Major Investment by First Reserve Enhances Acteon’s International Business Prospects
Greenwich, CT, Houston, TX and London, October 5, 2006 — Acteon Group Ltd (“Acteon” or “the Company”) and First Reserve Corporation (“First Reserve”), a leading global private equity firm, today announced that First Reserve Fund X has acquired a majority stake in the Company.
Acteon is a leading worldwide provider of specialised offshore and subsea services and equipment. The Company is active in the subsea service and construction market and offers its customers a range of services aimed at “linking seabed to surface” over the life of an offshore project. Headquartered in Norwich, UK, Acteon is involved in most of the key offshore oil and gas provinces in the world and has 600 employees worldwide.
Richard Higham, Group Chief Executive of Acteon, said, “First Reserve’s investment represents an important vote of confidence in Acteon. I am looking forward to First Reserve’s input into our geographical expansion plans and to the further development of our already extensive product and service portfolio. I anticipate that First Reserve’s backing will improve our access to additional capital, which will enable the continued pace of development of the group, both organically and through further targeted acquisitions.”
Will Honeybourne, a First Reserve Managing Director, added, “This investment demonstrates our belief in the opportunities within the oilfield services sector. Our commitment to Acteon, in particular, was stimulated by the group’s impressive track record, its strong growth potential, and the obvious drive and ambition of its people.”
Detailed financial terms of this transaction are not disclosed. The transaction is subject to certain regulatory approvals, but it is expected to close this year. Corporate advisors for Acteon were KPMG and Simmons & Company International. Legal representation for Acteon was provided by Birketts.
Acteon Group Ltd.
Acteon provides specialised engineering services to the international offshore oil industry, focusing on the vital area of offshore oilfield development between the seabed and the surface. The four main business areas are foundations and moorings, conductor systems, risers and decommissioning services – all of which are supported by an established well construction and operations skills centre. Acteon companies include MENCK, InterMoor, CIS, Aquatic, Trident, UWG, Claxton, 2H Offshore, WellCut, Mirage and Team Energy. For more information on Acteon, visit www.acteon.com.
For further information, please contact:
Paul Alcock, VP Marketing & Business Integration, Acteon. Tel +44 (0) 1603 227012, or mobile +44(0) 7765 883925. Alternatively, Neil Doyle, Director, Capital MS&L. Tel +44 (0) 20 7307 5335, or mobile +44 (0) 777 1978 220.
For media inquires regarding First Reserve Corporation, please contact Ilias Catsaros of Cubitt Consulting Limited. Tel +44 (0) 20 7367 5118, or mobile +44 (0) 7710 462 150.