ITovation October 27: Hans Olav Torsen, Innovator

23 October 2009 at 14:54

Hans_Olav_TorsenHans Olav Torsen and other researchers from NTNU and SINTEF founded Seatex in 1984. The challenge back then was that they got little help from venture capital. Seatex covered a great part of the need for capital through “developing contracts” with oil companies like Shell, Elf, Total and Statoil because these companies were eager to get access to important licenses to oil exploration fields in the North Sea.

Towards the end of 1980 Seatex invested in seismology and at the same time the organization had a large growth which demanded large capital investments and resources. This almost led to a crisis but because of a healty and profitable strong company base it all turned out well.

In 1993 they got listed on the Oslo stock exchange and also merged with Normarc – world leading supplier of instrument based landing systems for airports. GPS technology is one of the reasons for the success of Seatex and is used both in navigation and oil activity. The Kongsberg Group Acquired Seatex in 2000.

Today Kongsberg Seatex is situated in Trondheim with 120 emplyees and NOK 400 mill in turnover. Torsen has a new role at the investment company ProVenture as a mentor and investor in new technology based companies.

Torsen has a masters degree in cybernetics  from NTNU (NTH).

Photo: Glen Musk


Entry filed under: ITovation, ITovation 6, October 27, 2009, Uncategorized. Tags: , , , , , , , .

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