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HitecVision makes "majority investment" in Merrick Systems

Friday, January 6, 2012

Stavanger oil and gas investor HitecVision has made a "majority investment" in Houston oil and gas IT company Merrick Systems.

HitecVision is a private equity investor focussing on "middle market" investments in oilfield services companies, technology companies, and exploration and production (E&P) companies. It is headquartered in Stavanger with offices in Oslo and Houston.

It claims to be the largest private equity investor in Europe specialized exclusively in the oil and gas sector. It manages four funds with a total committed capital base of about USD 3 billion.

Merrick Systems provides a range of technologies to improve production operations, including tools to help extend asset life, reduce lifting costs and optimise operations.
It has tools for real time surveillance, field operations management, field data capture, hydrocarbon accounting, field mobile computing, technical data management and RFID for asset tracking offshore.

HitecVision's expertise in successfully developing their portfolio companies will further add to the strength of Merrick's existing leadership,' says Samina Farid, Chairman of Merrick Systems.

The founders of Merrick Systems, Samina Farid, Chairman, and Kemal Farid, CEO, will remain significant shareholders in Merrick.



Associated Companies
» Merrick Systems
» HitecVision
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