Ziebel has raised capital for further growthStavanger-based reservoir competence and wellbore technology company, Ziebel AS, announced today that they have successfully raised approx 120 MNOK (USD 23M) of fresh capital.
The Capital placing has been secured through a group of “blue chip” institutional investors plus through the continued support from the existing owner consortium led by Energy Ventures.
This funding enables Ziebel to continue its strategy of developing the company towards delivering optimized reservoir solutions to the oil and gas companies and to pursue the vision of Ziebel to become the most efficient and innovative well technology company in the world.
“This is a significant day for Ziebel, confirming our vision and allowing an accelerated commercialization of our game changing technologies as well as allowing further growth to improve the recovery rates of the O&G fields in the world, in a time where demand outweighs the supply”, said David Ottesen, CEO of Ziebel Group.
Ziebel’s 2007 revenues was approx 200 MNOK (USD 39M) and the company is planning for a significant growth in 2008 and the years to come. During 2008 Ziebel will come to the market with further new and game changing technologies as well as continuing evaluations of possible acquisitions in line with the company’s strategy.
Ziebel AS, headquartered in Stavanger, delivers proprietary products, services and solutions to the upstream oil & gas industry such as; downhole instrumentation and control systems, innovative well completion solutions combined with reservoir- and flow assurance simulators, downhole monitoring solutions, subsea observation well monitoring, artificial lift solutions, as well as services that include fiber optic well logging interventions, deployment systems, evaluation of reservoir performance and artificial lift optimization. In addition Ziebel is a respected provider of subsurface asset consulting and production management solutions through its wholly owned subsidiary Knowledge Reservoir.
Ziebel, with a workforce of more than 200 employees has personnel and operations in a number of countries covering Western Europe, North and South America, the Middle East and South East Asia.
For further information please contact:
David Ottesen, CEO
Chairman Einar Gamman
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