HitecVision Establishes CapeOmega

CapeOmega has been established as a start-up E&P company focusing on late life production and decommissioning on the Norwegian Continental Shelf (NCS).

After decades of successful exploration and production of the NCS, a large backlog of decommissioning activities has accumulated including the permanent plugging and abandonment of a significant number of old wells. CapeOmega will be the first operator specializing in tail-end production and abandonment on the NCS, and expects through this specialization to achieve cost savings through scale, the use of state of the art technology and learning from repeated abandonment projects.

Mr. Frode Losnedal has been recruited as CEO. Mr. Losnedal was previously the CEO of Ross Offshore. An experienced management team and board have been recruited to the company.