UK-based downhole video technology specialist EV has completed a £69 million management buyout backed by Dunedin, the UK mid-market buyout house.
Headquartered in Norwich, EV provides downhole video applications for the oil and gas industry, and was previously backed by Lime Rock Partners.
The company has experienced significant global growth and expansion since it was established in 2000, recording an increase in turnover from £1 million in 2010 to almost £20 million in 2014.
Some 85% of its revenues are currently generated overseas. Earlier this year, the company was awarded a Queen’s Award for Enterprise in International Trade, in recognition of its continued growth in overseas business.
Francis Neill, chief executive of EV, said: “As a market leading technology company with a global presence, EV represents a strong UK success story. Lime Rock Partners’ backing over the last four years has enabled EV to grow by a factor of 20 and establish operations from Alaska to New Zealand."
EV recently opened a new technology centre in Norwich to house its research and development, which represented a world first in a centre that is completely dedicated to downhole video.
The company’s innovative cameras operate consistently at pressures of up to 15,000 psi and temperatures of up to 175°c. The company has also developed the ability to transmit clear colour, high definition, video images from over 8.5km below the earth’s surface.
Increasingly, EV’s products are being used in conjunction with other down-hole tools to allow operators to optimise production conditions in the well. The cameras can also be used to provide a video record when old wells are abandoned.
EV, which splits its headquarters between Norwich and Aberdeen, has about 100 employees. The company has 17 worldwide bases and has grown at a rapid pace in the last three years.
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