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NORWAY - HitecVision aquires 49% of Sørco

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HitecVision Private Equity has agreed to acquire 49% of the Sørco Group, a major provider of systems and services to the Norwegian and international oil and gas industry. HitecVision Private Equity specialises in investing in growth companies in the oil and gas sector, so the company fits well in HitecVision's portfolio.

The Sørco Group is a privately held group of independent companies based in Stavanger. Major companies in the group include Sørco, Leirvik Module Technology, Maritime Systems, Teknisk Bureau and Nemo Engineering. The companies supply a wide range of technologies and services to the oil and gas industry, with some additional activities in other industries.

Sørco has shown growth over the past years. Revenues have doubled since 2004. The estimated revenue is expected to exceed NOK 1.6 billion (USD 270 million) in 2007. Based on a strong market and order books, Sørco is expected to continue to grow in market.The group employs about 1000 people.

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