HitecVision sells Tampnet to EQT Infrastructure Fund
HitecVision sells Norwegian offshore oil and gas broadband operator Tampnet to EQT Infrastructure in a transaction valued at around NOK 1.5 billion. Tampnet operates the largest offshore high capacity communication network in the world, serving more than 100 Oil & Gas Platforms, FPSOs and Exploration Rigs. During HitecVision’s ownership the company has increased revenues by ca. 60% and EBITDA by ca. 75%. Tampnet is positioned to continue its growth both in the North Sea and select international oil and gas offshore locations.
HitecVision has signed an agreement to sell offshore high-speed communication operator Tampnet AS to EQT Infrastructure. Established in 2001, Tampnet has pioneered the industry, developing a high capacity, resilient and low latency communication network of fibre backbone cables and radio links which serves the Norwegian and the UK sector of the North Sea. The Company is headquartered in Stavanger, Norway.
HitecVision acquired Tampnet in July 2010 from Statoil, who originally formed the company and developed it to a solid stand-alone entity. Under HitecVision’s ownership the company has developed further and performed strongly. Through the acquisition of TeliaSonera’s North Sea Communications AS in 2011, the company consolidated its position as the premier provider of offshore high-speed communications to the North Sea oil and gas industry.