Merger between Eni Norge and Point Resource creates Vår Energi AS
Eni, the Italian energy firm, and HitecVision, the private equity company, have announced the merger of Eni Norge AS and Point Rescue AS to form Vår Energi AS.
The merger company will focus on exploration and production in Norway, with an anticipated NOK65bn (US$8bn) to be invested over the next five years.
The firm has a wide geographical coverage spanning between the Barents Sea and the North Sea.
Vår Energi AS’ production capacity is around 180,000 barrels of oil equivalent per day (boepd) from 17 oil and gas fields. It is anticipated the firm will reach 250,000 boepd by 2023.
“This is a fundamental step ahead in our strategy to reinforce Eni’s presence in OECD countries with further upstream potential, such as Norway,” stated Caludio Descalzi, CEO of Eni S.p.A.
“The high quality of the human capital as well as of the assets in the portfolio, together with the expansion opportunities still available in Norway, will create a significant upside value to the shareholders of the merged company.”
“Eni will bring into Vår Energi its globally recognized capacity to innovate and its best technology, which has enabled us to achieve remarkable results in recent years, through great discoveries and the start-up of these discoveries in a record time”
“We are proud to bring together two E&P organizations that each have a history in Norway going back to the very beginning of our oil and gas industry, with license no. 001 from 1967 and participation from the start in Ekofisk, the first oil field in Norway,” remarked Ole Ertvaag, CEO and Founding Partner of HitecVision.
“After more than fifty years Norway still has very significant oil and gas resources, and the combination of Eni and Point builds on decades of experience to create an all-new company for the decades ahead.”
Global Offshore rebrands Enelift and invests in global hubs
Global Offshore has rebranded Enelift and will invest "a seven-figure sum" in establishing new support hubs in Houston, Dubai, Singapore, Perth and the Caspian during the next six months.
The investment will cover oil, gas and renewables, mainly concentrating on manufacturing capability with associated R&D, as well as in stock held in the hubs.
The company’s flagship Hinge Lok technology provides aluminium, non-welded light weight transportation cradle for casing and tubing. Enelift now plans to enhance its offering by augmenting its existing solutions with robotics and remote operational and training technology, which will reduce manpower for handling offshore equipment that is transported and stored using the Hinge Lok system.
Enelift is partnering with "a Japanese robotics company" and the technology will be trialed with "a Norwegian operator on a Norwegian drilling rig", according to a statement.
Operating from its bases in Aberdeen, UK and Esbjerg, Enelift was founded by 35-year industry veteran and Managing Director Paul Brebner 10 years ago to offer the offshore energy industries safe, reliable and efficient storage and transportation of equipment.
The expansion plans are bolstered by the appointment of Jim Clark of the Craigendarroch Group to Chairman, and Adam Maitland to Non-Executive Director. Maitland is the Managing Director of Hutcheon Mearns IF, and brings his wealth of expertise in the field of corporate finance.
Brebner said Enelift may be a new name in the market, but the experience it brings is "industry renowned".
"Our solutions are underpinned by safety that enables inefficiencies and their associated costs to be eradicated – meaning operational personnel can focus doing what they do best, safely. We remain committed to providing the safest storage and transportation solutions for equipment in the sector as we grow our global operations," he said.
Clark said the market is changing and its solutions fully support customers’ economic and safety aspirations.
"We are very well placed to take full advantage of increasing opportunities in the Middle East, Africa, Far East and Americas. Safety is our absolute commitment to our customers and our support hubs will facilitate this. Aligning our identity to our entire offering ensures that we will drive our expansion through new products and global support sites across the rest of this year."