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AltAssets is the private equity news and research service from Almeida Capital
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PRINT THIS PAGE HitecVision to invest $120m in Spring Energy Norway24/04/2008. Source: AltAssets. 
Norway-based private equity firm HitecVision Private Equity has agreed to provide $120m in equity financing from its HitecVision V fund to Oslo oil and gas company Spring Energy Norway. Spring Energy is a start-up oil and gas company that pursues growth opportunities in both mature and immature areas on the Norwegian Continental Shelf.
Following completion of the transaction, Spring Energy founders will continue to hold a stake in the company. Up to two members of the HitecVision team will join the company's board of directors.
Gunnar Halvorsen, senior partner, HitecVision, said, 'The founders of Spring Energy have on average more than 20 years of exploration and production experience from the NCS, and we are impressed with their achievements and broad pool of expertise. This is a team with high ambitions, eager to pursue innovative exploration methods combining advanced technology and strong competence.'
HitecVision targets the oil and gas industry in Europe and North America, focusing on buy-outs and growth capital investments. The firm currently manages three funds with a total capital base of $1.2bn.
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