Consolidation of precision machining

Promet is a company active within precision machining of components primarily for the subsea oil and gas industry. The company has experienced strong growth over the last few years and has achieved industry leading margins over this time period.

Nobu Group also owns Habu Technology, a precision machining business in Narvik, which will be included in the formation of a new group where both management and previous owners in Promet will retain some ownership. The new group will represent a leading Norwegian precision machining business with strong focus on the Norwegian oil and gas industry. The company will have offices and production in Narvik, Stavanger and Flekkefjord.

Promet AS has a leading position within design and manufacturing of high-end mechanical components in Norway. The company delivers services almost exclusively to the oil and gas industry, with a strong focus on components for subsea applications. Currently, Promet has 32 employees in plants in Stavanger and Flekkefjord.

Nord Kapitalforvaltning was established in 2011 and is a private equity fund headquartered in Tromsø, Norway. The company’s second fund, Nord II, was established in April 2012. The fund has committed capital of NOK 430m.