Sumitomo Corporation has acquired a majority stake in Sekal AS, a software technology company offering real time dynamic analytics and automated drilling process control for the oil & gas sector.
Sekal provides advanced software used to monitor and control drilling and well operations. The technology is based on research done by NORCE (former Rogalandsforskning).
The main shareholders in addition to ETV have been Saudi Aramco Energy Ventures, Såkorninvest II and NORCE Innovation. These investors have been active owners with a long-term view since the establishment of Sekal in 2011.
The sellers are delighted with the transaction as it forms a solid foundation for further growth and continued success for Sekal. The company will now have a strong owner with a global footprint and the ambition to develop technology which can contribute towards more efficient and safer oil and gas operations.
Sekal’s technologies have been broadly implemented in Equinor’s operations, as part of the Automated Drilling Control project, where they have contributed to significant efficiency gains.
“Sekal is a success story which clearly demonstrates our ability and will to identify and support companies that are developing disruptive technologies aimed at solving tomorrow’s challenges for the energy industry,” says Ivar Aune, Sekal board member and ETV Investment Director. “There are many skilled entrepreneurs in Norway, but they need the network of private capital and public financing to be able to develop and commercialize their technologies. ETV have a portfolio of more than 20 exciting start-ups, and we continue to look for new companies who can enable the achievement of our goals of always safe, high value and low carbon.”