Norwegian venture capital firm Ferd Capital has taken a controlling stake in well-intervention company Interwell.
Ferd, which manages a portfolio of 10-15 companies worth £690million, increased its ownership in the Aberdeen and Stavanger-based company from 34% to 58%.
The terms of the deal were not disclosed although Ferd said the shares were acquired from some of the founders of the firm, adding that the same founders will “continue with their involvement in the company, both as shareholders and as key employees”.
The remaining 34% of shares are held by Stig Ove Bjørgum. He founded a firm called Vosstech which will become a subsidiary of Interwell.
The Norwegian well integrity firm opened its office in Aberdeen in 2011 with its UK managing director Andrew Louden.
The UK division doubled its initial turnover to £10million last year.
Ferd took its initial stake in Interwell in 2010, since when the group has doubled both revenue and operating profit, Ferd said.
Morten Borge, investment director at Ferd Capital and a member of Interwell’s board of directors, said: “When we first invested in Interwell in 2010, our decision was based on a strong hypothesis that the company’s technology was world-leading. We now have confirmation of this hypothesis.
“We very much appreciate that the people among the founders of the company who now wish to reduce their exposure to some extent are demonstrating their confidence in Ferd by selling their shares to us.
“At same time, some of the other founders have chosen to purchase further shares on the same basis as Ferd.
“This ensures the continuation of the collaboration we enjoy, which we believe is extremely constructive,” he added.
Interwell specialises in developing custom-engineered plugs for oil and gas wells that operate under conditions of extreme pressure and temperature.
Interwell was the new brand for companies previously known as Well Technology Group, Bronnteknologiutvikling and PI Intervention.
In addition to the Aberdeen base’s sister operation in Norway, the group has international offices in Saudi Arabia, Abu Dhabi and Oman.
Total revenue has grown from £37.7million in 2011 to £73.7million in 2013, while operating profit (EBITDA) has grown from £13.5million to £25.2million, Ferd said.
Recommended for you
