HitecVision announces investment in Poseidon Group
Poseidon Group AS is a recognized supplier of engineering, system solutions, technology and consultant services within construction, operation and maintenance of subsea oil and gas fields. The company was founded in 2000 by eight former employees of Saga Petroleum, and has today 110 highly qualified and specialized employees. Poseidon expects revenues of NOK 200 million in 2007. The company’s ambition is to become a major supplier of competence and technology to the international subsea market. Poseidon is today owned by the employees.
On April 27th 2007 HitecVision entered into a letter of intent to acquire 40% of the shares in Poseidon. In addition, HitecVision and Poseidon’s current shareholders will invest NOK 200 million in Poseidon to build the company through organic growth and acquisitions.
“Poseidon has succeeded in its home market, having achieved high traction with operators in the Norwegian and British North Sea, in addition to several projects in West Africa. However, we see that the market for specialized subsea competence and new technology is strong going forward, and have therefore sought a financial partner. The choice of HitecVision is based on the dynamics that our merged forces will create with technical, market and financial competence, a unique position in the market combined with a strong financial muscle. Poseidon can now achieve a more rapid growth, execute lager contracts and expand internationally”, says Ståle Brattebø, CEO of Poseidon.
Ole Ertvaag, CEO and Funding Partner of HitecVision, states: “With high activity in the petroleum industry and scarcity of human resources many companies experience an increased need for external, specialized competence, particularly in the subsea sector. Poseidon has shown impressive growth and has an ambition to become a player of international format in the subsea market within a few years. We would like to take part in this journey. Poseidon is our first direct investment in a pure subsea company, and provides a strategic platform within this segment.”
HitecVision’s investment will be made from the fund HitecVision Private Equity IV LP. Final closing is subject to satisfactory due diligence.
About Poseidon Group AS:
Poseidon is a leading supplier of services and technology to subsea oil and gas production fields. The services and products can be used in all phases of the life cycle of a plant, from pre-studies to production and decomissioning, and facilitates increased recovery from old and small fields. Poseidon’s head office is in Stavanger, and the Group has branch offices in Oslo, Bergen, Trondheim and Aberdeen.