Cooperation Agreement Enables Further Development of Deep Well AS

The owners of DeepWell AS (DW), where Solstad Offshore ASA (SOFF) have an ownership share of some 40%, have entered into a cooperation agreement with HitecVision AS (HV) to enable further development of the company.

DW will in the near future do a share issue towards HV of NOK 285 mill. The share issue is based on an enterprise value of NOK 400 mill. SOFF’s ownership share in DW after the share issue will be in excess of 20%.

DW is a Norwegian well intervention company focusing on high-tech based wireline-services and integrated operations. DW has their main office and base at Karmøy and a department office in Stavanger. The company has 124 employees with some NOK 190 mill in revenues for 2012. Estimated revenues for 2013 are some NOK 220 mill. DW has in addition to the forthcoming share issue secured further growth capital through the cooperation agreement for an additional NOK 200 mill.

Deep Well’s ambition is to grow the company further on the Norwegian Continental Shelf and to develop and expand the company’s product and service portfolio as well as to establish DW in the international well intervention market.

Press Release, December 23, 2013

 

Share this article

Follow Subsea World News

Events>

<< Oct 2017 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

BLACK SEA OIL AND GAS

Black Sea region continues to impose as a key area for the future of energy in Europe in reaching the diversification of supply and the energy…

read more >

SUBSEA POWER CABLES

2-day seminar covering best practice and emerging technologies for cost-efficient subsea cable projects from conception to installation…

read more >

24th Annual Africa Oil Week 2017

The Conference portraying five days of senior-level executive insights, with rich-content on corporate strategies and portfolio, exposure…

read more >

OTC Brasil 2017

OTC Brasil is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum, Gas and Biofuels Institute (IBP)…

read more >