A shareholder group, including Statoil Technology Invest and Verdane Capital V "Verdane Capital", has reached an agreement to divest RESMAN to Nordic Capital Fund VIII "Nordic Capital".
Since its inception in 2005, RESMAN has rapidly evolved its innovative tracer and data analysis technology to provide a long term, reliable, risk-free and cost efficient alternative for reservoir monitoring. The company was formed in 2005 by SINTEF Venture and Statoil Technology Invest based on technology developed by SINTEF and IFE. Since its inception, the company has installed thousands of its proprietary Intelligent Tracer™ systems in hundreds of wells for more than 40 Oil & Gas operators worldwide.
RESMAN is committed to helping its customers gain valuable data about their reservoirs, ultimately improving the effectiveness of their reservoir management decisions. RESMAN's technology provides a low cost and low risk solution to gain long-term insight into what is flowing where, how much, in what well and in which zone of the well, which is highly valuable input for oil companies in their quest to increase oil recovery.
The company is headquartered in Trondheim, Norway, with further global offices in Brazil, USA, UK, UAE and Malaysia. RESMAN has approximately 65 employees and had revenues of NOK 210 million (EUR 25 million) in 2014.
"We have been very pleased with the shareholder support from Statoil Technology Invest and Verdane Capital in the past years. At the same time, we are very pleased that Nordic Capital has now chosen to invest in RESMAN. Their extensive experience of successfully developing businesses in cooperation with management and the employees suits us very well, and gives us the opportunity to continue our positive development. Together we will continue to lead this game changing evolution in reservoir monitoring", says Torger Skillingstad, CEO, RESMAN.
"Nordic Capital has followed RESMAN closely for some time and is impressed by the quality of the technology, its value added benefits as well as the customers' quick adoption of the technology. Nordic Capital looks forward to supporting the management team in further accelerating its sales effort as well as investing in further development of its products in order to improve well reservoir management",says Kim Gulstad, Partner, NC Advisory AS, advisor to the Nordic Capital Funds.
"We are delighted to have been part of RESMAN's journey from a small but promising technology company to a global firm with thousands of installed systems. Revenues have grown over 70% annually on average since Verdane Capital made the first investment in RESMAN in 2006. With Nordic Capital as the new owner, RESMAN is well positioned to continue on its rapid growth path", says Bjarne Lie, Managing Partner at Verdane Capital Advisors.
"Statoil has supported the company's research and development, and provided equity because we have recognized its large potential to reduce costs while increasing recovery in our assets. Together with Verdane Capital and management we have been able to build a unique company well positioned for further growth" says Richard Erskine, Managing Director of Statoil Technology Invest.
"We are very happy to have been a part of the process of turning this versatile tracer and data analysis technology developed by SINTEF and IFE into a solid and successful company. We are grateful to have had Statoil Technology Invest and Verdane Capital as resourceful and competent partners in the development of the company, and look forward to seeing it further its achievements with Nordic Capital as a new owner", says Anders Lian, CEO of SINTEF Venture.