Reorganisation of HitecVision Private Equity III

Stavanger, 14th May 2008:
The investors of Fund III have approved a demerger of the Fund into two separate entities. The original fund entity will retain the investments in RigNet, SPT Group and Norse Cutting & Abandonment, while the Fund’s other investments will be demerged into a new entity. Each of the Fund’s investors have signed an agreement to sell its investment in the original fund entity to a new holding company established by secondaries specialist Cubera Private Equity.