Oil Well Technology Firm Secures £3.5 Million Epi-V Investment
Posted on July 3, 2008 – 7:54 pm | by vchris
LONDON–(BUSINESS WIRE)–Epi-V, the private equity fund which backs emerging technology businesses in the upstream oil and gas services sector, has completed its second deal in a month, a £3.5 million investment in Norwegian firm i-Tec.
i-Tec is a Stavanger-based designer and manufacturer of highly advanced completion, drilling and intervention products which are used by international operators and oil and gas service companies to increase the efficiency and safety of well operations.
Established in April 2007, the business is using proven aerospace and oilfield technology to develop a suite of specialist equipment designed to reduce demands on the industry’s stretched personnel resources and requirements for capital-intensive equipment.
Epi-V has invested £3.5 million for a significant minority stake in i-Tec. The deal will provide the funding and strategic guidance required to continue fully commercialising and marketing the business’ technology.
i-Tec is the second business Epi-V has backed in a month to emerge from Leading Edge Technology Park, a Norwegian business incubator focused on developing early stage oil and gas technology.
Last month, Epi-V invested £4.5 million in Petrotools, a manufacturer of advanced coiled tubing, wireline intervention and drilling tools used in the well production process.
Epi-V was set up in 2007 to bridge the emerging funding gap for innovative new technology businesses in the oil and gas sector.
Nigel Leggett, the Epi-V partner who led the investments in i-Tec and Petrotools, said: “i-Tec blends new technology with tried and tested drilling and well intervention engineering to create a suite of products with far superior performance to incumbent solutions.
“Management will be drawing on Epi-V’s sector knowledge and funds to help build the business’ manufacturing, operational and marketing capabilities to ensure it fully capitalises on this high demand.”
Roger Antonsen, Technical Director at i-Tec, said: “The team has worked hard to ensure the technology delivers proven benefits and now is the ideal stage in the our development to bring on board the Epi-V team and drive market penetration across the globe.
“We’re looking forward to pooling our technical knowledge and industry understanding to ensure we build a successful firm which continues to develop innovative new technologies and solutions.”
Contacts
Citypress for Epi-V
James Lloyd-Davies, +44 (0) 161 235 0308
james@citypress.co.uk
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Tags: Oil Well, Technology
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