Norway’s leading private equity fund Herkules has acquired Norwegian headquartered oilfield technology specialist Petroleum Technology Company (PTC), which has an operating base in Aberdeen.
Herkules has signed an agreement to acquire a majority of the shares in PTC and will partner to significantly grow the company which specialises in gas lift and wellhead integrity for the global oil and gas industry.
PTC is experiencing strong growth and as part of the deal, almost £14million (NOK 120 million) will be injected as growth capital.
Herkules is partnering with PTC’s current owners, of whom several are key members of the management team.
PTC has a broad and patent protected product portfolio within the gas lift and wellhead integrity markets. The company offers products that meet industry concerns by increasing safety, asset integrity and reliability while reducing operating cost and offering potential for increased production.
PTC expects total revenues of approximately £21.5million (NOK 200 million) for 2013.
PTC has developed its broad product offering in close co-operation with its customers, the leading global oil companies, since it was founded in 2002.
Erling Kleppa, co-founder and chairman of PTC, says: “PTC is experiencing strong and increasing global demand. This agreement will position the company well to supply current and future customers with the best possible service while providing a solid platform for growth.”
Its core products within the gas lift market are perceived as technology leading and have a very high reliability level, which is crucial for PTC’s customers. In the wellhead integrity sector, PTC has a complete and unique portfolio of products which delivers the highest levels of well integrity available in today's market.
Morten Blix, senior partner in Herkules, says: "We are particularly impressed with the fact that PTC's product portfolio is perceived as market leading from a technological perspective, and we look forward to work together with management to realise the potential of the existing product portfolio while ensuring that PTC will be the leading player in its markets going forward.”
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