, executive chairman of Revus, added: "3i and HitecVision have played an instrumental role in helping Revus reach this point of successful listing on the Oslo Stock Exchange. They have provided financial support, worked with us closely to build the board and have helped support the growth of the business with their strong sector understanding."