HOUSTON — Private equity firms Energy Ventures and Epi-V have announced a deal to funnel $41.5 million (25 million British pounds) into Norwegian oil field equipment provider DWC.
Epi-V says the firms have acquired a majority stake in the oil and gas production enhancement company, with plans to rev up commercialization of DWC’s oil field technology and expand the business globally. The deal was completed last week and announced Sunday.
British investment firm Epi-V is the lead investor, providing more than 50 percents of the funding, though the exact contributions of each firm were not specified.
Launched in 2012 near Bergen, Norway, DWC provides patented equipment for removing sand and other solid materials from wellheads to improve oil and gas recovery and extend the life of wells. The technology helps prevent oil field equipment from getting plugged and damaged by sediment, a threat that grows with the aging of fields, according to Epi-V.
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In a written statement, Energy Ventures Partner Einar Gamman said investing in DWC makes sense “at a time where there is considerable pressure on the oil and gas industry to deliver more cost efficient solutions and where there is a continuous drive to extract more oil and gas out of each field development.”
In its announcement, Epi-V said DWC’s technology is unique for its compact size and automation, which allows for remote control. Statoil and Saudi Aramco are among its customers, according to Epi-V.
Epi-V started in 2007 with about $80 million (50 million pounds) in funds from private equity firm Lloyds Development Capital. It’s backing DWC from its second fund. Epi-V also has investments in Darcy, a sand control technology company, and Angus Fire, which manufacturers hoses for hydraulic fracturing.
Energy Ventures invested from its fourth fund. The venture capital firm is headquartered in Stavanger, Norway, with additional offices in Houston and Aberdeen, Scotland.
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