Lista Aberdeen Troll Gullfaks C Snorre A Oseberg Kollsnes Bergen ...

Income statement4all figures in NOK 1 000 30.06.2011 31.12.2010 30.06.2010Operating revenues 48 450 99 784 49 964Investment income 165 13 965 -Income from associated companies 3 010 - 4 551Total revenues 51 625 113 748 54 515Operating expenses 36 473 92 809 42 283Depreciation & amortisation 1 072 2 838 712Net operating income 14 080 18 102 11 520Net financial income /(loss) (739) (526) (29)Net income before taxes 13 341 17 576 11 492Income tax (2 856) (1 712) (1 027)Net income before minority interests 10 485 15 864 10 465Minority interests - - (971)Net income after minority interests 10 485 15 864 9 494Balance Sheetall figures in NOK 1 000 30.06.2011 31.12.2010 30.06.2010Intangible fixed assets 91 91 2 584Tangible fixed assets 2 311 2 546 2 700Financial fixed assets 125 882 117 445 95 697Receivables 14 849 12 789 23 058Cash and deposits 6 877 25 812 70 790Total assets 150 010 158 683 194 829Total Equity net of minority interests 124 980 113 325 106 353Minority interests - - 37 330Total Equity 124 980 113 325 143 683Current liabilities to financial institutions 11 306 - 29 661Tax payable 1 495 463 2 528Dividends payable - 30 000 -Other current liabilities 12 229 14 895 18 957Total equity and liabilities 150 010 158 683 194 829

PORTFOLIO COMPANIES5FuND IVcurrent:at groupAT Group has been created as aholding company structure for theFund’s portfolio companies Technor,Valco, SPG and Aarbakke:TechnorThe Technor Group manufacturesand distributes electrical componentsand products for use in hazardousareas. Technor has operations inFrance, Italy, Singapore and theUAE.www.technor.comValco GroupValco develops, produces andmarkets valves and valve relatedproducts out of manufacturingplatforms in Norway and France forthe marine, upstream and downstreamoil and gas and industrial sectorswww.valco.noSPGSPG AS (formerly Vector Group AS)is a leading provider of specialistflanges and other pipe connectorsto the oil, gas and petrochemicalindustries. SPG operates out ofmain offices in Norway and Wales,with sales offices in Scotland,Dubai, Malaysia, Australia, Braziland the USA. The company alsoowns Icarus, a large pipe and valvetrading company based in Belgium.www.vectorint.comAarbakke GroupAarbakke is an independent providerof subcontracting and fabricationservices to the international oil andgas industry, specializing in precisionmachining services primarily tosubsea and downhole field applications.specializingin precisionmachining services primarily tosubsea and downhole field applications,www.aarbakke.comapply groupApply Group consists of a number ofentities operating in various nicheswithin the oil and gas industry, withsome activity in the building industry.The major companies are Apply Sørco,Apply Leirvik, Apply Oil & Gas, ApplyTB, and Apply Nemo.www.apply.noSubsea Technology GroupFollowing the sale of Bennex andPoseidon, STG is now a holdingstructure for Ross Offshore andSeabox. Ross Offshore providesvarious consultancy and projectmanagement services. Seabox hasdeveloped a new technology forsubsea treatment of water to be usedfor reservoir injection.www.rossoffshore.nowww.sea-box.noexited:Noble DentonNoble Denton was an independent,market leading consultancy firmoffering services to the global offshore,shipping and insurance industries. TheGroup had its head office in the UK,and additional offices in 15 differentlocations throughout the world. Thefund exited its investment in 2009through a trade sale to GermanischerLloyd.www.nobledenton.comFuND Vcurrent:Spring Energy NorwaySpring Energy Norway AS is an oil andgas company established by a group ofE&P professionals with extensiveexperience and an excellent trackrecord from the Norwegian ContinentalShelf. The company has built up asignificant portfolio of explorationassets, discoveries and oil production.www.springenergy.nogrenland groupGrenland Group is a Norwegianfull-service engineering, procurementand construction company. The Groupoperates out of a number of locationsin Norway, in addition to Shanghai inChina. The Group is organised intothree business areas: Grenland GroupSolutions, Grenland GroupMaintenance & Modification, andGrenland Group Fabrication.www.grenlandgroup.comStream(including sister company Naxys)Stream provides products, solutionsand services related to piping, valvesand instrumentation within the energyand offshore business. The company isa leading supplier to the Norwegian oiland gas industry and representsseveral of the world’s leading suppliersin the Norwegian market. Stream is aresult of the demerger of the Fund’sprevious portfolio company Bjørge.www.stream.noAlignAlign is a leading provider of processand safety-critical products andsolutions, as well as a complete rangeof services that maintain lifecycle-longperformance. The company representssome of the world´s leading suppliers,and also invests significant resourcesin its proprietary technologies andsystem integration. Stream is a resultof the demerger of the Fund’s previousportfolio company Bjørge.www.align.noreef subseaReef Subsea is a joint venture with GCRieber Shipping, where HitecVision isproviding capital in order to build alarger group within niches of thesubsea industry. Headquartered inLondon, the group’s main operatingcompanies are Technocean andScanmudring in Norway and SpecialistSubsea Services Ltd in Aberdeen.www.reefsubsea.comtampnetTampnet operates the largest offshorehigh capacity communication networkin the world, serving 34 oil and gasfields and carrying traffic for over 60platforms in Norway and the UK,operated by a multitude of oilcompanies.www.tampnet.comCORE ENERGYCore Energy is an oil & gas companyestablished with the aim of capturingthe value potential in and aroundproducing oil and gas fields on theNorwegian Continental Shelf. Thecompany will seek to acquire interestsin producing fields and create valuethrough focusing on increased oil andgas recovery, near field explorationand adjacent field developments.www.coreenergy.nohvascurrent:Troms offshoreTroms Offshore provides offshoreservices to oil companies throughowning and operating high-end largePlatform Supply Vessels, specializingin new ships built to the ”Clean Design”class specifications. The company hasfour vessels in operation or underconstruction.www.tromsoffshore.noOCEAN INSTALLEROcean Installer AS is a recentlyestablished subsea services companywhich plans to develop into a majorservice provider within the Subseaconstruction, Umbilicals, Risers andFlowlines (SURF) segment, based ona combination of owned and leasedvessels.www.oceaninstaller.comBASSDRILLBassDrill is a is drilling contractorspecializing in tender drilling rigs.BassDrill has designed and built onetender rig, a tender barge which iscurrently being operated off the coastof West Africa, and is building asemi-submersible tender rig, which willenter operations in Brazil in 2013.www.bassdrill.comaxon energy productsAxon Energy Products manufacturesdrilling, well technologies and pressurecontrol products. Axon is headquarteredin Houston, and has a numberof operating companies in the USA,Canada, UK, Norway and the UAE.www.axonep.com

HitecVision ASPostal address: P.O. Box 8120 · 4068 Stavanger · NORWAYVisitor address: Jåttåvågveien 7 · 4020 Stavanger · NORWAYPHONE +47 51 20 20 20 · FAX +47 51 20 20 51contact@hitecvision.com · WWW.HITECVISION.COMstavanger - oslo - houston