Scandpower divests (October 2003)

Scandpower divests (October 2003)

Scandpower has sold its Petroleum Technology unit to Energivekst which plans to develop the flagship Olga 2000 multiphase flow modeling package.

Norwegian Scandpower has spun-off its Petroleum Technology unit to a venture capital fund Energivekst AS. Scandpower Petroleum Technology (SPT) management is participating in the acquisition and will become part-owners of the company.

Olga 2000

The game plan is to leverage SPT’s market-leading OLGA 2000 transient, multiphase flow modeling package with accelerated penetration in existing and new markets. Plans are also afoot to broaden SPT’s range of products and services while retaining the focus on flow modeling.

92 employees

SPT has 92 employees, with head office in Oslo and sales offices in Houston, London, Perth, Dubai, Milan, and Hamburg. SPT turnover has grown from NOK 35 million in 1999 to NOK 89 million in 2002.

Mepo

Other SPT software includes reservoir management (Ipos), history matching (Mepo) and a postprocessing tool for Eclipse(ECLpost). Most recently SPT has developed a simulator for underbalanced drilling, powered by OLGA 2000.

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