Development and Marketing of Medical Measurement Company Acquired

The technology company Pro Analysis AS (Norway) was established in 1996, specialising in the development and marketing of medical measurement equipment. In 2001, the company embarked on the development of an instrument for continuous monitoring of oil levels in produced water from oil and gas production. The first prototype was tested by Norsk Hydro in 2003. Statoil has, as part of its core operation, a need for this type of measurement equipment, and decided in 2004 to invest in the company through its subsidiary company Statoil Venture AS. Pro Analysis AS has used this period to develop the Argus technology into a reliable and competitive product, and the current technology was launched in 2008. In Norway, Argus has achieved a market share of over 80%. Furthermore, the system has been sold and tested all over the world -from Brazil to the Middle East and Asia -and has received international recognition as a leading technology.

As the development phase is coming to an end, Holta & Håland Industrier AS became interested in the company. Following negotiations, Statoil Venture AS and the other shareholders have entered into an agreement with Holta & Håland Industrier AS and key employees in Pro Analysis AS on the purchase of all shares in the company.

At present, Pro Analysis AS has 12 employees. Preliminary figures for 2011 show a turnover of NOK 22.1 mill, of which 70 % outside the Norwegian home market.

Holta & Håland AS was established in 1966, and became an offshore supplier (instrumentation and metering) in the 1970s. These business areas were sold in 2005. Holta & Håland Industrier AS is a holding and development company with interests in a number of sectors -most in which oil companies are the major customers. The group's total budget for the year is over NOK 500 mill.

The acquisition of Pro Analysis AS will strengthen Holta & Håland Industrier AS in terms of monitoring and detection systems for the oil and gas industry in Norway and abroad.