Norwegian private equity firm Viking Venture has acquired 40% of the shares in Norway-based 4Subsea.
4Subsea specializes in providing monitoring solutions, software, and expert services for flexible risers, as well as well intervention and wellhead systems. It had NOK 106 million revenues in 2013, up from NOK 28 million in 2008.
Viking says it is investing in 4Subsea to assist the company with further development of integrated solutions and international expansion.
4Subsea was set up in 2007, and its customers now include Statoil, BP, Shell, ExxonMobil, Maersk, Wintershall and several subsea and FPSO companies.
The company owns 50% of Sense Offshore in Trondheim, a company that develops and delivers instrumentation solutions used for monitoring risers and wellheads, among other applications.
4Subsea is the second investment based on Viking Venture’s new investment concept launched earlier this year. The interest from investors has been very high," says Viking Venture managing partner Erik Hagen. “Our objective is to offer 3–4 new investments per year in exciting technology-based growth companies with international potential. Our technology focus is on oil and gas and information and communication technology. We are well on track to achieve this,” says Hagen.