Norwegian newcomer secures finance

Hitec Vision will provide $120 million in equity financing to Oslo-based upstream oil and gas company Spring Energy.

Offshore staff

OSLO, Norway --Hitec Vision will provide $120 million in equity financing to Oslo-based upstream oil and gas company Spring Energy.

Spring was formed last year to pursue opportunities in mature and immature regions of the Norwegian continental shelf. It aims to qualify as a Norwegian sector license partner before mid-2008 and as an operator in 2010, participating in exploration, appraisal, and development projects.

Hitec, headquartered in Stavanger, has previously worked with upcoming Norwegian independents Revus Energy and Noreco. It manages three funds with a total capital base of $1.2 billion.

04/24/2008

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