UWG Group Announces Major Equity Investment by Lime Rock Partners
4/2/2003NORWICH, UK, April 4, 2003 – One of Europe’s leading independent oil service companies, UWG Group, has completed a major equity investment with Lime Rock Partners. The cash injection will be used to accelerate UWG Group’s expansion as a global provider of Riser and Well intervention technology. Internationalising an expanding array of product and service lines will be the primary focus for the business.
The investment by Lime Rock builds on an earlier management buy out, in December 2001, which refocused the Company under the current Management Team and 140 staff based in the UK, USA, Brazil and Middle East.
UWG Group is a leading supplier of Riser and Well intervention engineering, equipment and services and as a result of the increasing demand for its services, has delivered 25% year-on-year growth over the past 3 years.
Based on UWG Group’s reputation for challenging conventional industry practices and delivering progressive solutions, Lime Rock Partners have invested in a “Platform for Growth” business.
Lawrence Ross, Managing Director of Lime Rock Partners, commented: “Lime Rock is keen to use its extensive industry experience and network to support UWG’s continuing product and geographic expansion. The potential within UWG suggests that it can continue delivering strong year on year growth in line with its historic performance.”
Lime Rock Partners, based in Westport, Connecticut, is a private equity firm with over $420 million under management dedicated to investing in energy companies with high growth potential. With offices in the major energy centres of North America and Western Europe, Lime Rock targets growth equity investments in companies involved in oil field services, oil field technology, midstream services and exploration and production.
Notes to editors:
Proven innovators in many disciplines, the UWG Group comprises UWG Ltd, 2H Offshore Engineering Ltd, Claxton Engineering Ltd and Team Energy Resources Ltd. It principally provides product and service solutions in the Deepwater Riser and Rigless Well Intervention/Decommissioning Markets. The well systems business focuses on drilling to facilities interfaces. The Group employs some 140 staff in the UK, USA, Middle East and Brazil.
Ends
02nd April 2003
For Further Information:
Graham MacEwen Paul Alcock
Fifth Ring Integrated Corporate Communications UWG Group Limited
Tel: +44 1224 626288 +44 1603 767438
graham@fifthring.co.uk paul.alcock@uwggroup.com
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