MARCH 26 2015
A shareholder group, including Statoil Technology Invest and Verdane Capital V "Verdane Capital", has reached an agreement to divest RESMAN to Nordic Capital Fund VIII "Nordic Capital".
Since its inception in 2005, RESMAN has rapidly evolved its innovative tracer and data analysis technology to provide a long term, reliable, risk-free and cost efficient alternative for reservoir monitoring. The company was formed in 2005 by SINTEF Venture and Statoil Technology Invest based on technology developed by SINTEF and IFE. Since its inception, the company has installed thousands of its proprietary Intelligent Tracer™ systems in hundreds of wells for more than 40 Oil & Gas operators worldwide.
RESMAN is committed to helping its customers gain valuable data about their reservoirs, ultimately improving the effectiveness of their reservoir management decisions. RESMAN's technology provides a low cost and low risk solution to gain long-term insight into what is flowing where, how much, in what well and in which zone of the well, which is highly valuable input for oil companies in their quest to increase oil recovery.
The company is headquartered in Trondheim, Norway, with further global offices in Brazil, USA, UK, UAE and Malaysia. RESMAN has approximately 65 employees and had revenues of NOK 210 million (EUR 25 million) in 2014.
"We have been very pleased with the shareholder support from Statoil Technology Invest and Verdane Capital in the past years. At the same time, we are very pleased that Nordic Capital has now chosen to invest in RESMAN. Their extensive experience of successfully developing businesses in cooperation with management and the employees suits us very well, and gives us the opportunity to continue our positive development. Together we will continue to lead this game changing evolution in reservoir monitoring", says Torger Skillingstad, CEO, RESMAN.
"Nordic Capital has followed RESMAN closely for some time and is impressed by the quality of the technology, its value added benefits as well as the customers' quick adoption of the technology. Nordic Capital looks forward to supporting the management team in further accelerating its sales effort as well as investing in further development of its products in order to improve well reservoir management",says Kim Gulstad, Partner, NC Advisory AS, advisor to the Nordic Capital Funds.
"We are delighted to have been part of RESMAN's journey from a small but promising technology company to a global firm with thousands of installed systems. Revenues have grown over 70% annually on average since Verdane Capital made the first investment in RESMAN in 2006. With Nordic Capital as the new owner, RESMAN is well positioned to continue on its rapid growth path", says Bjarne Lie, Managing Partner at Verdane Capital Advisors.
"Statoil has supported the company's research and development, and provided equity because we have recognized its large potential to reduce costs while increasing recovery in our assets. Together with Verdane Capital and management we have been able to build a unique company well positioned for further growth" says Richard Erskine, Managing Director of Statoil Technology Invest.
"We are very happy to have been a part of the process of turning this versatile tracer and data analysis technology developed by SINTEF and IFE into a solid and successful company. We are grateful to have had Statoil Technology Invest and Verdane Capital as resourceful and competent partners in the development of the company, and look forward to seeing it further its achievements with Nordic Capital as a new owner", says Anders Lian, CEO of SINTEF Venture.
Alpha Corporate Finance and Schjodt Law Firm acted as advisors to Verdane Capital and Statoil Technology Invest, while advisors to Nordic Capital included Carnegie and Selmer Law Firm.
Press contacts:
RESMAN
Torger Skillingstad, CEO
Tel: +47 99 27 33 82
e-mail: torger@resman.no
Nordic Capital
Katarina Janerud, Communication Manager,
NC Advisory AB, advisor to the Nordic Capital Funds
Tel: +46 8 440 50 69
e-mail: katarina.janerud@nordiccapital.com
Verdane Capital
Advisors
Frida Einarson, Investor Relations Director
Verdane Capital Advisors
Tel: +46 702 44 20 83
e-mail: frida.einarson@verdanecapital.com
Statoil
Morten Eek, press spokesperson
Tel: +47 41 68 95 15
e-mail: morten.eek@statoil.com
About RESMAN
RESMAN was established in 2005 by SINTEF Venture
and Statoil Technology Invest based on technology developed by
SINTEF and IFE. Since its inception, RESMAN has rapidly evolved its
innovative Chemical PLT™ technology and patented data analysis
methods to provide long term, risk-free and cost-efficient
alternatives to production logging and wired reservoir sensors. The
company has installed thousands of its Intelligent Tracer™ systems
in hundreds of wells worldwide. By using proprietary inflow
quantification models developed in-house and verified by third
party flow loop testing, RESMAN can accurately quantify zonal
inflow contribution and detect the location of water breakthrough
in the most complex and challenging completion environments. RESMAN
is committed to help its customers gain valuable understanding
about their reservoirs to ultimately improve the effectiveness of
reservoir management decisions. The company is headquartered in
Trondheim, Norway with further global offices in Brazil, USA, UK,
UAE and Malaysia. The company has approximately 65 employees and
revenues of NOK 210 million (EUR 25 million) in 2014. For more
information, please see www.resman.no
About Nordic Capital
Nordic Capital private equity funds have invested in
mid-market companies primarily in the Nordic region since 1989.
Through committed ownership and by targeting strategic development
and operational improvements, Nordic Capital enables value creation
in its investments. Nordic Capital Funds invest in companies in
northern Europe and in selected investment opportunities
internationally. The most recent fund is Nordic Capital Fund
VIII with EUR 3.5 billion in committed capital, principally
provided by international institutional investors such as pension
funds. Nordic Capital Funds are based in Jersey, Channel Islands,
and are advised by the NC Advisory companies in Sweden, Denmark,
Finland, Norway, Germany and the UK. For further information about
Nordic Capital please see www.nordiccapital.com
About Verdane Capital Advisors
Funds advised by Verdane Capital Advisors provide
flexible growth capital to Nordic companies with high ambitions in
the IT, energy and advanced industrial sectors. What sets Verdane
funds apart is the flexibility to buy either a complete portfolio,
parts of a portfolio or a single shareholding amongst a group of
unlisted assets. The funds have EUR 700 million in committed
capital from institutional investors. Since 2003, the funds advised
by Verdane Capital Advisors have acquired 23 portfolios with stakes
in over 250 companies. Verdane funds have a long track record in
the energy sector, with investments such as Odim, Reslab, Reslink,
Sicom, Teamtec and Wireless Maingate. For more information, please
visit www.verdanecapital.com
About Statoil Technology Invest
Statoil Technology Invest's (STI) job is to attract and
assist innovative companies, to help them develop and commercialise
new technology which Statoil can use in its operations. During the
last five years STI has invested NOK 780 million in start-up
companies to develop technology that can create value in Statoil's
operations. It is an active portfolio with 20 companies and 3 exits
in the last 12 months. For more information, please visit http://innovate.statoil.com