Maritime Systems and Teknisk Bureau join the new technology group APPLY

Stavanger, 18th February 2008:
Maritime Systems and Teknisk Bureau join forces with Asator and North Sea Innovation, forming the technology group APPLY. APPLY will be a substantial player in the offshore and construction markets with nearly 1000 employees and expected revenues over NOK 1 billion.

Maritime Systems is a provider of engineering services and complete technology systems for offshore installations. Teknisk Bureau provides technical solutions and services to offshore and land-based industry and construction enterprises. The companies are part of Sørcogruppen, where HitecVision owns 50% through its fund HitecVision Private Equity IV.

Asator provides electric, automation and telecommunication services and solutions, primarily to the oil sector and maritime industry. North Sea Innovation is a complete supplier of electric and automation solutions to the maritime market. The four companies have strong positions within their respective markets and have individually achieved considerable growth over the past years.

With nearly 1000 employees and a wide range of products, services and solutions APPLY has the competence and size to compete for large technology projects within the petroleum industry and maritime sector as well as land-based industry and the construction market. Several of the companies in the APPLY group have operations outside of Norway, and the growth plan includes international expansion both organically and through acquisitions. APPLY’s revenues for 2008 are expected to exceed NOK 1 billion.

APPLY is headquartered in Stavanger, with additional offices along the coast of Western Norway and in Hammerfest. Øystein Søyland, who has extensive experience from management positions within the offshore industry, has been appointed CEO of APPLY.

HitecVision and Køhlergruppen are the largest shareholders of APPLY, owning about 60% of the shares through Sørcogruppen. The shareholders of each of the four operating companies will continue as shareholders in the new group.