Venture capital firm Energy Ventures’ has announced a multi-million pound investment in Abrado Wellbore Services and its intention of seeking investing $100m in North Sea businesses seeking growth capital or buyouts over the next 12 months.
Energy Ventures, an independent venture capital firm dedicated to funding high-growth upstream oil and gas technology companies, hosted its annual reception and technology showcase at the Marcliffe Hotel in Aberdeen.
Every year, Energy Ventures’ reception and technology showcase brings together executives from the world’s top energy and finance companies for a night of networking and business discussion. Sixteen portfolio companies based in the UK, US, Canada and Norway exhibited their breakthrough upstream technologies at the event’s Technology Showcase. Participants included ARKeX, Cubility, Deep Casing Tools, DeepFlex, Energreen, ffA, Fotech, HalfWave, IWC, Meta, Produced Water Absorbents, Read Cased Hole, Sigma, Wireless Seismic, Ziebel and Zilift.
During his presentation, managing partner and keynote speaker Ole Melberg discussed how the venture capital and private equity industry has supported the British economy’s recovery via safeguarding of jobs and continued investment in growth energy companies. Specifically he announced a multi-million pound investment in Abrado Wellbore Services and its intention of seeking investing $100m in North Sea businesses seeking growth capital or buyouts over the next 12 months.
Anoop Poddar, Energy Ventures Aberdeen partner, said, “There has been a lot of growth in the UK energy market and we are seeing some real quality investment prospects. Over the last twelve months there has also been a significant amount of technological achievements in our current portfolio– in particular, Aberdeen-based Meta who continues its trajectory of over 100% annual growth through its leadership in the premium down hole isolation market.” Anoop continued, “We are very excited about the increased activity within the UKCS and look forward to growing our investments in the North Sea region.”
The event brought in notable representatives from the Aberdeen City Council, Baker Hughes, Ernst & Young, Halliburton, Scottish Enterprise, University of Aberdeen and many more. With roughly 220 people in attendance, this was one of the largest receptions Energy Ventures has hosted in Aberdeen to date.