MARCH 26 2015
A shareholder group, including Statoil Technology Invest and Verdane Capital V "Verdane Capital", has reached an agreement to divest RESMAN to Nordic Capital Fund VIII "Nordic Capital".
Since its inception in 2005, RESMAN has rapidly evolved its innovative tracer and data analysis technology to provide a long term, reliable, risk-free and cost efficient alternative for reservoir monitoring. The company was formed in 2005 by SINTEF Venture and Statoil Technology Invest based on technology developed by SINTEF and IFE. Since its inception, the company has installed thousands of its proprietary Intelligent Tracer™ systems in hundreds of wells for more than 40 Oil & Gas operators worldwide.
RESMAN is committed to helping its customers gain valuable data about their reservoirs, ultimately improving the effectiveness of their reservoir management decisions. RESMAN's technology provides a low cost and low risk solution to gain long-term insight into what is flowing where, how much, in what well and in which zone of the well, which is highly valuable input for oil companies in their quest to increase oil recovery.
The company is headquartered in Trondheim, Norway, with further global offices in Brazil, USA, UK, UAE and Malaysia. RESMAN has approximately 65 employees and had revenues of NOK 210 million (EUR 25 million) in 2014.
"We have been very pleased with the shareholder support from Statoil Technology Invest and Verdane Capital in the past years. At the same time, we are very pleased that Nordic Capital has now chosen to invest in RESMAN. Their extensive experience of successfully developing businesses in cooperation with management and the employees suits us very well, and gives us the opportunity to continue our positive development. Together we will continue to lead this game changing evolution in reservoir monitoring", says Torger Skillingstad, CEO, RESMAN.
"Nordic Capital has followed RESMAN closely for some time and is impressed by the quality of the technology, its value added benefits as well as the customers' quick adoption of the technology. Nordic Capital looks forward to supporting the management team in further accelerating its sales effort as well as investing in further development of its products in order to improve well reservoir management",says Kim Gulstad, Partner, NC Advisory AS, advisor to the Nordic Capital Funds.
"We are delighted to have been part of RESMAN's journey from a small but promising technology company to a global firm with thousands of installed systems. Revenues have grown over 70% annually on average since Verdane Capital made the first investment in RESMAN in 2006. With Nordic Capital as the new owner, RESMAN is well positioned to continue on its rapid growth path", says Bjarne Lie, Managing Partner at Verdane Capital Advisors.
"Statoil has supported the company's research and development, and provided equity because we have recognized its large potential to reduce costs while increasing recovery in our assets. Together with Verdane Capital and management we have been able to build a unique company well positioned for further growth" says Richard Erskine, Managing Director of Statoil Technology Invest.
"We are very happy to have been a part of the process of turning this versatile tracer and data analysis technology developed by SINTEF and IFE into a solid and successful company. We are grateful to have had Statoil Technology Invest and Verdane Capital as resourceful and competent partners in the development of the company, and look forward to seeing it further its achievements with Nordic Capital as a new owner", says Anders Lian, CEO of SINTEF Venture.
Alpha Corporate Finance and Schjodt Law Firm acted as advisors to Verdane Capital and Statoil Technology Invest, while advisors to Nordic Capital included Carnegie and Selmer Law Firm.
Torger Skillingstad, CEO
Tel: +47 99 27 33 82
Katarina Janerud, Communication Manager,
NC Advisory AB, advisor to the Nordic Capital Funds
Tel: +46 8 440 50 69
Verdane Capital Advisors
Frida Einarson, Investor Relations Director
Verdane Capital Advisors
Tel: +46 702 44 20 83
Morten Eek, press spokesperson
Tel: +47 41 68 95 15
RESMAN was established in 2005 by SINTEF Venture and Statoil Technology Invest based on technology developed by SINTEF and IFE. Since its inception, RESMAN has rapidly evolved its innovative Chemical PLT™ technology and patented data analysis methods to provide long term, risk-free and cost-efficient alternatives to production logging and wired reservoir sensors. The company has installed thousands of its Intelligent Tracer™ systems in hundreds of wells worldwide. By using proprietary inflow quantification models developed in-house and verified by third party flow loop testing, RESMAN can accurately quantify zonal inflow contribution and detect the location of water breakthrough in the most complex and challenging completion environments. RESMAN is committed to help its customers gain valuable understanding about their reservoirs to ultimately improve the effectiveness of reservoir management decisions. The company is headquartered in Trondheim, Norway with further global offices in Brazil, USA, UK, UAE and Malaysia. The company has approximately 65 employees and revenues of NOK 210 million (EUR 25 million) in 2014. For more information, please see www.resman.no
About Nordic Capital
Nordic Capital private equity funds have invested in mid-market companies primarily in the Nordic region since 1989. Through committed ownership and by targeting strategic development and operational improvements, Nordic Capital enables value creation in its investments. Nordic Capital Funds invest in companies in northern Europe and in selected investment opportunities internationally. The most recent fund is Nordic Capital Fund VIII with EUR 3.5 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Funds are based in Jersey, Channel Islands, and are advised by the NC Advisory companies in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital please see www.nordiccapital.com
About Verdane Capital Advisors
Funds advised by Verdane Capital Advisors provide flexible growth capital to Nordic companies with high ambitions in the IT, energy and advanced industrial sectors. What sets Verdane funds apart is the flexibility to buy either a complete portfolio, parts of a portfolio or a single shareholding amongst a group of unlisted assets. The funds have EUR 700 million in committed capital from institutional investors. Since 2003, the funds advised by Verdane Capital Advisors have acquired 23 portfolios with stakes in over 250 companies. Verdane funds have a long track record in the energy sector, with investments such as Odim, Reslab, Reslink, Sicom, Teamtec and Wireless Maingate. For more information, please visit www.verdanecapital.com
About Statoil Technology Invest
Statoil Technology Invest's (STI) job is to attract and assist innovative companies, to help them develop and commercialise new technology which Statoil can use in its operations. During the last five years STI has invested NOK 780 million in start-up companies to develop technology that can create value in Statoil's operations. It is an active portfolio with 20 companies and 3 exits in the last 12 months. For more information, please visit http://innovate.statoil.com