Energy Ventures together with employees of the British production technology company Caltec Ltd. have entered into agreement with Petrofac Ltd. on sale of all the shares in Caltec. The purchase price is GBP 15 million but may increase up to GBP 30 million subject to Caltec's future performance. This is the sixth exit from Energy Venture's first fund and further contributes to strengthen Energy Ventures internationally leading position.

Caltec is a supplier of specialist production technologies which enable oil and gas companies to enhance production from mature fields. These include the Wellcom system which boosts production flow rates by lowering wellhead pressures, and the I-SEP system which allows the partial separation of gas, oil, water and solids. In combination, these systems are capable of significant production, recovery and longevity improvements to mature fields. Energy Ventures invested in Caltec in 2004. Today, Caltec's clients include BP, Shell and StatoilHydro.

Petrofac Limited, the international oil & gas facilities service provider, is listed on the London Stock Exchange and is a constituent of the FTSE 100 index. The company has more than 10,000 employees and has a leading position internationally within the oil service industry. Petrofac offers a broad range of services which allows it to help meet its customers' needs across the life cycle of oil & gas assets.

"Having Petrofac as its new owner will enable Caltec to expand further and to strengthen the technology platform that has been developed since the company's foundation in 2003. To Energy Ventures fund's investors, Caltec represents yet another solid investment and again we are pleased to see that a portfolio company becomes part of an internationally leading group", says Energy Ventures managing partner Ole Melberg.

Previously Energy Ventures first fund has exited the following investments: Sense Intellifield to Kongsberg Gruppen, SeaBed Geophysical to the seismic company SeaBird, MTEM to the seismic company PGS, Sense EDM to TTS Marine, while APL was listed separately in 2005 and later acquired by BW Offshore.

Simmons & Company International, Aberdeen, advised the shareholders of Caltec on this transaction.

For more information:
Ole Melberg, managing partner, Energy Ventures, Stavanger at
+47 51 84 12 96
Greg Herrera, partner, Energy Ventures, Aberdeen at
+ 44 1224 628 282

Or visit
www.energyventures.no
www.caltec.com
www.petrofac.com