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Energy Ventures and Viking Venture exit READ Cased Hole Ltd

Energy Ventures and Viking Venture exit READ Cased Hole Ltd

Read Well Services Holding AS, a portfolio company of Energy Ventures III LP and Viking Venture III, funds managed by Energy Ventures III AS and Viking Venture AS, has signed an agreement to sell their shareholding in READ Cased Hole Ltd (“RCH”)  READ Cased Hole is a leading independent specialised provider of production logging and well integrity evaluation services with a 25-year track record from analysing wellbore data. RCH’s “best-in-class” technologies and diagnostic excellence ensure that customers have accurate answers to plan immediate action and maximise the long-term performance of their wells. “Since joining READ Cased Hole in December 2013, we have assembled a great team and embarked on an exciting journey to grow our position as the leading independent alternative for cased-hole logging and evaluation services. Energy Ventures and Viking Venture have been extremely supportive in investing into READ Cased Hole through what has been a difficult period for the industry, and I am pleased that another strong Norwegian Private equity partner will continue on with the journey for READ Cased Hole and support our ambitious plan to consolidate our market position as well as expanding our range of services and geographical reach,” says Roy Martin, CEO of READ Cased Hole. “On behalf of departing shareholders, Energy Ventures and Viking Venture, departing Chairman Gavin Prise commented, “The management team at Read Cased Hole have been successful in delivering through very challenging market conditions by providing innovative, high quality and cost effective downhole data services. We thank the team for their efforts and our advisors Simmons & Company International for their support in this successful process,” says Gavin Prise....
AddSecure sold to ABRY Partners

AddSecure sold to ABRY Partners

Viking Venture is pleased to announce the sale of portfolio company AddSecure to ABRY Partners, a Boston US based private equity firm. AddSecure is the Nordic market leader providing secure mission-critical machine to machine communications for security and other applications across a wide range of verticals including healthcare, public safety, transportation and utilities.  AddSecure manages a highly secure communications platform enabling the automated control and remote monitoring and management of sensors and other devices deployed in the field. The company was established after the merger of the Viking Venture backed company Safetel AS and Multicom Security in 2014. Safetel AS was founded in 2000 based on a fundamental belief that mobile communication networks would be well suited to provide secure critical communication. Safetel received funding from Viking Venture, B. Skaugen AS and Follum Invest and grew quickly to become a strong Nordic player. Following the merger, AddSecure has grown into employing around 120 people, having 120,000+ active subscribers and a strong network of over 1,000+ channel partners in Norway and Sweden. The company had revenues of SEK 374 mill. in 2015 with an EBITDA of SEK 124 mill. “AddSecure is a great example of how we can develop world class Norwegian technology into internationally leading businesses through organic and inorganic growth”, said Erik Hagen, Managing Partner at Viking Venture. “AddSecure has managed to achieve a unique position within the Scandinavian secure communications market. Scandinavian tech companies are at the forefront of global development, and we truly believe AddSecure has the potential to establish itself as an international M2M communications player in the coming years”, said Rob Nicewicz, Principal at ABRY Partners. Read more in Adresseavisen June 17 2016 (only...
Schlumberger Acquires Meta Downhole Limited

Schlumberger Acquires Meta Downhole Limited

Unique metal-to-metal sealing technology expands Completions portfolio HOUSTON, March 24, 2016—Schlumberger today announced the acquisition of Meta Downhole Limited, a UK-based engineering and service company that offers technology and expertise to provide downhole metal-to-metal isolation solutions in well integrity applications. “With Meta’s unique proven technologies, we will take a quantum leap forward in advancing our downhole completions technology offering,” said Olivier Le Peuch, president, Completions, Schlumberger. “When combined with their metal-to-metal isolation expertise and operational track record, we can offer our customers reliable and flexible solutions to address downhole isolation challenges.” The company’s Metalmorphology® technology uses established principles to shape metal downhole that reliably conforms to the geometry of the wellbore casing or liner, delivering permanent metal-to-metal isolation. Once implemented, operators have a gas-tight, axial load-bearing and compliant life-of-well solution. Meta technology can be deployed in a wide variety of applications to improve structural and casing integrity, seal tie-backs in new wells, isolate selected zones, facilitate slot recovery or assure plug-and-abandonment integrity. Meta is headquartered in Aberdeen, Scotland, and has offices in three locations globally with 30 employees. For more information on Meta Downhole Limited, please visit www.metadownhole.com. About Schlumberger Schlumberger is the world’s leading supplier of technology, integrated project management, and information solutions to customers working in the oil and gas industry worldwide. Employing approximately 95,000 people representing over 140 nationalities and working in more than 85 countries, Schlumberger provides the industry’s widest range of products and services from exploration through production. Schlumberger Limited has principal offices in Paris, Houston, London and The Hague, and reported revenues of $35.47 billion in 2015. For more information, visit www.slb.com. ###...
Dräger showcases GasSecure at Offshore Europe

Dräger showcases GasSecure at Offshore Europe

GasSecure and its GS01 wireless gas detector was showcased as the main new product by Dräger at Offshore Europe in Aberdeen in September. Viking Venture invested in GasSecure in 2009 and was the lead investor until the successful EUR 55 million sale to Dräger in March 2015. GasSecure has pioneered the world’s first wireless gas detector for detection of hydro carbon gasses in the oil and gas industry. Visit gassecure.com » Visit offshore-europe.co.uk...
GasSecure sold to Dräger for 500 mNOK

GasSecure sold to Dräger for 500 mNOK

The Viking Venture portfolio company GasSecure AS is sold to Dräger Holding International GmbH for approximately 500 mNOK. The sale is the proof of GasSecure’s success both in the market and as a venture backed investment. Read chronicle in Adresseavisen: Slik skal det gjøres (in Norwegian only – demands login) Read article in Dagens Næringsliv: Millionær uten en tråd (in Norwegian only – demands login) Read article in Adresseavisen: Selger teknologiselskap for en halv milliard (in Norwegian only – demands login) Read article in Teknisk Ukeblad: Oppfinnelsen gjorde gründerne en halv milliard rikere (in Norwegian only) Photo: Stephan Dräger (CEO in Dräger), Joar Welde (partner in Viking Venture) and Knut Sandven (CEO in GasSecure) closing the deal. Photo: Andreas Eriksson. Read press release: Oslo/Trondheim/Lübeck, March 11, 2015: Norwegian technology start up GasSecure sold to Dräger for 500 mNOK The Norwegian venture‐backed company GasSecure AS is sold to Dräger Holding International GmbH for approximately 500 mNOK. The company will strengthen Dräger’s portfolio within gas detection with its wireless gas detector for the oil and gas industry. The sale is the proof of GasSecure’s success both in the market and as a venture backed investment. GasSecure was founded by Knut Sandven and SINTEF in 2008 based on core technology from SINTEF, with R&D Director Håkon Sagberg joining the company in 2009, and has been financially supported by Viking Venture, Investinor, ProVenture Seed and SINTEF since 2010. Chairman of the Board, Eivind Bergsmyr (pictured) from lead investor Viking Venture commented: “Dräger is in our opinion the ideal buyer of GasSecure. They have the capability and distribution power to scale the unique and...