First Reserve Announces Sale of Ohmstede Ltd. to EMCOR Group, Inc.

Greenwich, CT, Houston, TX and London, August 22, 2007 — First Reserve, the oldest and largest private equity firm specializing in the energy industry, today announced that it has signed a definitive agreement to sell Ohmstede Ltd. (“Ohmstede”), the leading heat exchange services provider in the U.S., to EMCOR Group, Inc. (NYSE: EME), in an all cash transaction.

Founded in 1905 and headquartered in Beaumont, Texas, Ohmstede is the leading provider of aftermarket maintenance and repairs services, replacement parts and fabrication services for highly engineered shell and tube heat exchangers for the refinery and petrochemical industries.

First Reserve acquired Ohmstede in June 2006 as part of the firm’s ongoing strategy of investing in energy infrastructure and related investments and specifically to capitalize on the increased maintenance, servicing and upgrading that is taking place in the refining sector. 

“Ohmstede has achieved significant growth under First Reserve’s ownership and is very well positioned for future growth under EMCOR Group’s leadership,” said William E. Macaulay, Chairman and CEO of First Reserve.  “Ohmstede’s success reflects the exceptional talent and efforts of the team and we wish them continued success in the future.”

The transaction is expected to close at the end of September or early October, subject to customary closing conditions and regulatory approvals.

Simpson Thacher and Bartlett provided legal advice to First Reserve. Harris Williams and Credit Suisse advised Ohmstede and First Reserve in connection with the sale.

About Ohmstede Ltd.

Ohmstede, headquartered in Beaumont, Texas, is the leading North American provider of aftermarket maintenance and repair services, replacement parts, and manufacturing services for highly engineered shell and tube heat exchangers. Since the 1940’s, Ohmstede has provided products and services principally to the refining and petrochemical industries, establishing long-term customer relationships with a diverse base of blue-chip Fortune 500 and S&P Global 1200 customers. With five locations on the Gulf Coast, Ohmstede is uniquely positioned to provide its customers with an integrated shop and in-plant specialty service offering with proven results in minimizing customer down-time.

About EMCOR Group, Inc.

EMCOR  Group,  Inc.  is  a  Fortune  500 worldwide leader in mechanical and electrical  construction  services,  energy  infrastructure  and facilities services.  This press release and other press releases may be viewed at the Company’s Web site at