Viking Acquires Stake in 4Subsea

Viking Venture has acquired 40% of the shares in 4Subsea AS, which is headquartered in Asker, Norway. 4Subsea specializes in providing monitoring solutions, software and expert services for flexible risers as well as well intervention and wellhead systems.

Viking Acquires 4Subsea Stake

With revenue of NOK 106 million in 2013, the company is a leader in its niches on the Norwegian continental shelf. This is the second investment in Viking Venture’s new investment concept.

Viking Venture is investing in 4Subsea to assist the company with further development of integrated solutions and international expansion. With vigorous growth in the markets that 4Subsea serves as an independent specialist company in flexible risers and well intervention systems, demand for the company’s services is growing steadily.

4Subsea was established in 2007 with Statoil, Shell and BP as important customers. From the start, the company has focused on technology and knowledge sharing – in-house, with customers and with competitors.

“We find that sharing our experience and our solutions openly with our customers creates the foundation for mutual trust. This enables 4Subsea to work in close partnership with our customers, making it possible to develop effective solutions even for highly complex problems,” says Managing Director Henning Christensen, who is also one of the company’s founders. “Good teamwork with the customer is vital when we deliver integrated services that solve the challenges they face.”

Today, the list of customers also includes ExxonMobil, Maersk, Wintershall and several leading subsea and FPSO companies.

“We have invited Viking Venture to become an investor in our company because we feel that they have experience, networks and expertise in strategy development and international expansion that is very useful to us,” says Christensen. “A particular advantage is Viking Venture’s presence in Houston, which we find helps to open many exciting doors for 4Subsea.”

The company is located in Asker and Bergen in Norway, and has 57 employees. Its core business includes monitoring, analysis and integrity assessment of well intervention systems and flexible risers. For this purpose, the company has developed several products and services that keep track of the stress to which pipes and wells are subjected, and the condition of the equipment. This means that oil companies can extend the life of expensive equipment, increase production uptime and reduce the risk of incidents.

With rapid growth in revenue from NOK 28 million in 2008 to NOK 106 million in 2013, 4Subsea has been profitable every year.

“For us, 4Subsea is a company at the centre of our interest area. The company has a skilled entrepreneurial team, and its products and services are renowned and unique. It has become a leader in its domestic market. To continue its growth internationally, the company wants someone to work together with,” says partner Joar Welde in Viking Venture from his office in Houston, Texas.

“4Subsea is the second investment based on Viking Venture’s new investment concept launched earlier this year. The interest from investors has been very high,” comments Managing Partner Erik Hagen in Viking Venture. “Our objective is to offer 3–4 new investments per year in exciting technology-based growth companies with international potential. Our technology focus is on oil and gas and information and communication technology. We are well on track to achieve this,” says Hagen.

Press Release, July 07, 2014; Image: 4Subsea


Related news

List of related news articles