Roxar is to apply for a listing on the Oslo Stock Exchange in the third quarter 2005 with an initial public offering scheduled for later in the year. Roxar’s core competency lies in oil and gas flow dynamics through its software flagships, Irap RMS 3D (geological modeling) and Tempest (flow simulation). Roxar also markets real-time subsea and topside multiphase and wet gas meters and permanent downhole monitoring systems.
Roxar CFO, Ådne Grødem said, ‘Our customer list includes 150 multinational, national and independent oil companies including BP, Total, Hydro, Petronas, PDVSA, PEMEX, PetroChina and Statoil. We believe the time is right to capitalize the company for further growth.’
Roxar’s operating revenue was NOK 624 million in 2004—reflecting compound annual growth of 18% since 2000. CEO, Sandy Esslemont said, ‘We are excited by this opportunity to grow the company both organically and by acquisition.’ Current Roxar owners are Lime Rock Partners, Smedvig ASA and other minority shareholders. Financial advisors for the placement are Enskilda Securities and Deutsche Bank.
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