Private equity firm allocates $200M for North Sea investments

Energy Ventures, an independent private equity firm, has allocated $200 million “to help boost North Sea businesses during challenging times for the oil and gas industry.”

According to a statement on Thursday, the organization is aiming to invest into firms in need of finance, be it for stabilization, or for continued growth.

Tomas Hvamb, Energy Ventures’ Aberdeen-based investment director, said: “Energy Ventures is one of the few oil and gas private equity funds investing at this time. In the past 20 months we have made three platform investments in the North Sea and a total of 11 investments including add-ons in the same period.

“The additional funding of $200 million which we have set aside is testament to the commitment we have to the area. We believe in the North Sea and the opportunities it continues to offer for domestic and international growth.

“We look to partner with talented management teams in service and technology companies with high growth potential and seek to invest between $10m-$40m in each company.

“Energy Ventures will invest in proven companies where we can see where our capital can provide a strong capital base to support the company and management in their next growth phase. At a time when activity levels in the industry have been down, many companies are under pressure from the banks to de-lever their balance sheet and we can assist in this.

“By providing additional working capital and by working in partnership with them, we can help them move forward positively, while investing in their future.”

Energy Ventures is an independent private equity firm actively seeking investment in companies that deliver a marketable, proprietary product or service with potential in the upstream sector.

Greg Herrera, one of the firm’s partners, said the company’s model was based on supporting growth of differentiated service and technology companies that provide solutions to long-term oilfield challenges, “which we view as the key to improving declining production levels and boosting further re-investment”.

“The additional funding that we are currently making available is there to help businesses in the North Sea who may be finding trading conditions particularly challenging just now due to the low oil price. We are keen to partner with them to help them through this period and beyond.”

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