Nordic venture fund Viking Venture has taken a 40% stake in Norwegian specialist company 4Subsea.
The financial details of the deal were not revealed, but 4Subea said Viking was investing in the company to help it further develop integrated solutions and assist it with international expansion.
“We have invited Viking Venture to become an investor in our company due to their experience, network and expertise in strategy development and international expansion, which is very useful to us,” 4Subsea managing director Henning Christensen said.
“A particular advantage is Viking Venture’s presence in Houston, which we believe will open many interesting doors for 4Subsea.”
4Subsea was established in 2007 and provides monitoring solutions, software and expert services for flexible risers and well intervention and wellhead systems.
Last year the company generated Nkr106 million in revenue and has turned a profit every year since generating Nkr28 million in revenue in 2008.
Customers of 4Subsea include ExxonMobil, Maersk, Wintershall and several subsea and floating production, storage and offloading companies.