Suretank announces investment by HitecVision

suretankSuretank and HitecVision today announced that they have entered into a definitive agreement whereby HitecVision has acquired the majority shareholding in Suretank. HitecVision is a leading investor in the international oil and gas industry and headquartered in Stavanger, Norway. The company’s focus is on middle market investments in oilfield services and technology companies, and exploration and production (“E&P”) companies across the oil and gas value chain. Following the transaction Mr Patrick Joy and Mr Niall Lund will retain minority shareholdings in Suretank and will join the newly constituted board of Suretank. Mr Joy will assume the position of newly appointed Executive Chairman of Suretank and will be joined on the Suretank Board by Mr John Fitzgerald, recently appointed as the new Chief Executive Officer of Suretank.

“This is a great transaction for all Suretank stakeholders and most particularly for our esteemed customer base,” said Patrick Joy, Executive Chairman of Suretank. “We have established Suretank as the leading global supplier of tanks and CCUs (Cargo Carrying Units) to the offshore oil and gas industry and are excited that HitecVision recognizes our best in class customer service and quality standards, our world class operations and our 750 hard-working and dedicated employees. It will be business as usual — only better — at Suretank. We do not anticipate any changes in how we do business operationally throughout our global operations but will continue to strive for continued improvements in all aspects of our customer centered solutions. We welcome on board an active investor that shares our belief in global opportunities and our commitment to the highest standards of customer service and product safety and quality to our many respected clients in the offshore industry.”

“We are delighted to have reached this agreement with Suretank,” said HitecVision Senior Partner Pål Reiulf Olsen. “HitecVision’s background from the oil and gas industry enables us to create value by partnering with entrepreneurial managers to build substantial and sustainable companies. We look forward to working closely together with the management team and employees at Suretank to continue to service the demands of the offshore oil and gas sector and with our shared expertise and leadership, we look forward to accelerating a global expansion strategy for Suretank.”