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Acteon Group announces change in ownership: First Reserve Corporation Sells Majority Interest in Acteon to KKR

10.01.2012

NORWICH, England--(BUSINESS WIRE)-- Acteon Group Ltd ("Acteon") today announces the acquisition of a majority interest in the company by an affiliate of Kohlberg Kravis Roberts & Co. L.P (together with its affiliates, "KKR") from First Reserve, with management retaining a significant holding in the company. The executive management team will remain in place. Further terms of the transaction were not disclosed.

Acteon has built a significant subsea services business in the oil and gas sector. This latest investment will support the continued delivery of its ambitions and of its goal to define the market in this relatively new and expanding part of the upstream industry. As part of the transaction, the Houston-based private equity firm White Deer Energy will be investing alongside KKR and management.

Will Honeybourne and Jeff Quake, First Reserve Managing Directors, said "We have enjoyed working with the company's talented management in their relentless goal to build an industry leader and we are delighted with the impressive success the company has achieved. Since our initial investment in 2006, Acteon has completed eight acquisitions, quadrupled its operating profits and significantly expanded its geographic footprint. We thank the entire Acteon team and wish them every success for continued growth in the future."

Dominic Murphy, a Member of KKR, and Josselin de Roquemaurel, a Director of KKR, said: "This is a growth investment, in partnership with a highly entrepreneurial management team. We are excited to support Acteon and work with the team to develop it as a leading global franchise for offshore and subsea energy services."

Originally founded in 1989, Acteon is a leading service provider to the worldwide offshore oil and gas and renewable markets. With a strong global presence, the company provides specialist subsea services for life-of-field operations from exploration through to decommissioning and generates substantial revenues from deep-water applications. Headquartered in Norwich, UK, with facilities in Brazil, Singapore, UAE, Malaysia, China, UK, the US and Germany, Acteon has completed projects in most of the world's prolific offshore oil and gas basins.

The transaction is subject to customary approvals and is expected to close by year-end 2012.

J.P. Morgan Cazenove and Simmons & Company International jointly advised First Reserve Corporation and Acteon Group Ltd. HSBC Bank Plc advised KKR on the transaction.

About Acteon Group Ltd.

About Acteon:

Acteon companies provide Mooring, Foundations, Riser, Conductors, Flowlines and Marine Electronics products and services, supported by strong engineering and project management capability. Acteon's companies are 2H Offshore, Aquatic, CAPE Group, Claxton, Conductor Installation Services (CIS), Fluke Engenharia, InterAct, InterMoor, Large Diameter Drilling (LDD), MENCK GmbH, Mirage Machines, NCS Survey, Offshore Installation Services (OIS), Pulse Structural Monitoring, Seatronics, Subsea Riser Products (SRP) and TEAM Energy Resources.

Learn more at www.acteon.com

About Subsea Services:

Subsea services is defined as the provision of specialist equipment, services and personnel that can operate from any fit-for-purpose vessel or platform. Acteon's subsea services offering is unique and addresses operational requirements that support oil and gas asset owners, construction and drilling companies and vessel owners.

About First Reserve Corporation

Founded in 1983, First Reserve is a leading global investment firm dedicated to the energy industry with over $23 billion of raised capital since its inception. With offices in North America, Europe and Asia, First Reserve is well-positioned to make strategic investments on a global basis across the energy value chain. First Reserve seeks to create value for its investors by applying its deep industry knowledge, decades of investing and operational experience, highly talented management team and powerful network of global relationships to its investments and through active monitoring of its portfolio companies. For additional information, please visit First Reserve's website at www.firstreserve.com

About KKR

Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $61.5 billion in assets under management as of June 30, 2012. With offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with investors through its client relationships and capital markets platform. KKR is publicly traded on the New York Stock Exchange (NYSE:KKR).

About White Deer Energy

White Deer Energy is an energy private equity fund focused on the exploration & production, oilfield service and equipment and midstream sectors of the oil and gas industry. With $822 million of committed capital, White Deer is a long-term investor targeting equity investments of $50 to $120 million in its portfolio companies. With offices in Houston and New York, White Deer has a combination of industry expertise and capital that makes it an attractive partner for rapidly growing energy companies.

FOR ACTEON
Paul Alcock
Acteon Group Ltd
07765 883925
Paul.alcock@acteon.com
or
FOR FIRST RESERVE
Caroline Harris
Prosek Partners
Tel: +1 212-279-3115; ext. 222
E-mail: charris@prosek.com
or
Michael Henman
Cubitt Consulting
Telephone: +44 (0)20 7367 5100
E-mail: michael.henman@cubitt.com
or
FOR KKR & Co LP
Kristi Huller
KKR
+1 (212) 230 9722
Kristi.huller@kkr.com
or
Michael Turner
RLM Finsbury
+44 207 251 3801
michael.turner@rlmfinsbury.com

Source: KKR

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