30/04/2007
Energy Ventures enters agreement to sell Sense EDM
Energy Ventures together with the other shareholders of the offshore service company Sense EDM have entered into agreement with TTS Marine ASA on sale of all the shares in Sense EDM. The shares will be sold within a price range between NOK 560 and 720 million. The transaction takes place after three years with strong growth for Sense EDM and with a new owner in place the company secures its position as a leading supplier to the international oil-service industry.
Sense EDM is a supplier of intelligent rigs, innovative tubular handling systems and world class control systems to the international oil & gas industry. The company has been through a period with strong growth and both the financial investors headed by the Stavanger based venture company Energy Ventures and the other owners among which the companyâs management holds a significant position have supported the ambition to find a new industrial owner.
Introducing the stock listed TTS Marine as the new owner provides Sense EDM with an owner with both a strong industrial position as well as significant financial strength. The two companies complete each other both in terms of competence and market approach and as an independent part of the TTS group Sense EDM will be given strong opportunities for future growth. The present management led by CEO Tom Fedog will remain in position.
"This transaction is a very good solution both for Sense EDM as a company, the shareholders and I think also TTS Marine has reason to be satisfied with having secured the future ownership of Sense EDM. To Energy Ventures this transaction is our fourth exit. Energy Ventures was founded with a goal of strengthening the Norwegian oil and gas industry and we are therefore pleased to see that three of the four companies have been sold to stock listed Norwegian companies, while the fourth company was listed on the Oslo Stock Exchange â Oslo Børs," says Ole Melberg, Energy Venturesâ Managing Partner.
Previously Energy Ventures has been part in the sale of Sense Intellifield to Kongsberg Group while SeaBed Geophysical was sold to the seismic company SeaBird and APL was listed separately in 2005.
The agreement between the owners of Sense EDM and TTS Marine is conditional on approvals from the relevant government authorities. Plans call for closing by the end of May 2007.
The investment bank SEB Enskilda Securities has acted as advisor to Sense EDM.
For more information:
Ole Melberg, Managing Partner, Energy Ventures, +47 95 22 60 30
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