HitecVision announces investment in OilCamp AS
OilCamp AS, a leading Norwegian provider of communications services to the oil industry, has today changed owners. The company, which was established by Telenor in 2000 and which over the last few years has been owned by Telenor Venture IV, has been sold to the management team led by CEO Bjørn Munthe and sales & marketing director Tom Rune Espedal, with financial support from Petroleum Networks Holding AS.
OilCamp operates SOIL, a secure, high-capacity communications network for the oil and gas industry in Norway and the UK, with over 170 customers amongst oil companies and the supply industry. The Company is also responsible for the communications solutions to a number of drilling rigs currently operating on the Norwegian continental shelf. The Company has 13 employees in Stavanger and Aberdeen, and in 2005 had revenues of about NOK 27 million.
Petroleum Networks Holding is owned by the private equity fund Energivekst, and has been established as the fund’s investment platform within the oila nd gas industry communications segment. This platform also includes RigNet, Inc., an American company which is among the world leaders in rig communications. It is expected that OilCamp and RigNet will develop a close operating relationship. Energivekst is managed by HitecVision Private Equity, which specializes in investments in the global oil and gas industry.
Bjørn Munthe states: “When Telenor Venture signalled that they were looking at other possibilities for OilCamp, it was important for us to act in a proactively. We are satisfied with having the support of such a strong and experienced investor, and we look forward to realizing our growth plans by cooperating with a global company like RigNet.”
Gunnar Halvorsen, Partner of HitecVision, adds: “Communications is an exciting growth area within the oil industry in Norway and globally. OilCamp is an important add-on acquisition for our investment platform for this segment.”
Bente Loe, partner in TeleVenture Management, comments: “We have contributed to developing OilCamp into a profitable and international business. The Company is out of the venture stage and we are positive towards management’s and its partner’s desire to further develop the company industrially.”