Subsea 7 has today acquired the Viking Venture portfolio company, 4Subsea in a 100% stock buyout. The acquisition will enable further enhancement and scaling of 4Subsea’s know-how, technology and services to a worldwide market.
Trondheim, Norway – October 3rd2019: Viking Venture has been an active investor in 4Subsea since 2014, working with management to grow digital services and position the company in the forefront of digital transformation in its industry.
– During our period as owners, 4Subsea has become a digital leader in its field. It is very satisfying to see Subsea 7 continue this job as new owners, and we are confident that this will open new opportunities for 4Subsea through Subsea 7’s global reach, said Joar Welde, departing chairman, 4Subsea and partner, Viking Venture.
4Subsea will function autonomously within Subsea 7, maintaining an independent brand and management team. 4Subsea’s Peter Jenkins will continue in his role as CEO of the company.
– We are proud and happy to become a Subsea 7 company, as we regard this as an excellent opportunity to scale our technology and services to a larger market, commented Peter Jenkis, CEO of 4Subsea (picture above).
– Viking Venture invested in 4Subsea in 2014 with a 3-5 year perspective for their investment. We are now at the end of the period, and the company is in good shape with Viking having been a great help to us along the way. The time was right to find new long-term investors that can help us continue grow the company.
Full press release about the acquisition can be found here.
4Subsea is a leading provider of technology and services that help operators maintain production from subsea oil and gas fields and offshore wind farms. By combining expert engineering competence, operational experience and digitalised decision support, 4Subsea ensures the integrity of subsea assets all the way from the reservoir to deck.
The company was established in 2007 and clients include all the major oil and gas operators as well as the large suppliers of subsea equipment. 4Subsea is headquartered in Asker, Norway with additional offices in Bergen, Kristiansand, Stavanger, Rio de Janeiro, and Aberdeen. www.4subsea.com
Partner Joar Welde, Viking Venture I +47 982 06 930 I firstname.lastname@example.org