Statoil Technology Invest, the corporate venturing unit of Norway’s main oil producer, has invested an undisclosed amount in Octio, a local company providing Ethernet internet connections on the seabed to monitor oil wells.

Bjarte Fageras, chief executive of Octio, said: “Having Statoil as the main shareholder during the market introduction phase of our ReM [reservoir monitoring] technology is a fantastic opportunity to ensure that our open architecture Ethernet on the seabed monitoring system is building operational track record.”

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