Resman, a Norway-based oil and gas company that has developed technology to monitor reservoirs, has been acquired by private equity firm Nordic Capital, providing an exit for Norwegian government-owned oil and gas company Statoil.
Resman was founded in 2005 by Statoil’s corporate venturing arm, Statoil Technology Invest, and Sintef Venture, the corporate venturing arm of research organisation Sintef, originally spun out of the Norwegian Institute of Technology.
Resman’s wireless oil reservoir surveillance technology was originally developed by Sintef and Norway’s Institute for Energy Technology. The technology enables oil and gas companies to gain long-term insight into their wells, providing a detailed overview of what is flowing where, how much, in what well and where precisely in that well.
Venture capital firm Verdane Capital has also backed Resman and is exiting alongside Sintef and Statoil. Financial terms of the transaction have not been disclosed.
Richard Erskine, managing director of Statoil Technology Invest, said: “Statoil has supported the company’s research and development, and provided equity because we have recognised its large potential to reduce costs while increasing recovery in our assets.
Together with Verdane Capital and management we have been able to build a unique company well positioned for further growth.”