Norvestor VI, L.P. has agreed to invest in Future Production AS, a leading provider of specialized equipment for the offshore rig industry, to support its growth in the expanding global market.
Target Information
Future Production AS (Future) is a prominent provider of specialized equipment for the global offshore rig industry, founded in 1999. The company has rapidly established itself as a significant supplier of customized products and solutions, particularly for drilling rigs. In 2012, Future reported a turnover of approximately NOK 130 million, demonstrating its strong growth trajectory. The company is strategically based in Kristiansand, Norway, which is recognized as a premier global hub for drilling equipment, housing the three largest suppliers with a workforce of around 7,000 employees.
Atle Korsmo, CEO and co-founder of Future, expressed enthusiasm about the partnership with Norvestor, noting, "We experience a strong market demand for our products. Norvestor will be an experienced and active partner for Future in order to realize our ambitious growth plan in the North Sea and internationally." This collaboration underscores Future's ongoing commitment to leveraging market opportunities for expansion and innovation.
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Industry Overview in Norway
The offshore rig equipment industry in Norway is robust and essential to the global oil and gas sector. Over the past few decades, Norway has become a leading player in this industry, primarily due to
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Norvestor VI, L.P.
invested in
Future Production AS
in 2013
in a Growth Equity & Expansion Capital deal
Disclosed details
Revenue: $22M