Hydro Investment Boosts Norwegian Database Technology
"With the ShareCat technology, Tektonisk has established a solid foothold in Norway. The company has also been awarded several interesting international assignments, including the Sakhalin project in Eastern Russia. Our aim with this investment is to contribute to further growth internationally and in Norway," says Richard Erskine, head of Technology Ventures in Hydro.
ShareCat provides operators, suppliers and subcontractors with access to information about equipment on oil and gas installations. The technology is Internet-based and enables all the participants in the supplier chain to obtain and deliver information from a shared location.
"Tektonisk is the only company that has succeeded in getting the different links of the oil and gas installation supplier chain to communicate with each other by means of a common database. We have therefore won a lot of time and obtained more accurate documentation regarding the type of equipment found on the installations," adds Erskine.
Tektonisk is based in Bergen and also runs offices in Stavanger and London. The company, set up in 1993 by brothers Knut and Trond Even Dagsvik, has 32 employees and had a turnover in 2006 of approximately NOK 26 million. Tektonisk has signed agreements with a number of operators on the Norwegian continental shelf in recent years. ShareCat has been used in connection with the Ormen Lange development, for which Hydro is operator.
Hydro's Technology Ventures, established in March 2001, has total funds of NOK 750 million. The unit invests in cutting-edge companies within the oil and energy field.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea