Ziebel, a Stavanger-based provider of specialist well intervention services for the oil and gas industry, announced today that it has closed a round of growth capital raising USD$10 million. The funding was secured from lead investor ConocoPhillips Technology Ventures, along with Chevron Technology Ventures, and Energy Technology Ventures. Existing Ziebel investors Energy Ventures, Viking Venture, Jebsen Asset Management, Investinor, and Klaveness Invest also participated in the round.
Ziebel develops and provides game-changing well intervention technology for the oil and gas industry with its proprietary fiber optic composite rod technology, the Z-System™. The proceeds from this investment will assist Ziebel in completing product development and commercialization of its technologies.
Founded in Stavanger, Norway in 2006, Ziebel provides specialist well intervention services to the global oil and gas industry. Ziebel is dedicated to enhancing production effectively and economically through its pioneering well intervention technologies, including the Z-System™. This proprietary fiber optic composite rod technology makes it possible to access and visualize the entire well bore in real-time.
Ziebel supports its customers from its global headquarters in Stavanger, and bases in Houston, Texas and Aberdeen, Scotland.
Ziebel is a company in the Viking Venture II portfolio.