Independent private equity firm Energy Ventures has earmarked $200 million to help boost North Sea oil and gas companies during challenging times for the industry.
The organization said that it is looking to invest in companies which need access to finance to stabilize their company or to help with continued growth. Energy Ventures has outlined that it plans to spend between $10 and $40 million on any one company and told Rigzone that it expects to underwrite existing employment in the sector as a result of this investment.
“Energy Ventures is one of the few oil and gas private equity funds investing at this time. In the past 20 months we have made three platform investments in the North Sea and a total of 11 investments including add-ons in the same period,” said Tomas Hvamb, Energy Ventures’ Aberdeen-based investment director.
“The additional funding of $200 million which we have set aside is testament to the commitment we have to the area,” he added.
When asked why the firm would be spending in the struggling market climate, Greg Herrera, one of Energy Ventures' partners, told Rigzone that the company wants to be a partner for energy businesses that want to grow within the North Sea but also on an international basis. Herrera also stated that the firm has a proven track record of investing in high growth companies across the globe.
“Our model is based on supporting growth of differentiated service and technology companies that provide solutions to long-term oilfield challenges, which we view as the key to improving declining production levels and boosting further re-investment,” said Herrera.
“The additional funding that we are currently making available is there to help businesses in the North Sea who may be finding trading conditions particularly challenging just now due to the low oil price. We are keen to partner with them to help them through this period and beyond,” he added.
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