Telenor Ventures sells OilCamp

Norwegian oil and gas firm HitecVision Private Equity has acquired OilCamp, a communications provider for the oil industry, from Telenor Venture, the venture arm of the Telenor Group. HitecVision has invested through Petroleum Networks Holding, a portfolio company of the firm’s third fund, Energivekst, which closed in 2002 on US$110m.

OilCamp was set up in 2000 by Norwegian telecoms group Telenor and was placed into the hands of Telenor Venture IV in 2004.

Energivekst also owns RigNet, an American company that operates in the same market as OilCap. The firm plans to develop a close working relationship between the two under the banner of the holding company, Petroleum Networks, the fund’s specialist investment platform for the oil and gas communications industry.