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.