Norwegian equity investor HitecVision, via its Energivekst fund, has acquired a 35% stake in drilling geomechanical software house Knowledge Systems Inc. (KSI). The investment was made through the purchase of secondary common shares from founder James Bridges and the issuance of new paper by KSI. HitecVision focuses on ‘innovation and development’ within the worldwide energy industry.
Bridges, who is also KSI chairman and CEO said, ‘This investment will let us expand both domestic and international operations. We look forward to leveraging both HitecVision’s capital and its network of industry relationships.’
HitecVision partner Gunnar Halvorsen added, ‘E&P companies use KSI’s technology to reduce drilling costs and risks, and to increase drilling successes and safety. We are excited to partner with a company that is the leader in mitigating wellbore stability problems which cost the industry significant amounts every year.’ KSI Drillworks 2005 software and services offer real-time, integrated geopressure and geomechanics solutions for complex drilling environments, providing drillers with the ability to ‘look ahead of the bit,’ avoiding kicks, stuck pipe and blowouts.
Energivekst’s NOK 690 million ($110 million) fund also has invested in simulation software house Scandpower Petroleum Technology and RigNet, a broadband solutions provider to drilling rigs.
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