M&A Deal Summary

PGS Acquires MTEM

On June 20, 2007, PGS acquired energy services and equipment company MTEM from EV Private Equity and HitecVision for 275M USD

Acquisition Highlights
  • This is PGS’s 1st transaction in the Energy Services and Equipment sector.
  • This is PGS’s largest (disclosed) transaction.
  • This is PGS’s 1st transaction in the United Kingdom.

M&A Deal Summary
Date 2007-06-20
Target MTEM
Sector Energy Services and Equipment
Buyer(s) PGS
Sellers(s) EV Private Equity
HitecVision
Deal Type Add-on Acquisition
Deal Value 275M USD

Target

MTEM

Edinburgh, United Kingdom
website
MTEM Ltd is a provider of electromagnetic (EM) services used to detect the presence of hydrocarbons. Company which produces resistivity profiles over prospective reservoirs to identify hydrocarbons before committing to costly drilling programs.

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Buyer(S) 1

Buyer

PGS

Oslo, Norway

website

Category Company
Founded 1991
Sector Information Technology
Employees839
Revenue 698M USD (2021)
DESCRIPTION

PGS is a geophysical company providing a broad range of seismic and electromagnetic services, data acquisition, processing, reservoir analysis/interpretation and multi-client library data. PGS was founded in 1991 and is based in Oslo, Norway.

DEAL STATS #
Overall 1 of 1
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 1 of 1
Country (United Kingdom) 1 of 1
Year (2007) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-13 Petroleum Geo-Services ASA - OptoSeis Fiber Optic Business

Austin, Texas, United States

Petroleum Geo-Services ASA - OptoSeis Fiber Optic Business provides reservoir monitoring system in the Jubarte field located offshore Brazil and has also been demonstrated as a viable technology for large-scale cabled land seismic data acquisition systems.

Sell $25M

Seller(S) 2

SELLER

EV Private Equity

Stavanger, Norway

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2002
PE ASSETS 1.0B NOK
Size Middle-Market
Type Sector Focused
DESCRIPTION

Energy Ventures is an independent venture capital firm that manages/advises four venture funds. It actively seeks early- to mid-stage investments in technology companies that deliver a marketable, proprietary product or service in the upstream oil and gas sector. Energy Ventures focuses on investments based in the North Sea area or North America with an international orientation. Established in 2002, Energy Ventures is based in Stavanger, Norway with additional offices in Aberdeen, UK, and Houston, Texas.

DEAL STATS #
Overall 5 of 25
Sector (Energy Services and Equipment) 5 of 16
Type (Add-on Acquisition) 4 of 19
Country (United Kingdom) 1 of 8
Year (2007) 2 of 2
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-30 Sense EDM AS

Kristiansand, Norway

Sense EDM AS is a supplier of intelligent rigs, innovative tubular handling systems and control systems to the international oil & gas industry.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-01 NovaDrill

Provo, Utah, United States

NovaDrill is a provider of integrated directional drilling and formation evaluation system for drill bit.

Buy -
SELLER

HitecVision

Stavanger, Norway

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1985
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HitecVision AS is a private equity firm specializing in buyouts and growth capital investments in the oil and gas industry. The Firm targets investments in middle-market companies throughout North America (primarily US) and Northern Europe (primarily Norway and the UK). HitecVision seeks companies with growth potential and unique technologies. The Firm looks to invest $30 to $150 million in companies valued up to $300 million. Specific areas of interest include drilling/down-hole, exploration/production, field development, mid- and downstream, and subsurface. HitecVision AS was formed in 1985 and is based in Stavanger. The Firm has additional offices in Oslo and Texas.

DEAL STATS #
Overall 6 of 29
Sector (Energy Services and Equipment) 4 of 10
Type (Add-on Acquisition) 2 of 15
Country (United Kingdom) 1 of 3
Year (2007) 1 of 3
Size (of disclosed) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-01 Apply

Stavanger, Norway

Apply is a provider of technology, engineering and construction services for the Norwegian oil and gas industry, with a global scope in certain specialised niches. The company is one of the major providers of services in the Maintanance, Modifications & Operations segment in Norway, and the largest global provider of Living Quarters for offshore platforms. Apply is based in Stavanger, Norway.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-01 Noreco

Stavanger, Norway

Norwegian Energy Company ASA is an independent oil and gas company with activities in Norway, Denmark and the United Kingdom. Noreco’s main focus is to explore for oil and gas, and the company is among the largest holders of exploration licenses in Norway.In addition, the company has ownership in eight producing oil fields and more than a dozen oil and gas discoveries.

Sell -
Mergr

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