The drilling fluids industry in the Nordics plays a crucial role in supporting oil and gas exploration activities. Companies here specialize in innovative drilling solutions, providing fluids that lubricate, cool, and stabilize drilling operations. These firms often also engage in research to develop sustainable alternatives, reflecting a growing trend towards eco-friendly practices in the industry. The sector is witnessing investments aimed at enhancing efficiency and reducing environmental impact, paving the way for technologies that promote cleaner energy extraction. As demand for oil and gas evolves, the focus on advanced drilling fluids and performance optimization continues to gain momentum.


The investor landscape for the drilling fluids market in the Nordics features a mix of private equity, corporate investors, and venture capital firms. Headquartered mainly in Norway and Sweden, these organizations vary in size from small teams to large conglomerates, with founding years ranging from 1841 to 2018. Notably, 2024 saw these investors partake in a total of 32 deals, reflecting an active interest in this industry segment. Their investments aim to bolster technologies and services that can optimize drilling operations and ensure sustainability, shaping the future of the Nordic energy sector.


Top 13 Drilling Fluids Investors in the Nordics


1. EV Private Equity


EV Private Equity is an investment firm based in Stavanger, Rogaland, Norway, specializing in energy technology and sustainable investments. Founded in 2002, the firm partners with management teams to enhance business strategies and drive emissions reduction in energy-intensive sectors. Notably, EV Private Equity acquired Enhanced Drilling on August 6, 2019, a company that provides advanced drilling fluid solutions, highlighting their commitment to the drilling fluids industry. Additionally, they have invested in Reach Production Solutions and Deep Casing Tools, both of which are involved in the energy sector, further demonstrating their active role in related industries. Their focus on responsible investment practices positions them as a leader in the transition to a sustainable energy future, making them a significant player in the drilling fluids market.


2. 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, Norway, specializing in the European energy sector. Founded in 1985, the firm focuses on providing institutional capital to energy production and infrastructure projects, with a strong emphasis on sustainability and the energy transition. HitecVision manages private equity funds and collaborates with various stakeholders to drive growth in renewable energy and related industries. Notably, HitecVision has been involved in several significant transactions within the drilling and energy sector, including the acquisition of AXON Energy Products in 2008, which specializes in drilling equipment and services. They also acquired Energy Drilling, a company that provides drilling services, and Atlantica Tender Drilling, which focuses on tender drilling services. These transactions highlight HitecVision's active role in the drilling fluids and related industries, reinforcing their relevance as an investor in this space.


3. 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 based in Stavanger, Norway, operating primarily in the energy sector with a focus on oil, gas, and renewable energy. Founded in 1972, Equinor has a workforce of over 10,000 employees and is committed to sustainability, aiming to achieve net-zero emissions by 2050. The company serves a diverse customer base, including governments and industries, providing energy solutions that address climate challenges while ensuring energy security. Notably, Equinor has made strategic investments in companies relevant to the drilling fluids industry, such as Interface Fluidics, which raised $6.7 million CAD in a Series B round led by Equinor Ventures to enhance fluid testing processes. They also co-led a Series A funding round for Interface Fluidics, indicating a strong interest in innovations that can improve drilling fluid technologies. Furthermore, their investment in Upwing Energy to develop downhole gas compressors highlights their focus on advancing drilling efficiency and technology. These transactions reflect Equinor's active role in the drilling fluids sector, alongside their broader energy investments.


4. Epiroc Construction Tools


Epiroc Construction Tools, founded in 2018 and based in Kalmar, Sweden, specializes in mining and construction equipment, offering a range of products including drill rigs and rock excavation tools. The company is focused on enhancing productivity and safety through innovative technology and serves businesses in the mining and construction sectors. In recent years, Epiroc has made several strategic acquisitions to bolster its position in the drilling industry. Notably, they acquired key assets from Schramm Australia, which includes intellectual property and production facilities, aimed at strengthening their drilling capabilities. Additionally, Epiroc's acquisition of Renegade Drilling Supplies, a manufacturer and distributor of drilling consumables for mining exploration, further emphasizes their commitment to the drilling sector. These transactions highlight Epiroc's active role in the drilling fluids and equipment market, making them a significant player in the industry.


5. 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 manages state interests in seed and venture funds and collaborates with entrepreneurs and other investors. Notably, Investinor has participated in several transactions relevant to the oil and gas sector, including investments 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 Investinor's engagement in the drilling fluids context, as they support technologies and services that are integral to drilling operations.


6. Addtech AB

  • Website: addtech.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1906
  • Headcount: 1001-5000
  • Number of deals in 2024: 9
  • LinkedIn: addtech-ab

Addtech AB is a corporate investor based in Stockholm, Sweden, founded in 1906. The company specializes in providing high-tech products and services across various sectors, including automation, electrification, energy, industrial solutions, and process technology. Addtech serves OEM manufacturers and end-users, focusing on enhancing operational efficiency and sustainability through innovative solutions. Notably, in May 2023, Addtech acquired a 90% stake in Feritech Global, a company specializing in bespoke technical solutions for the geotechnical subsea sector, which aligns with drilling operations. This acquisition aims to bolster Addtech's growth in the offshore wind power industry, indicating a strategic interest in sectors that intersect with drilling fluids. Additionally, Addtech has made several other acquisitions, such as Advanced Valve Solutions, which provides engineered high-end valves, and Flow-Teknikk, further showcasing its commitment to enhancing its technological capabilities in related fields.


7. Trelleborg Group

  • Website: trelleborg.com
  • Type: Corporate
  • Headquarters: Trelleborg, Skåne, Sweden
  • Founded year: 1905
  • Headcount: 10001+
  • Number of deals in 2024: 7
  • LinkedIn: trelleborggroup

Trelleborg Group is a corporate investor based in Trelleborg, Skåne, Sweden, founded in 1905. The company specializes in engineered polymer solutions, offering a diverse range of products including seals, damping solutions, and fluid handling systems. Their focus spans various industries such as aerospace, automotive, healthcare, and marine. Notably, Trelleborg has made strategic acquisitions that enhance their capabilities in fluid handling and related applications. For instance, their acquisition of Gutteling Composite Hoses in 2021 aimed to strengthen their industrial hose offerings, particularly in sectors like LNG, which could have applications in drilling operations. Additionally, their acquisition of Ambler Technologies Ltd. in 2013, which specializes in composite materials for deep-sea applications, further demonstrates their commitment to enhancing their product offerings for demanding environments. These transactions highlight Trelleborg's potential relevance to the drilling fluids industry, as their products can be integral to fluid management in drilling operations.


8. 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 specializes in providing consulting services across various sectors, including technology and consumer products, while focusing on enhancing operational efficiency and sustainable growth for its partners. Notably, Altor has made significant investments in the oil and gas sector, including the acquisition of Enhanced Drilling in 2013, which specializes in drilling technologies, and AGR AS in 2004, a technology-based oil services company. These transactions highlight Altor's commitment to the drilling fluids industry and its potential to drive growth and innovation within this sector.


9. 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 invests across various sectors, including IT services and property maintenance. Notably, they have made significant acquisitions in the oil and gas sector, including Hydra Well Intervention in 2016, Future Production AS in 2013, and PG Group (dba PG Flow Solutions) in 2014. These transactions highlight Norvestor's engagement with companies that provide essential services in the drilling and production processes, indicating their relevance to the drilling fluids industry.


10. Nordisk Bergteknik AB (publ)


Nordisk Bergteknik AB (publ) is a corporate investor based in Gothenburg, Sweden, specializing in construction, rock management, and foundation services. Founded in 2016, the company has grown to a size of 501-1000 employees and focuses on sustainable practices and modern techniques to support infrastructure development in Sweden, Norway, and Finland. In 2022, Nordisk Bergteknik enhanced its drilling capabilities by acquiring TSB Borrentreprenad, a company with a strong focus on drilling services, which is expected to improve their geographic presence and operational capacity in the drilling sector. Additionally, they have made several other acquisitions, including Power Mining, Broderna Anderssons Grus, Berg & Betongförstärkning, and Snemyr Betongsprøyting, which further solidify their position in the construction and rock management industries, but the acquisition of TSB Borrentreprenad is particularly relevant to their involvement in drilling services.


11. 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 been involved in significant transactions within the energy sector, such as the acquisition of Petroleum Technology Company in 2013, which raised funds and indicates a focus on technologies that may support drilling operations. Additionally, their investment in Aibel, a company that provides services to the oil and gas industry, further emphasizes their engagement in sectors relevant to drilling fluids. Overall, Herkules Capital's investment strategy and past transactions suggest a relevant interest in the drilling fluids industry.


12. 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 an engineering firm based in Fornebu, Akershus, Norway, specializing in energy infrastructure. Founded in 1841, the company has a workforce of over 10,000 employees and operates globally, providing integrated solutions and services for low-carbon oil and gas production, as well as renewable energy projects. Aker Solutions has been active in the drilling fluids context through strategic acquisitions, such as the majority stake in Enovate Systems Ltd., a company focused on subsea well control equipment, and the acquisition of Subsea House and SSH Engineering, which enhance their capabilities in subsea operations. Most recently, in September 2024, Aker Solutions acquired Alma Clean Power AS, further expanding their engineering capabilities. These transactions indicate Aker Solutions' commitment to advancing technologies that support drilling operations and energy production, making them a significant player in the drilling fluids sector.


13. Televenture Management


Televenture Management is a venture capital firm based in Oslo, Norway, founded in 1993. The firm specializes in managing Norsk Innovasjonskapital funds and invests across various sectors, including Industrials, Software, and Oil & Gas. Notably, Televenture has participated in several venture rounds for companies such as Applied Petroleum Technology and Hybrid Energy, both of which operate within the energy sector. These investments highlight Televenture's commitment to supporting startups and small businesses that contribute to the energy landscape, including those involved in drilling fluids and related technologies.



Drilling Fluids Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EV Private EquityStavanger, Rogaland, Norway11-5020020
HitecVisionStavanger, Rogaland, Norway51-20019850
EquinorStavanger, Rogaland, Norway10001+19726
Epiroc Construction ToolsKalmar, Kalmar, Sweden10001+20183
InvestinorTrondheim, Trøndelag, Norway11-5020084
Addtech ABStockholm, Stockholm, Sweden1001-500019069
Trelleborg GroupTrelleborg, Skåne, Sweden10001+19057
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
NorvestorOslo, Oslo, Norway11-5019893
Nordisk Bergteknik AB (publ)Gothenburg, Västra Götaland, Sweden501-100020160
Herkules CapitalOslo, Oslo, Norway11-5020020
Aker SolutionsFornebu, Akershus, Norway10001+18411
Televenture ManagementOslo, Oslo, Norway1-1019930


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