Hydro IS Partner prepares for new ownership structure

May 11, 2007, 10:00 CEST

A new ownership structure for Hydro IS Partner AS is being prepared to further develop the company. StatoilHydro and Hydro will both be significant customers of the IT company.

The process is part of the long-term development of Hydro IS Partner, which was established as a wholly-owned subsidiary of Norsk Hydro ASA in 2003.

Various solutions for Hydro IS Partner have been evaluated in connection the integration planning between Hydro and Statoil. The conclusion is that a new ownership structure is the best long-term solution, optimizing further development of the skill-based company and ensuring continued high-quality services to Hydro and StatoilHydro as well as other customers.

Shares in Hydro IS Partner will be transferred to StatoilHydro in connection with the merger between Statoil and Hydro’s oil and gas activities. A thorough process is being established to ensure that the IT company gets a new ownership structure.

Hydro IS Partner has extensive experience serving demanding customers in the process and production industries – both land-based and offshore. The company can document excellent results for its customers, which today include Hydro and Yara International, and will play an important role in facilitating the planned StatoilHydro merger.

Hydro IS Partner AS:

  • Established as wholly owned Hydro subsidiary in 2003.
  • Total employees: 920 (of which 280 are contracted).
  • Turnover 2006: 1,400 MNOK.
  • Global presence – covers all time zones in three regions: Europe, America and Asia.
  • Provides consultant services, applications for development and operations, and infrastructure services worldwide.
  • Part of the merger between Hydro’s oil and gas activities with Statoil.