Oslo/Stavanger, 1st  June,  2006

HitecVision Private Equity and Four Seasons Venture announced today that they have, through respective investment funds, made an investment in pipe connector specialist Vector International AS. 

Vector International is a leading provider of specialist flanges and other pipe connectors to the oil, gas and petrochemical industries. The company operates out of main offices in Norway and Wales, with sales offices in Scotland, England, the Netherlands, Dubai, Malaysia, Australia and USA.  The company’s main products have strong market positions and have shown rapid growth over the last years.

HitecVision and Four Seasons will invest equally up to NOK 230 million over the next two years, enabling the company both to finance its organic growth ambitions and to pursue selected  acquisitions. The investment will be made through Vector Industries, a newly established company, which will serve as a platform for further acquisitions. Four Seasons has been a shareholder in Vector International since 2002, and the current investment signifies a commitment to supporting the company through the next phase of its growth.

Vector International employs about 120 people, and had 2005 revenues of NOK 220 million (≈ USD 36 million).

Jostein Ueland, Vector’s CEO, states:  “The management of Vector International is very satisfied with getting HitecVision Private Equity and Four Seasons Venture as dominant owners of the company.  Vector International has successfully brought high-quality niche products to the international oil & gas industry through  investing in an international sales and marketing organization. The new funding capacity will put the company in a position to accelerate its growth by adding new products that can be marketed to the worldwide energy industry.”

Jan Borø, Partner at Four Seasons Venture, adds:  “The management team has done a great job and we have enjoyed a fruitful partnership with the team and other shareholders in growing Vector to what it is today from revenues of NOK 50 million in 2002, including the acquisition of Vector International UK in 2003. We see great potential in continuing to explore the international growth potential of the current products and potential new products through further acquisitions. Four Seasons is looking forward to supporting the management team and working together with HitecVision Private Equity in bringing the company to the next phase.” 

Finn Ivar Marum, Partner at HitecVision, comments:  “We have enjoyed excellent cooperation with Four Seasons Venture during the investment phase and look forward to working with the Vector

team, which has impressed us with their entrepreneurship and drive.  Vector’s strong position in a global growth market makes it just the type of company we like to invest in.”

About HitecVision Private Equity:

With about USD 400 million (NOK 2.5 billion) under management, HitecVision Private Equity is one of the largest private equity investors in Norway, and one of the few in Europe to focus exclusively on the global oil and gas industry.  HitecVision is currently investing HitecVision Private Equity IV,  a USD 300 million (NOK 1,8 bn.) fund backed by many of the largest institutional investors in Scandinavia.

HitecVision’s current portfolio consists of 7 companies in Europe and USA, including Scandpower Petroleum Technology AS, the world's leading provider of multiphase flow simulation software; RigNet, Inc, a provider of advanced broadband solutions to drilling rigs; Norse Cutting and Abandonment, a supplier of proprietary cutting services and Knowledge Systems, Inc., a specialist provider of geophysical pore pressure software and services.  Advanced Production and Loading and Revus Energy, two former portfolio companies, were listed on the Oslo Stock Exchange last year.

About Four Seasons Venture:

Four Seasons Venture is leading Nordic venture capital company with 15 investment professionals in Oslo and Stockholm. Four Seasons Venture has about NOK 2.7 billion under management over several funds, and has investments in about 100 companies with a strong technology base.

The oil & gas vertical is a key focus  for Four Seasons Venture. The firm’s current significant investments in the industry include: Reslink AS, a leading provider of well completion equipment for optimized oil production, Odim ASA, a leading provider of automated handling systems for the seismic, supply, subsea and defence markets, ResLab AS, a leading provider of core and pvt analysis, Read ASA, a provider of borehole seismic and cased hole well services, and Seabed Geophysical AS, a provider of 4C/ocean bottom seismic technology and services.

For further information, please contact:

Jostein Ueland, CEO, Vector International:  +47 – 977 85 551
Jan Borø, Partner, Four Seasons Venture:  +47 – 905 52 600
Finn Ivar Marum, Partner, HitecVision Private Equity:  +47 – 982 06 339