$200m funding boost for North Sea operators

Energy Ventures partner Greg Herrera (left) and Tomas Hvamb, Energy Ventures investment director. Picture: Contributed

Energy Ventures partner Greg Herrera (left) and Tomas Hvamb, Energy Ventures investment director. Picture: Contributed

Share this article
1
Have your say

Embattled North Sea businesses will be able to tap into $200 million (£162m) of dedicated funding earmarked by private equity firm Energy Ventures.

Bosses at the firm said they were looking to invest in companies which need access to finance to stabilise their business or to help with continued growth.

Tomas Hvamb, Energy Ventures’ Aberdeen-based investment director, said: "Energy Ventures is one of the few oil and gas private equity funds investing at this time. In the past 20 months we have made three platform investments in the North Sea and a total of 11 investments including add-ons in the same period.

"The additional funding of $200m which we have set aside is testament to the commitment we have to the area. We believe in the North Sea and the opportunities it continues to offer for domestic and international growth.

"We look to partner with talented management teams in service and technology companies with high growth potential and seek to invest between $10m-$40m in each company."

Greg Herrera, one of the firm’s partners, added: "Energy Ventures has a proven track record of investing in high growth companies, not just in the North Sea, but across the globe.

"The additional funding that we are currently making available is there to help businesses in the North Sea who may be finding trading conditions particularly challenging just now due to the low oil price. We are keen to partner with them to help them through this period and beyond."

Click here to ‘Like’ The Scotsman Business on Facebook

Back to the top of the page