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Viking Intervention Tecnology AS acquired by Seawell

Procom Venture AS as manager of SåkorninVest II AS announces sale of its portfolio company Viking Intervention Technology AS

Seawell ASA acquires 100% of the shares of Viking Intervention in a transaction valued at NOK 75 millions. The Carbon Cable integrated intervention system has been developed by Viking Intervention in partnership with Seawell, Statoil and Innovation Norway. The system incorporates cable technology from one of the worlds leading providers of carbon composites, Finnish company Exel Composites. Jorgen Rasmussen, Chairman of Seawell Limited commented: We believe that carbon cable technology offers a real step-change compared to todays wire line steel technology. It will simplify well intervention in production wells and enable operators to perform mechanical repairs using high-power tools. Its a more environmentally friendly system, with electric motors, lower noise and lower carbon emissions. The system will also compete with down hole tractors in deviated and horizontal well applications. SåkorninVest II AS was majority shareholder with 65% of the shares in the company.

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