HitecVision acquires Bennex and initiates co-operation between Bennex and Technor

HitecVision Private Equity has negotiated an agreement for the acquisition, through CET Holding AS, of Bennex AS. CET Holding has also recently acquired 100% of Technor ASA. HitecVision sees considerable potential in developing a closer integration between Technor og Bennex.

HitecVision Private Equity today announced that it has entered into a letter of intent to acquire Bennex AS. The transaction is being carried out through the holding company CET Holding AS, which also recently acquired 100% of Technor ASA. HitecVision sees substantial opportunities for developing a close working relationship between Technor and Bennex.

Bennex is an established supplier of subsea technology and valves to the international oil and gas industry. The company holds a leading position within electrical distribution systems, control systems and terminated cable systems, all for subsea use. Applications for Bennex technologies include subsea production systems, seismic surveying and remote controlled operations. The company’s revenues in 2006 are expected to be about NOK 300 million (USD 50 million).

Pål Reed, Chairman of CET Holding and Partner in HitecVision, states: “Bennex is an exciting company, with proprietary technologies and a strong position in the rapidly expanding subsea market. We also see interesting opportunities for Technor and Bennex to co-operate on market development, product development and general operations.”

Through CET Holding, HitecVision has also recently acquired the listed company Technor ASA, which is in the process of being delisted from the Oslo Stock Exchange. Technor is an international technology company with operations in Norway, France, Great Britain and the United Arab Emirates. . The Group has two main business areas: ElectroTech and FlowTech, and two main markets, upstream oil & gas and LNG. The ElectroTech division has its core competence within electrical engineering, instrumentation and electronics, while the FlowTech division has its core competence within flow technology, cryogenic valves and wellhead valves.