HitecVision

HitecVision AS is a private equity firm based in Stavanger, Norway, specializing in investments within the energy sector, particularly focusing on oil and gas-related service technologies and production companies. Established in 1985, the firm targets middle market companies and participates in a range of investment activities, including seed stage, growth capital, management buyouts, and public-to-private transactions. HitecVision invests between $30 million and $150 million for controlling stakes in companies with an enterprise value of up to $300 million, primarily in regions such as Norway, the United Kingdom, and the United States. The firm has a strong track record, having acquired, invested in, or established over 150 companies and successfully exited more than 100 since 1994. With additional offices in Oslo, London, Aberdeen, and Houston, HitecVision leverages its industry expertise to create value by partnering with entrepreneurial managers to build sustainable businesses.

Jan Eide

Partner

Ole Ertvaag

Founder and CEO

Morten Gilje

Partner

Claudia Guardo

Senior Associate

Hatlem, Per

Industry Partner

Kristoffer Kleppa

Analyst

Lars Krogh

Partner

Ann-Mari Lillejord

Partner

Maren Lundby

Partner Credit

Grethe Meisingset

Partner and Head of Sustainability

Nipun Narang

Partner

Arne Magnus Rise

Partner Industry

Francesco Verre

Senior Partner

Andre Ølberg

Partner

Past deals in Norway

Aneo

Venture Round in 2022
Aneo is a leading independent energy transition group in the Nordics.The company operates the second-largest onshore wind farm in Norway, owns a sizable number of hydropower facilities, and engages in a number of downstream electrification projects. Aneo's overall capacity for electricity production is about 1.3 TWh, and the group is in charge of 6 TWh. Aneo has over 260 people and is based in Trondheim. By 2030, the corporation wants to hold the top positions in Nordic onshore renewable energy development, ownership, and operation. Aneo was founded in 2022 using the resources and structure of TrnderEnergi.

Hafslund Celsio

Venture Round in 2022
Hafslund Celsio, based in Oslo, is Norway's largest district heating company, employing around 200 people and providing heat to over 200,000 residents. The company focuses on renewable thermal energy production, offering heating and cooling services to urban populations while supporting national climate goals. A key initiative in its strategy for decarbonization is the carbon capture project at the Klemetsrud waste incineration facility, which has the capacity to capture 400,000 tonnes of CO2 annually. Through these efforts, Hafslund Celsio aims to reduce greenhouse gas emissions and contribute significantly to the sustainability of Oslo and the broader Norwegian climate agenda.

Vår Energi

Venture Round in 2016
Vår Energi is a next generation oil and gas operator on the NCS. Vår Energi's core business is to maximize value through safe and responsible exploration, development and production of hydrocarbons. Vår Energi was established in 2018 in Rogaland, Norway.

Kvaerner

Post in 2015
Kvaerner is an international knowledge-based company. Kvaerner has decades of experience as an EPC contractor. Kvaerner is headquartered in Oslo, Norway, and has offices and fabrication facilities in several of the world’s main oil and gas regions. The Kvaerner brand is associated with some of the world’s most advanced technologies, providing our customers with maximum oil and gas production. At Kvaerner, their focus is on the fundamentals. Concern for health, safety, security and environment (HSSE) is essential for our activities. They see cost control and efficiency as key to successful project execution. At the same time, they know that quality and schedule have to be managed to achieve their ultimate goal: that every project is delivered predictably. Kvaerner delivers complete oil and gas offshore platforms and onshore process plants to operators and other customers. They specialise in executing engineering, procurement and construction (EPC) projects and are recognised as a world leader in delivering projects in challenging environments, with strict budget frames and within demanding schedules. Customers recognise Kvaerner as an expert in delivering cost-efficient project execution and effective oil and gas production facilities. Kvaerner has an organisation of 2 800 employees with expertise and experience covering all phases of a project’s life cycle. We also have the ability to call on a workforce of skilled personnel from strategic partners, subcontractors and suppliers, with whom we have well established relationships. Kvaerner has a long track record of enabling oil companies to realise some of the world’s most demanding and amazing projects. In doing so, they strive to add value to their customers and shareholders, as well as to the nations and local societies in which they operate. The companies brought together to create Kvaerner were established in the first half of the 19th century, during the Industrial Revolution. These companies delivered products such as steam engines for rail and marine use and a range of industrial ironworks. Over the next 100 years, the businesses grew significantly. In the mid1900s, both Kvaerner and Aker were international corporations with activities in shipbuilding, hydro power, wood processing and other process operations, mechanical workshops and other industries. Through the 1970s, 80s and 90s, they developed their capabilities and experience as suppliers of complete solutions to offshore and onshore oil and gas and processing projects. They each grew – organically and through international acquisitions – to be leaders in their markets. In March 2002, the former Kvaerner group and the Aker Maritime group (comprising the oil and gas activities of the wider Aker group) were merged, and started to operate as one company under the name Kvaerner. In 2004, following a restructuring of both Aker and Kvaerner, Aker Kvaerner was established and the parent company of this group – Aker Kvaerner – was listed on the Oslo Stock Exchange. Four years later, Aker Kvaerner changed its name to Aker Solutions. In December 2010, Aker Solutions announced a decision to cultivate its core businesses. Kvaerner was established, through a demerger, as a specialised EPC (engineering, procurement and construction) company addressing the global market. On 6 May 2011, the shareholders' annual general meeting approved the establishing of Kvaerner as a separate company.

Aquamarine Subsea

Acquisition in 2014
Aquamarine Subsea AS is an international service company based in Stavanger, Norway, with additional offices in Jørpeland, Vestby, and Houston, Texas. It specializes in providing material technology solutions and asset integrity services to the oil and gas drilling and subsea sectors. The company offers a wide range of services, including thermal coating, welding solutions, and fabrication, repair, and maintenance for various drilling equipment and pressure control systems. Additionally, Aquamarine Subsea provides engineering services such as mechanical and hydraulic system design, third-party inspection, and product research and development. Its product offerings include BOP-stack frame systems, well capping systems, and various tools for drill pipe handling and testing. By focusing on asset management and life cycle service solutions, the company serves rig owners, operators, and original equipment manufacturers in the global drilling and subsea markets. Aquamarine Subsea was incorporated in 2013.

DeepWell

Private Equity Round in 2014
DeepWell is a well intervention company based near Haugesund, Norway, specializing in wireline services for the oil industry. The company focuses on providing real-time information to enhance safety and efficiency during well operations. Its services include mechanical wireline, equipment rental, testing and training, as well as maintenance and engineering support. By offering these services, DeepWell aims to help oil companies improve productivity and reduce operational costs.

Agility.

Acquisition in 2009
Agility is a manufacturing company focused on subsea manifolds and structures tailored for the offshore market. It provides a range of services, including the production of drilling and well intervention units, marine vessels, and fabrication services. Additionally, Agility offers maintenance and modification services to support its products and clients in the demanding offshore environment. With a presence in 13 locations across Norway, the company is equipped to deliver comprehensive engineering, procurement, and construction solutions, enhancing its capability to meet the needs of the maritime and energy sectors.

Stream AS

Private Equity Round in 2009
Stream AS, together with its subsidiaries, supplies various products, solutions, and services in the field of valves, piping, electrical, and instrumentation for the oil and gas industries in Norway and Germany. The company supplies pneumatic and hydraulic systems, control units, valves, tube and pipe fittings, pipes, flanges, courses, mechanical connections, and spring suspension products; and provides instrumentation and monitoring, repair and maintenance, injection and sampling, and inspection services. It also offers materials, instruments, and equipment for chemical, petrochemical, pharmaceutical, and power industry. The company is headquartered in Tananger, Norway. Stream AS operates as a subsidiary of Bokn Invest AS.

Teknisk Bureau

Acquisition in 2007
Teknisk Bureau is a technical turnkey contractor and service provider based in Norway, specializing in pipes, ventilation, telecom, automation, energy consulting, and electrical services, including maritime electrical. The company serves various sectors, including construction, industrial, energy, and maritime vessels, handling both individual assignments and larger framework agreements in the service market. Teknisk Bureau's range of services includes the inspection of electrical installations in residential settings, as well as the start-up, maintenance, and internal control of larger facilities. The company is committed to customer satisfaction by ensuring that its products and services meet established requirements and expectations, and are delivered on time and within budget.

Leirvik

Acquisition in 2007
Leirvik is an engineering, procurement, and construction contractor of aluminium offshore living quarters to oil companies. The company delivers EPC products based on the standardized project execution model and components in which it includes client specifications as well as regional regulations. The company develops lasting values for customers and the society by designing, manufacturing, and keeping updated living quarters, helidecks and accessories with short lead time and predictable quality and cost. Leirvik was founded on 1946 and is based in Stord, Norway.
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