Sigma Offshore, which has developed a pioneering mooring and fluid-transfer system for oil and gas production vessels, has secured funding totalling £4million.
The investment has come from global oil and gas service company National Oilwell Varco (NOV), Scottish Enterprise’s Scottish Venture Fund (SVF) and venture capital firm Energy Ventures.
This is the second time the SVF has backed Sigma, while it is a third tranche of investment in the Aberdeen-based business from Energy Ventures.
The new capital allows Sigma continue with the worldwide development of its innovative Smart Mooring System (SMS) and other mobile production solutions.
A bespoke SMS can cost from £10million to £30million or more.
Sigma chief executive Alistair Dornan said: “Everyone at Sigma Offshore is excited by the latest investment and to have it backed up with the reputation and size of NOV is a testimony to the potential of the technology we have developed. This is great news for the business.”
Derek Shaw, investment manager at Scottish Enterprise, said: “We are delighted to continue to support Sigma Offshore through this second round investment alongside our investment partner Energy Ventures
“We are excited about the prospects for the business going forward as a result of the key investment made by such a global player in the oil and gas sector as National Oilwell Varco.”
Greg Herrera, a partner at Energy Ventures, said: “We expect the investment to act as a catalyst for the business in the floating production market.”
This fresh investment follows £2million of funding secured from the SVF and Energy Ventures last May. Sigma secured £1million from SVF, while Energy Ventures, an original investor and the company’s major shareholder, provided the rest.
The SVF has been set up by Scottish Enterprise, in conjunction with the Scottish Government. Norway-based Energy Ventures focuses on technology companies in the energy sector and has offices in Stavanger, Houston and Aberdeen.
Sigma Offshore also said it had expanded into the US and Norway with the appointment of Houston-based Allan Millmaker as executive vice-president of business development, while business-development vice-president Eirik Refstie heads up Sigma’s Oslo office.
Partners in the Huntington oil field in the UK central North Sea have signed a deal with Sevan Marine for the floating production vessel Sevan Voyageur, according to Norway’s Noreco, which has a 20% stake in the field.
The charter will be for five years with extension options, and is estimated to be worth about £347million. First oil is scheduled for the final quarter of 2011.
E.ON Ruhrgas UK is the operator and owns 25% of the licence. Premier Oil has 40% and Carrizo Oil & Gas 15%.
Huntington is rated by analysts as potentially one of the biggest finds in the UK North Sea in the last five years.