Energy Ventures and Selvaag Venture Capital invests in Sense Technology A.S

Two Norwegian venture capital firms, Energy Ventures and Selvaag Venture Capital, announced today that they have closed an investment in Sense Technology AS, a Norwegian drilling technology company based in Kristiansand.

The company, Sense Technology ( http://www.sensetech.no/ ), is a leading supplier of drilling control systems and equipment for drilling rigs.

Sense Technology was established in year 2000. Sense Technology has since the start established a position as one of the three leading suppliers of advanced drilling control systems worldwide.

Sense Technology drilling systems enables the drilling rigs to achieve higher efficiency and quality in their drilling operations through innovative technology combining advanced control systems and mechanical design.

The vision for the company is to deliver products and systems which increase drilling efficiency and reduce service company experts on site, by supplying integrated drilling machinery utilizing real time remote control and support. The drilling systems shall be recognized as the most efficient well maker worldwide.

There has been a strong consolidation of drilling equipment suppliers over the last 5 years. In particular, US companies has contributed to this consolidation by acquiring a number of its competitors in the marketplace. Sense Technology believes that there is a particular need now for new innovative suppliers to the drilling industry. This combined with a very strong drilling market ahead provides a good foundation for growing the company globally.

"Sense Technology has an exceptional management team with a track record of building and growing new businesses," said Ole Melberg, newly elected chairman in Sense Technology and Managing Partner in Energy Ventures. "The company has a unique market position supplying technology and products for the drilling industry, which we think is a segment of the oil and gas business which holds great promise for the future."

President of Sense Technology, Tom Fedog said: "We are very pleased to have Energy Ventures and Selvaag Venture Capital to join us in the efforts towards growing the company and creating exceptional value for customers, employees and shareholders of the company. Energy Ventures and Selvaag Venture Capital network, knowledge and focus on the oil and gas business will be important in the future development of the company."

Sense Technology raised a total of NOK 30 million, evenly split between Energy Ventures and Selvaag Venture Capital. After the share issue the largest shareholders are Itlution AS followed by the two new investors.

Sense Technology has 15 employees today, plus additional engineers on contract for the company in new technology development projects. The plan is to expand its activities and number of engineers significantly ahead.

Further enquiries:
Sense Technology: Tom Fedog,+ 47 91 56 62 62
Energy Ventures: Ole Melberg, + 47 95 22 60 30
Selvaag Venture Capital: Jens Petter Falck, + 47 99 63 31 90

Energy Ventures is a venture capital group based in Stavanger, Norway focusing on growth technology companies in the energy sector. More information can be found on: http://www.energyventures.no

Selvaag Venture Capital (SVC) is a Norwegian venture capital firm based in Oslo. SVC invests in companies with a global market potential and develops these through active ownership. SVC focus on technology related businesses primarily based in Norway and has since the start in 2001 invested in 11 companies mainly within the IT/telecom, life science and energy sectors. More information can be found on: http://www.selvaag-invest.com