PTC is a leading developer and supplier of premium gas lift and wellhead products that enhance well integrity, safety, reliability and productivity for oil companies. The company has a large, patent protected product portfolio developed in close relationship with customers facing well-related challenges offshore. Herkules has owned the company together with the founders and other employees.
During Herkules IV’s ownership period, PTC has grown revenues from NOK 202 million in 2013 to NOK 502 million in 2021. In this period, the company has experienced two major industry downturns and a global pandemic that has had material negative impacts on the company.
In 2014-2016, the company experienced the first industry downturn during Herkules IV’s ownership. During this period, it was decided that the company was to continue to invest in developing and expanding its portfolio of unique technology products. In addition, the company was to invest in obtaining industry leading safety and quality certifications on its products. The decision to continue to invest during those challenging times has proven to a key factor in the company’s success since 2016. Since 2016, PTC has successful expanded its addressable market and gained momentum in several new markets