Energy Ventures I LP and the other owners of Norse Cutting & Abandonment AS (NCA) have entered into a definitive sales agreement with US company Oceaneering for the sale of NCA for approximately $60 million.

Energy Ventures is an independent specialist venture capital firm to the upstream technology space. The first Energy Ventures fund was established in 2002 and previously the fund has completed seven exits. Energy Ventures I ranks among the best venture and private equity funds in terms of return to investors on a worldwide basis and with the sale of NCA the last portfolio company of Energy Ventures I is succefully exited.

“When Energy Ventures was established it was our goal to become a leading international venture investor. When we now successfully close our first fund after eight exits and a total return of approx 75% IRR to our investors, I see this as an evidence of our unique position and offering to the portfolio companies as well as to the investors”, says Ole Melberg, Managing Partner of Energy Ventures. “NCA like the other exited companies from Energy Ventures I get a new owner prepared for and with the capabilities to develop the company further”.

NCA is an oilfield technology company that specializes in providing subsea tooling services used in the plugging, abandonment, and decommissioning of offshore oil and gas production platforms and subsea wellheads. In addition, NCA performs specialized maintenance and repair services on Norwegian offshore production platforms. For the year 2010, NCA generated total revenue of approximately $56 million, split almost evenly between the North Sea and the U.S. Gulf of Mexico (GOM).

Energy Ventures has established a solid platform for further development. In addition to a strong track record the fund management offers the portfolio companies with a focused venture capital strategy provided by an experienced industry team with unique sector insight. Enjoying excellent inflow of new opportunities sourced from all important oil and gas regions of the world Energy Ventures evaluate potential new investments based on four key criteria; Groundbreaking technology, sustainable economics, a global product and/or services market, and a competent management with a proven ability to reach its goals.

“We are uniquely positioned and feel that we have a different approach than most other players in this industry. Investing in early stage tech companies requires specialist knowledge and global presence and we are confident that Energy Ventures has the capabilities to continue to succeed in the years to come”, says Einar Gamman, Partner of Energy Ventures.