Subsea Technology Group emerges from Technor and joins forces with Ross Offshore and Ross Drilling, forming a substantial provider of subsea and field life cycle services and products with 465 employees and expected revenues of NOK 850 million this year

Subsea Technology Group AS (STG) is a newly formed entity comprising the former Technor companies Bennex AS, Poseidon Group AS and Altra Energy Ltd. as well as the newly acquired Ross Offshore AS and Ross Drilling AS, of which STG holds the majority of the shares. Combined the companies have 465 employees, and revenues in 2008 are expected to exceed NOK 850 million.

STG has organised its operating activities in two divisions: STG Engineering and STG Products. The ambition is to build a strong subsea, drilling, well intervention and field development group capable of delivering products and services to operators and oil companies in Norway and internationally.

STG will be in a position to take full operator responsibility through the life cycle of a field; from field evaluation and exploration drilling, through the development phase to subsea operations and inspection, maintenance and decommissioning. The current consultancy services will be further developed to secure cash flow and personnel recourses for the internal projects.

“Ross Offshore and Ross Drilling fit perfectly into STG, adding competence in the areas of drilling and well management. This enables us to offer our customers a complete range of services”, says Egil Tjelta, CEO of STG Engineering.

Tor Aanderud Larsen, Chairman of Ross Offshore and Ross Drilling, adds: “We believe that STG provides the best setting for us to continue our strong growth within drilling management and well engineering services, and to expand our services of field development studies and operational support within reservoir and production management.”

Terje Arnesen, CEO of Bennex and STG Products, says: "As part of STG Bennex will continue the current growth path within subsea distribution systems and seismic products. Bennex will benefit from increased cooperation with the companies in STG Engineering in developing new products, such as well processing solutions."

HitecVision Private Equity AS holds the majority of the shares in STG through its fund HitecVision IV LP. The fund has made a substantial initial investment in STG, and has committed additional capital to support further growth.

Tags: Subsea Technology Group, Technor