Norwegian funds Energivekst and Energy Ventures have sold their shares in Advanced Production and Loading, an oil and gas transport systems provider for NOK581 million (€73 million, $90 million).
Energivekst, managed by HitecVision, sold its 4,726,313 shares in Advanced Production and Loading (APL), representing 24.3 percent of APL. Energy Ventures sold 2,362,192 shares in APL, representing 12.1 percent of the total number of shares in APL. The majority of the remaining shares are controlled by senior APL personnel.
The shares were sold at a price of NOK82 per share, and neither fund has any interests in APL following the transaction.
Advanced Production and Loading is focused on the development, fabrication and sale of advanced systems for the offshore production, specialising in storage and transport of oil and gas by ships.
Founded in 1993 by Norwegian oil and gas company Statoil to develop and commercialise submerged turret loading (STL) and submerged turret production (STP) systems, APL has grown from less than 10 employees to over 100 staff based in its headquarters in Norway and subsidiary offices in Paris, Houston and Rio de Janeiro.
HitecVision invested in APL in January 2004, and the company was taken public through an IPO on the Oslo Stock Exchange in March 2005. In 2003, HitecVision teamed up with 3i to provide €35 million of start-up capital to oil and gas exploration business, Revus Energy. The transaction was the first for 3i’s oil and gas team in Norway.