Lime Rock Partners Announces Investment in V-Tech8/10/2005
WESTPORT, Conn., August 10—Lime Rock Partners, a leading provider of private equity to the oil sector, has acquired a substantial shareholding in V-Tech, the Norwegian company behind the award-winning power tong, the “UniTong”. This special tong replaces several manual units on the drillfloor and improves health and safety.
Lime Rock was first introduced to the UniTong at the annual Oil Technology Conference in Houston in May where V-Tech won the Woelfel Best Mechanical Engineering Achievement Award for the system.
Lawrence Ross, managing director at Lime Rock’s Aberdeen office, says, “Lime Rock is delighted to partner with V-Tech to introduce the UniTong to the industry. This is an extremely exciting technology that has the capability to deliver substantial improvements in safety, performance and cost for drilling and completion operations.”
Tore Hansen-Tangen, chairman and CEO at V-Tech, says, “Lime Rock shares our belief in the potential of the UniTong, and its investment in the business reflects the commitment to support its commercialisation. We are delighted to have such an international company on our side as we embark on our next challenge to bring this unique system to our potential customers.”
Lime Rock joins Viking Holding AS as the other main shareholder in V-Tech. For more information on the UniTong, visit the company’s website at www.v-tech.no.
Lime Rock Partners is a private equity firm with $850 million under management dedicated to investing in energy companies with high growth potential. From offices in four major energy centers in North America and Western Europe, Lime Rock Partners targets growth equity investments in conventional oil service, oil service technology, and exploration and production and processing companies. For more information, please visit www.lrpartners.com.
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