The oilfield services industry in the Nordics involves companies that provide specialized services and technologies to support oil and gas exploration, drilling, and production. This sector includes firms offering engineering, geological consulting, equipment rental, and project management, often focusing on enhancing efficiency and sustainability. With pressures to reduce carbon emissions and adapt to renewable energy, the industry is seeing a shift towards innovation. Nordic companies are increasingly adopting advanced technologies like automation and digital solutions, poised for growth as they aim to meet both energy demands and ecological responsibilities.

The listed investors range from corporate giants like Equinor to specialized private equity firms such as HitecVision, based in locations like Stavanger and Oslo. Founded between 1841 and 2008, these firms vary in size from small teams of under 50 to thousands of employees. Collectively, they contributed to around 50 deals in 2024, showcasing active participation in the oilfield services domain. Their investment focus spans traditional oil companies to innovative startups, reflecting a strong commitment to the industry's transition towards sustainability.

Top 12 Oilfield Services Investors in the Nordics

1. EV Private Equity

• Website: evprivateequity.no
• Type: Private Equity
• Headquarters: Stavanger, Rogaland, Norway
• Founded year: 2002
• Headcount: 11-50
• LinkedIn: evprivateequity

EV Private Equity is a private equity investment firm based in Stavanger, Rogaland, Norway, founded in 2002. The firm specializes in energy technology and sustainable investments, partnering with management teams to enhance business strategies and drive emissions reduction in energy-intensive sectors. Notably, EV Private Equity has made significant investments in the oilfield services industry, including the acquisition of Enhanced Drilling in 2019, which underscores their commitment to this sector. They have also participated in funding rounds for companies such as Reach Production Solutions and Workover Solutions, further solidifying their presence in the oilfield services market. Their focus on responsible investment practices positions them as a leader in the transition to a sustainable energy future, while still maintaining a foothold in traditional oilfield services.

2. Equinor

• Website: equinor.com
• Type: Corporate
• Headquarters: Stavanger, Rogaland, Norway
• Founded year: 1972
• Headcount: 10001+
• Number of deals in 2024: 6
• LinkedIn: equinor

Equinor ASA is a public entity operating in the energy sector, focusing on oil, gas, and renewable energy. Founded in 1972 and based in Stavanger, Norway, Equinor has a workforce of over 10,000 employees. The company is committed to sustainability and aims to become a net-zero emissions entity by 2050. Equinor serves a diverse customer base, including governments and industries, providing energy solutions that address climate challenges while ensuring energy security. As an investor, Equinor has been involved in several significant transactions relevant to the oilfield services sector, such as its equity investment in Upwing Energy to accelerate the development of downhole gas compressors and its participation in the Series A funding round for Ambyint, which specializes in AI-driven oil and gas production optimization. These investments highlight Equinor's strategic focus on enhancing operational efficiency and technological advancement in the oilfield services industry.

3. HitecVision

• Website: hitecvision.com
• Type: Private Equity
• Headquarters: Stavanger, Rogaland, Norway
• Founded year: 1985
• Headcount: 51-200
• LinkedIn: hitecvision

HitecVision is a private equity investment firm based in Stavanger, Rogaland, Norway, founded in 1985. The firm specializes in the European energy sector, focusing on providing institutional capital to energy production and infrastructure projects. HitecVision emphasizes sustainability and the energy transition, managing private equity funds and partnering with various stakeholders to drive growth in renewable energy and related industries. Notably, HitecVision has made several significant acquisitions in the oilfield services sector, including Ross Offshore in 2008, Apply in 2007, AXON Energy Products in 2008, Atlantica Tender Drilling in 2011, and Vryhof in 2013. These transactions highlight HitecVision's active role in the oilfield services market, making them a key player in the energy investment landscape.

4. EQT Group

• Website: eqtgroup.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 1001-5000
• Number of deals in 2024: 30
• LinkedIn: eqt-partners

EQT Group is a private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in managing diverse investment portfolios across multiple sectors, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT has made significant strides in the oilfield services industry, highlighted by their acquisition of Aker Solutions in December 2013 for approximately $663 million, which is a key player in providing engineering and technology services to the oil and gas sector. Additionally, EQT Infra's acquisition of Tampnet in October 2012 for €202 million showcases their investment in critical infrastructure that supports offshore oil and gas operations. These transactions reflect EQT's strategic focus on enhancing operational capabilities within the oilfield services domain, making them a notable investor in this industry.

5. Norvestor

• Website: norvestor.com
• Type: Private Equity
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1989
• Headcount: 11-50
• Number of deals in 2024: 3
• LinkedIn: norvestor-equity-as

Norvestor is a private equity firm based in Oslo, Norway, founded in 1989. The firm specializes in investment management and advisory services, focusing on partnering with medium-sized Nordic businesses to support their growth and development. Norvestor emphasizes sustainability and operational efficiency across various sectors, including IT services and property maintenance. In the oilfield services context, Norvestor has made several notable acquisitions, including a 95% stake in Read Cased Hole, a Scottish oil & gas intelligence service, and the acquisition of Hydra Well Intervention, Future Production AS, and iSURVEY. These transactions highlight Norvestor's active role in the oilfield services industry, showcasing their commitment to enhancing the operational capabilities of companies within this sector.

6. Ferd AS

• Website: ferd.no
• Type: Private Equity
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1998
• Headcount: 51-200
• LinkedIn: ferd-as

Ferd AS is a private equity investment company based in Oslo, Norway, founded in 1998. The firm focuses on creating lasting value through various business activities, including investment management, real estate development, and support for social entrepreneurs. Ferd AS has a diverse portfolio, but it has made significant investments in the oilfield services sector. Notable transactions include their investment in Petroleum Geo-Services through a post-IPO equity raise in 2015, their acquisition of Aibel, a company specializing in offshore wind and energy services, in 2012 for approximately 1.5 billion NOK, and their acquisition of Servi Group in 2013. These transactions highlight Ferd AS's commitment to the oilfield services industry, alongside their broader investment strategy.

7. Viking Venture

• Website: vikingventure.com
• Type: Venture Capital
• Headquarters: Trondheim, Trøndelag, Norway
• Founded year: 2001
• Headcount: 11-50
• Number of deals in 2024: 1
• LinkedIn: viking-venture

Viking Venture is a venture capital firm based in Trondheim, Trøndelag, Norway, founded in 2001. The firm specializes in the software sector, focusing on fast-growing Nordic B2B software companies. They provide capital and strategic support to enhance growth and operational efficiency, including mentoring, recruitment assistance, and guidance on financing and successful exits. Viking Venture has also been involved in several transactions relevant to the oilfield services industry, such as their investment in Ziebel AS, a Norwegian oil services company, and Zilift Limited, a UK-based provider of artificial lift solutions for the oil and gas industry. These investments highlight their capability and willingness to engage in the oilfield services sector, despite their primary focus on software.

8. Investinor

• Website: investinor.no
• Type: Venture Capital
• Headquarters: Trondheim, Trøndelag, Norway
• Founded year: 2008
• Headcount: 11-50
• Number of deals in 2024: 4
• LinkedIn: investinor

Investinor AS is a venture capital investment company based in Trondheim, Trøndelag, Norway, founded in 2008. The firm specializes in providing funding to promising startups and companies, helping them grow and achieve market leadership. Investinor collaborates with entrepreneurs and other investors, managing state interests in seed and venture funds. Among their notable transactions, Investinor has invested in several companies within the oilfield services industry, including Ziebel AS, Ace Oil Tools, ExproSoft, and Zilift Limited. These investments highlight their commitment to supporting innovative solutions in the oil and gas sector, particularly in areas such as artificial lift technologies and oil services, thereby reinforcing their position as a relevant player in the oilfield services investment landscape.

9. Epiroc Construction Tools

• Website: epirocgroup.com
• Type: Corporate
• Headquarters: Kalmar, Kalmar, Sweden
• Founded year: 2018
• Headcount: 10001+
• Number of deals in 2024: 3
• LinkedIn: epiroc-construction-tools

Epiroc Construction Tools is a corporate investor based in Kalmar, Sweden, specializing in mining and construction equipment. Founded in 2018, Epiroc has quickly established itself as a key player in the industry, focusing on innovative technology to enhance productivity and safety. The company offers a range of products, including drill rigs and rock excavation tools, and provides services such as maintenance and digital solutions. In recent years, Epiroc has made several strategic acquisitions to bolster its capabilities. Notably, they acquired key assets from Schramm Australia, which includes intellectual property and production facilities, aimed at enhancing their drilling technology. Additionally, their acquisition of RNP Mexico, a manufacturer of rock drills, further strengthens their position in the drilling market. These transactions highlight Epiroc's commitment to expanding its offerings in drilling and excavation, which are relevant to the oilfield services sector.

10. Altor Equity Partners

• Website: altor.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2003
• Headcount: 51-200
• Number of deals in 2024: 6
• LinkedIn: altor

Altor Equity Partners is a private equity investment management firm based in Stockholm, Sweden, founded in 2003. The firm focuses on enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Altor has been involved in several notable transactions in the oilfield services sector, including the acquisition of AGR AS, a technology-based oil services company, aimed at fostering growth through organic development and add-on acquisitions. Additionally, they acquired Enhanced Drilling, further emphasizing their commitment to the oilfield services industry. While Altor also invests in various sectors such as technology and renewable energy, their active involvement in oilfield services positions them as a relevant player in this market.

11. Aker Solutions

• Website: akersolutions.com
• Type: Corporate
• Headquarters: Fornebu, Akershus, Norway
• Founded year: 1841
• Headcount: 10001+
• Number of deals in 2024: 1
• LinkedIn: aker-solutions

Aker Solutions ASA is a corporate investor based in Fornebu, Akershus, Norway, founded in 1841. The company specializes in engineering solutions for energy infrastructure, providing integrated services for low-carbon oil and gas production, as well as renewable energy projects. Aker Solutions has been actively involved in the oilfield services sector through several key acquisitions. Notably, they acquired Reinertsen, an oil-services provider, in 2017 to enhance their service offerings in the oil and gas sector. In 2013, they acquired a majority stake in Enovate Systems Ltd., a company specializing in subsea well control equipment, further solidifying their position in the oilfield services market. Additionally, their acquisition of Subsea House and SSH Engineering in 2012, along with Unitech Power Systems in 2022, showcases their strategy to expand their capabilities and workforce in the energy sector. Aker Solutions operates globally, leveraging digital technology and strategic partnerships to navigate the transition to sustainable energy practices.

12. Herkules Capital

• Website: herkulescapital.no
• Type: Private Equity
• Headquarters: Oslo, Oslo, Norway
• Founded year: 2002
• Headcount: 11-50
• LinkedIn: herkules-capital

Herkules Capital is a private equity firm based in Oslo, Norway, founded in 2002. The firm specializes in managing investments in established companies with strong growth potential across various sectors, including energy, consumer goods, healthcare, services, and industrial technology. Notably, Herkules Capital has made significant investments in the oilfield services sector, including the acquisition of Petroleum Technology Company in July 2013, which focuses on providing technology solutions for the oil and gas industry. Additionally, the firm has been involved with Aibel, a company that offers services to the oil and gas sector, further solidifying its presence in the oilfield services market. These transactions highlight Herkules Capital's strategic focus on energy-related investments, making it a relevant player in the oilfield services industry.

Oilfield Services Insights: Key Investors in the Nordics

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