A clutch of Norwegian-owned offshore services companies have been bought out by a major private equity fund.
Scana Industrier ASA announced the sale of three of its subsidiary business units to Hitec Vision fund VI for US $22.68 million (NOK 135 million).

Scana has arranged the sale of Scana Offshore Services Inc., Scana Offshore Technology AS and part of the service business of Scana Offshore Vestby. Established in 2008 after being bought by company founders in Houston, Scana Offshore now has a significant market share in the US Gulf of Mexico.

Scana’s Offshore Technology subsidiary was formed in 2006 just outside Stavanger, specialising in maintenance and repair of oil and gas industry equipment, while Scana Offshore Vestby, which specialises in maintenance of risers among other services, also originated in 2006 after the buy-up of two other Norwegian companies.

All three units are being bought by HitecVision – Europe’s largest private equity oil and gas investor – with completion of the takeover expected in the second quarter of this year.

Explaining the rationale behind the deal, Jan Henry Melhus, chief executive of Scana Industrier, stated: “The sale of these companies release values in the group and [it] has been needed to improve Scana’s liquidity and development of other part[s] of the business.”

Offshore