The drilling equipment industry in the Nordics plays a crucial role in energy production and infrastructure development. Companies ranging from established corporations to innovative startups focus on providing advanced machinery for drilling, exploration, and extraction processes. This sector is witnessing a shift toward more sustainable practices and technologies, as firms aim to reduce environmental impacts while increasing efficiency. Notable players invest in research and development to streamline drilling techniques and enhance safety measures. With growing interest in renewable energy sources, the industry is evolving, poised to integrate clean technologies into traditional operations while maintaining robust growth patterns.

The list of investors includes a mix of private equity firms, corporate investors, and venture capitalists primarily located in Norway and Sweden. Companies like Epiroc and HitecVision vary in size, from under 50 employees to thousands, impacting the sector through strategic deals, with some investing heavily in 2024. Founded between 1906 and 2018, these investors actively support drilling equipment innovations, signalling their commitment to the industry's transformation. With an array of 2024 investments, these players are vital to shaping the future of drilling technologies in the Nordic region.

Top 15 Drilling Equipment Investors in the Nordics

1. Indutrade Life Science

• Website: indutrade.se
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1978
• Headcount: 1001-5000
• Number of deals in 2024: 14
• LinkedIn: indutrade-life-science

Indutrade Life Science is a corporate investor based in Stockholm, Sweden, founded in 1978. The company is part of an industrial group that focuses on developing and acquiring companies with high technical expertise across various technology and industrial sectors. Indutrade emphasizes long-term relationships with its customers and operates through a decentralized structure, allowing its subsidiaries to maintain independence while benefiting from the group's resources. Notably, Indutrade has made significant acquisitions in the geotechnical field, including Ingenjörsfirman Geotech Aktiebolag, which specializes in geotechnical field equipment. This acquisition, announced on October 31, 2022, highlights Indutrade's commitment to expanding its portfolio in areas relevant to drilling operations. Other acquisitions, such as Geomek Stockholms Geomekaniska AB and Trelawny SPT Ltd, further demonstrate Indutrade's focus on companies that provide essential equipment and solutions for the drilling and geotechnical sectors.

2. 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 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. They are recognized for their responsible investment practices, positioning them as leaders in the transition to a sustainable energy future. Notably, EV Private Equity has made significant investments in the drilling equipment sector, including a $15 million investment in Rival Downhole Tools in 2017, which focuses on downhole technology for drilling operations. Additionally, they invested in Deep Casing Tools, which raised approximately $7.89 million in 2008, further emphasizing their commitment to supporting innovations in drilling technologies. These transactions highlight their active role in the drilling equipment industry, alongside their broader focus on energy technology.

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, Norway, founded in 1985. The firm specializes in the European energy sector, focusing on providing institutional capital to energy production and infrastructure projects with an 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 made significant investments in the drilling equipment sector, including the acquisition of AXON Energy Products in 2008, which specializes in drilling equipment and services. In 2013, they acquired Vryhof, a company known for its mooring solutions for offshore drilling, and Deep Sea Mooring AS, a Norwegian mooring specialist. Additionally, they have participated in funding rounds for companies like Energy Drilling and WellPartner, further solidifying their presence in the drilling equipment and services market.

4. 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, the company has quickly established itself as a key player in the industry, focusing on innovative technology to enhance productivity and safety. Epiroc offers a wide range of products, including drill rigs and rock excavation tools, and provides services such as maintenance and digital solutions. In 2022 and 2023, Epiroc made significant acquisitions to bolster its position in the drilling equipment market, including the purchase of RNP Mexico, a manufacturer of rock drills, and key assets from Schramm Australia, which included intellectual property and production facilities. These transactions highlight Epiroc's strategic focus on expanding its offerings in the drilling equipment sector, reinforcing its relevance in this industry.

5. 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 technology solutions provider based in Stockholm, Sweden, specializing in high-tech products and services across various sectors, including automation, electrification, energy, industrial solutions, and process technology. Founded in 1906, the company serves OEM manufacturers and end-users, helping them enhance operational efficiency and sustainability through innovative solutions. In 2023, Addtech acquired a 90% stake in Feritech Global, a company focused on bespoke technical solutions for the geotechnical subsea sector, which aligns with drilling and geotechnical applications. Additionally, they acquired Control Cutter AS, a company based in Norway, further expanding their portfolio in related sectors. These transactions indicate Addtech's strategic interest in areas that intersect with drilling equipment, making them a relevant player in this space.

6. 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 Group has been active in various industries, with notable transactions that include the acquisition of Rolls-Royce Power Systems in 2006, which provides power systems that can be utilized in drilling operations. Additionally, their acquisition of FINN-POWER, a company involved in manufacturing equipment, further highlights their engagement in sectors related to drilling and industrial equipment. Their investment in Bartec, which focuses on industrial solutions, also aligns with the drilling equipment context, showcasing their broad investment strategy that includes relevant sectors.

7. 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 been involved in several transactions relevant to the drilling equipment industry, including investments in Well Conveyor and Ace Oil Tools, both of which focus on providing innovative solutions for drilling operations. Additionally, they participated in funding Zilift Limited, a provider of artificial lift solutions for the oil and gas industry, further demonstrating their engagement in the sector.

8. 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 commitment to sustainability and aims to become a net-zero emissions entity by 2050. The company serves a diverse customer base, including governments and industries, providing energy solutions that address climate challenges while ensuring energy security. Equinor has been involved in several relevant transactions in the drilling equipment context, such as their investment in Upwing Energy, which develops downhole gas compressors, and Quantico Energy Solutions, which offers data-driven solutions for shale drilling. These investments reflect Equinor's strategic interest in advancing drilling technologies and enhancing operational efficiencies in the energy sector.

9. Indutrade AB

• Website: indutrade.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1978
• Headcount: 5001-10000
• Number of deals in 2024: 1
• LinkedIn: indutrade-ab

Indutrade AB is a technology and industrial group based in Stockholm, Sweden, founded in 1978. The company develops and acquires businesses characterized by high technical expertise, operating through over 200 subsidiaries. Indutrade provides a wide range of industrial and technological products across various sectors, including infrastructure, medical technology, and energy. Notably, Indutrade has made several acquisitions that align with industrial applications, such as the acquisition of Finkova Oy, a company specializing in heavy industry valves, which are crucial components in drilling operations. Additionally, the acquisition of Huntingdon Fusion Techniques HFT, which is involved in advanced welding technologies, further demonstrates Indutrade's commitment to enhancing its industrial capabilities. These transactions indicate Indutrade's strategic focus on sectors that may intersect with drilling equipment needs.

10. 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 investments in the oil and gas sector, including the acquisition of Read Cased Hole, a Scottish oil & gas intelligence service, and Presserv AS, a Norwegian company specializing in preservation and corrosion protection for oil and gas operations. These transactions highlight Norvestor's commitment to enhancing operational efficiency and market presence in industries related to drilling and oil extraction.

11. 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, with a strong emphasis on enhancing operational efficiency and sustainable growth for its partners. Notably, Altor has made significant investments in the drilling equipment and oil services sector, including the acquisition of Enhanced Drilling in 2013 and a majority ownership of AGR AS, a Norwegian technology-based oil services company, in 2004. These transactions highlight Altor's commitment to the drilling industry and its strategy to foster growth through targeted investments and operational improvements.

12. Metso

• Website: metso.com
• Type: Corporate
• Headquarters: Espoo, Uusimaa, Finland
• Founded year: 2020
• Headcount: 10001+
• Number of deals in 2024: 2
• LinkedIn: metso

Metso Corporation, founded in 2020 and based in Espoo, Uusimaa, Finland, is a corporate investor specializing in industrial machinery and technology for the mining, aggregates, and oil and gas industries. With a workforce of over 10,000 employees, Metso focuses on providing a range of products, including machinery, spare parts, and lifecycle services aimed at enhancing operational efficiency and sustainability for their business customers. Notable transactions include the acquisition of Ab A. Häggblom Oy, a Finnish company specializing in mining truck bodies and buckets, which enhances Metso's loading and hauling solutions relevant to drilling operations. Additionally, their acquisition of McCloskey International, a provider of mobile crushing and screening solutions, and P.J. Jonsson & Söner, further solidifies their position in sectors that are integral to drilling activities. These strategic acquisitions reflect Metso's commitment to expanding its capabilities in industries that intersect with drilling equipment needs.

13. Lagercrantz Group AB

• Website: lagercrantz.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2001
• Headcount: 1001-5000
• Number of deals in 2024: 6
• LinkedIn: lagercrantz

Lagercrantz Group AB is a technology group based in Stockholm, Sweden, founded in 2001. The company operates approximately 80 subsidiaries that provide specialized technical solutions across various niche markets. Their business model emphasizes acquisitions and organic growth, catering primarily to business customers seeking tailored technology solutions. Notably, Lagercrantz has made strategic acquisitions that enhance its portfolio in relevant sectors. One significant acquisition is Geonor AS, a Norwegian company specializing in geotechnical, hydrological, meteorological, and environmental equipment, which aligns with the drilling equipment industry. This acquisition is expected to positively impact Lagercrantz's earnings and indicates their involvement in sectors that support drilling operations. Other acquisitions, such as Tykoflex and Supply Plus, while not directly related to drilling, showcase Lagercrantz's diverse investment strategy and focus on technology-driven solutions.

14. 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 diverse business activities, including investment management, real estate development, and support for social entrepreneurs. Ferd AS has made significant investments in the energy and ocean technology sectors, which are closely related to drilling equipment. Notable transactions include the acquisition of Servi Group in 2013, a company that provides products and services for drilling and subsea operations. Additionally, Ferd's joint acquisition of Aibel in 2012, a company specializing in offshore wind and energy services, highlights their commitment to the energy sector. More recently, Ferd acquired a stake in General Oceans, which encompasses several companies in ocean technology, further indicating their interest in industries that intersect with drilling and energy services.

15. Normet Group

• Website: normet.com
• Type: Corporate
• Headquarters: Espoo, Uusimaa, Finland
• Founded year: 1962
• Headcount: 1001-5000
• LinkedIn: normet-corporation

Normet Group is a corporate investor based in Espoo, Uusimaa, Finland, founded in 1962. The company specializes in innovative technology solutions for the mining and tunneling industries, providing a range of products and services that enhance safety, productivity, and sustainability. Normet has been active in expanding its portfolio through strategic acquisitions, including Rambooms Oy, which specializes in boom systems and hydraulic attachments for construction and mining, and Garock Pty Ltd, a manufacturer of ground support systems for the mining and civil industries. These acquisitions reflect Normet's commitment to enhancing its capabilities in the drilling and excavation sectors, particularly in the Asia-Pacific market. Additionally, Normet has invested in startups like Lekatech and Motics, further indicating their interest in advancing technology related to their core industries.

Drilling Equipment Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Indutrade Life Science	Stockholm, Stockholm, Sweden	1001-5000	1978	14
EV Private Equity	Stavanger, Rogaland, Norway	11-50	2002	0
HitecVision	Stavanger, Rogaland, Norway	51-200	1985	0
Epiroc Construction Tools	Kalmar, Kalmar, Sweden	10001+	2018	3
Addtech AB	Stockholm, Stockholm, Sweden	1001-5000	1906	9
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Investinor	Trondheim, Trøndelag, Norway	11-50	2008	4
Equinor	Stavanger, Rogaland, Norway	10001+	1972	6
Indutrade AB	Stockholm, Stockholm, Sweden	5001-10000	1978	1
Norvestor	Oslo, Oslo, Norway	11-50	1989	3
Altor Equity Partners	Stockholm, Stockholm, Sweden	51-200	2003	6
Metso	Espoo, Uusimaa, Finland	10001+	2020	2
Lagercrantz Group AB	Stockholm, Stockholm, Sweden	1001-5000	2001	6
Ferd AS	Oslo, Oslo, Norway	51-200	1998	0
Normet Group	Espoo, Uusimaa, Finland	1001-5000	1962	0

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