direct/ Ferd Equity Partners (NO) - Investor group led by Ferd Private Equity Fund II acquires Aibel

(Lysaker, 29 June 2007) An investor group led by Ferd Private Equity Fund II has signed an agreement to acquire oil service company Aibel Limited for USD 900 million in the largest ever buy-out by a Norwegian-based private equity fund.

Aibel has a leading market position within services related to maintenance, modification and operations on the Norwegian continental shelf (NCS). The company is headquartered in Norway and has operations in 16 countries.
The company is represented on all continents with over 7 000 employees and a total turnover of approximately USD 1.5 billion.

Maintenance, Modification and Operations account for approximately 60 per cent of the company´s revenues, with the main part of these revenues being generated on the NCS. Aibel´s other businesses comprise Process and Facilities, Technology and Products and Drilling Control Systems.

Aibel is well positioned in a global, growing market and has performed strongly with solid growth in revenues and EBITDA over the last few years and currently enjoys a record-high order backlog.

"This represents a good solution for us," says Mr. R. Rasmus Sunde, president and CEO of Aibel. "We regard our new owners as long-term, and they share our views about the company´s long term strategy. They also have the necessary understanding of the market, and the financial capacity needed to put the strategy into effect. Our objective is to maintain the leading position on the NCS combined with selective international expansion", Mr. Sunde concludes.

Ferd Private Equity Fund II will become the largest shareholder with controlling interest in Aibel. Ferd AS is the largest investor in the Fund and will in addition become the second largest shareholder in Aibel.

"Aibel is an exciting company with a solid platform for further domestic and international development. They have a strong market position, a high level of expertise and a strong management team with a proven track record. The company has significant potential, and as owners, we want to make an active contribution to continued development of their market position and profitability," says managing partner Gert W. Munthe at Ferd Equity Partners AS, which advises the private equity fund.

Ferd Private Equity Fund consists of two investment funds with a total of NOK 6.25 billion in committed capital. This base allows the Fund to take dominant positions in established companies with potential for further growth development. Ferd Private Equity Fund II has previously acquired European Furniture Group AB, Festival Group AS, Hatteland Display AS, Nille AS and MicroMatic Norge AS. Ferd Private Equity Fund I, the predecessor fund to Ferd Private Equity Fund II, which was established in 2004, has previously acquired Pronova Biocare AS, Collett Pharma AS, Noratel AS, Handicare AS, Wonderland AS, Carpe Diem Beds of Sweden AB and D&F Group AS.

The sellers are the Candover, 3i and J P Morgan Partners LLC private equity funds.
Completion of the deal is expected following approvals by the Norwegian competition authorities.

Advisors were ABN Amro (M&A), Hogan & Hartson and Wiersholm (legal), PWC (financial) and Arkwright (commercial)

Further information from:

Ferd Equity Partners AS
Gert W. Munthe, managing partner, tel: +47 67 10 80 50, mobile: +47 92 02 23 63
Dag W.R. Strømme, partner, tel: +47 67 10 80 56, mobile: +47 93 02 36 22
Web site: www.ferdpe.com

Aibel Group Limited
R Rasmus Sunde, president and CEO, tel: +47 85 27 00 00, mobile: +47 91 53 55 86
Web site: www.aibel.com

About Aibel
Aibel (www.aibel.com) is a leading provider of products and services to the upstream oil and gas industry. We provide production facilities, process systems, technology and products and, on behalf of our oil company, shipowner and field operator customers, we maintain, operate and modify on- and offshore facilities around the world. Our involvement in a project from day one ensures maximum optimization right along the value chain.

A multicultural company with over 100 years of industry experience and more than 7,000 professionals, our dedication to meeting our customers´ needs is matched only by our equal commitment to innovation, integrity, safety and environmental sustainability.

Facts about Ferd Private Equity Fund

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