News - 28.06.2013

Herkules acquires a majority of Petroleum Technology Company

- Partnering with management to significantly grow a technology leader within gas lift and wellhead integrity.

Herkules has signed an agreement to acquire a majority of the shares in PTC. PTC is experiencing strong growth and as part of the transaction NOK 120 million will be injected as growth capital. Herkules is partnering with the current owners, of whom several are key members of management.

PTC has a broad and patent protected product portfolio within the gas lift and wellhead integrity segments. The company offers products that are at the heart of the oil companies’ concerns by increasing safety, asset integrity and reliability while reducing operating cost and offering potential for increased production. For 2013 PTC expects total revenues of approximately NOK 200 million.

PTC has developed its broad product offering in close co-operation with its customers, the leading global oil companies, since inception in 2002.

“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”┬ásays Erling Kleppa, Co-Founder and Chairman of PTC.

Its core products within the gas lift segment are perceived as technology leading and have a very high reliability level, which is crucial for the customers. In the wellhead integrity segment, PTC has a complete and unique portfolio of products that delivers the highest well integrity level available in today’s market.

“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 realize the potential of the existing product portfolio while ensuring that PTC will be the leading player in its segments going forward”┬ásays Morten Blix, Senior Partner in Herkules.

Contact persons:
Morten Blix, Senior Partner, Herkules Capital
Tel.: +47 22 04 80 04

Erling Kleppa
Chairman, Petroleum Technology Company AS
Tel.: +47 91 707 400

PTC in brief
PTC is a leading developer and supplier of gas lift and wellhead integrity products, catering to a broad customer portfolio consisting of the leading global oil companies. The company is headquartered in Stavanger with offices in Bergen, Aberdeen, Houston, Rio and Macae. PTC has a highly innovative organization with 72 FTEs.

Herkules in brief
Herkules is Norway’s leading private equity fund, with a total capital base of NOK 12.25 billion in committed capital from Norwegian and international investors. The funds invest in established companies with strong growth potential, either for organic growth or growth through acquisitions. Herkules focuses on companies based in the Nordic countries, primarily in Norway. Herkules acquires majority ownership positions in the companies and has strong experience of partnership with existing shareholders. Herkules has respect for the companies’ history, and takes an industrial approach, focusing on long-term growth.