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Selling APL

December 4, 2003, 13:30 CET

Statoil is selling its wholly-owned subsidiary, Advanced Production and Loading (APL). The new owners will be the management of APL and two equity funds, Energivekst and Energy Ventures.

The APL management will have a 30 per cent interest in the company, while Energivekst and Energy Ventures will take over 46.7 per cent and 23.3 per cent respectively. The agreement is expected to be finalised before the end of January 2004. The parties have agreed not to make the price public.

APL is a leading supplier in the field of offshore loading and turret-mooring systems. It was founded by Statoil in 1993 to commercialise new advanced technical solutions for offshore loading.

While APL will continue its current business activities, the company has aims for strong international growth in new markets and segments.

“We believe the agreement is an excellent industrial solution to ensure the continued development of APL as an important player in these markets," says Martin Sigmundstad, senior vice president in Technology's industrial development unit and chair of APL.

He adds that Statoil wants to focus on the early phases of development and commercialisation of new technological solutions that serve the group’s business objectives.

With its head office in Arendal in southern Norway, APL has about 100 employees. It has activities in several countries and more than 90 per cent of its revenues are generated outside Norway. The company's turnover for 2003 is expected to be NOK 500 million and considerable growth is anticipated in the years ahead.

Energivekst and Energy Ventures are the two most influential funds, specialising in Norwegian-developed technology for the offshore oil and gas sector.

More information can be found in the press release.