News Archive
02.May 2007
Sense EDM sold to TTS Marine

Incitia Ventures together with the other owners have entered into an agreement so sell the drilling technology company Sense EDM AS to TTS Marine ASA for a price in the range NOK 560 and NOK 720 million.  Incitia Ventures invested in Sense EDM together with Energy Ventures in February 2005.    
Sense EDM is a provider of intelligent rigs, innovative tubular handling systems and control systems to the international onshore and offshore oil & gas industry.  Since the original investment, Sense EDM has grown its product offering substantially through a merger in Q4 2005 and internal R&D, driving a revenue growth from 28 MNOK in 2004 to 379 MNOK in 2006. 
TTS Marine is listed on the Oslo Stock Exchange and is a supplier of advanced offshore handling equipment.  Sense EDM will constitute a new division in TTS and will expand its offerings within the offshore segment.
This is a very good solution for everybody involved.  It’s rare that we as venture capitalists have the opportunity to participate in this kind of growth story creating a strong international player within its sector in such a short time frame.  With TTS Marine as the new owner the combined entity will have enough resources to secure a position among the three largest global players within its sector, says partner Jens Petter Falck in Incitia Ventures.