Divestment of IOS Offshore Holding

Acteon Group Ltd, Norse Cutting & Abandonment AS and International Oilfield Services AS announced today that they have entered into a definitive agreement under which Acteon will acquire IOS Offshore Holdings AS and its subsidiary IOS Offshore AS.

Established in 1986, IOS Offshore supplies mooring equipment and services to the Norwegian offshore oil and gas industry. The acquisition of IOS Offshore will strengthen and broaden the existing mooring supply and installation service provided by Acteon's existing InterMoor business.

The transaction, which is subject to regulatory approval, is intended to be completed during the next few weeks. Further announcements will be issued by both Acteon and NCA at that time.

NCA Chief Executive Carl Lieungh commented that “IOS Offshore has had an impressive development and has been an attractive investment for the NCA Group, since the acquisition of IOS Offshore in 2007. Going forward NCA wants to focus its resources more firmly on the repair & maintenance, well abandonment and decommissioning markets, and we are confident that Acteon represents a highly suitable owner of IOS Offshore for their future expansion”.

IOS Offshore Managing Director David Smith commented that “The mooring market is developing at a rapid pace in terms of cross-border business opportunities, product development and innovation. As part of InterMoor and Acteon, IOS Offshore will instantly get access to a global network and a broader service portfolio to offer its customers.”