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ARTICLES
3i SELLS STAKE IN SPS TO M-I SWACO

Fifthrign Integrated Corporate Communications
3i, Europe’s leading private equity and venture capital company, today announced it is to sell its stake in Aberdeen-based, Specialised Petroleum Services Group Ltd (SPS), a leading provider of wellbore clean-up products and services for the oil and gas industry, to M-I Swaco. The SPS founders and other shareholders are also exiting at this time. The purchase price for the whole company is approximately $165 million (£89 million). 3i and managed funds held a 51% stake in SPS.

3i has been a major shareholder and investor in SPS since 1999. This has enabled the company to strengthen its global market foot print and expand its product and service offering through organic and acquisitive growth.

SPS has been planning, engineering, delivering and analysing wellbore clean-up solutions worldwide for 20 years. The company has more than 53 patents held or pending.

The combined services of SPS’s unique wellbore clean-up tool technology and M-I Swaco’s completion and reservoir drill-in fluids services is expected to create a unique, integrated solution for clients.

Mike Hill, Director of 3i’s Oil, Gas and Power team and Non-Executive Director of SPS commented: “3i is pleased to have been involved in the development of SPS over the last six years. Through supporting a number of acquisitions and repositioning the business to access the global oil and gas market place, we believe the combination of M-I Swaco and SPS service portfolio will create a strategic platform for future growth.”

Michael Press, Chairman of SPS commented: “SPS has gained large benefits from its association with 3i and its broad sector network.”

Don McKenzie, M-I SWACO President and CEO, commented, "SPS is the world leader in well-bore clean-up tool technology and M-I SWACO is the largest provider of completion and reservoir drill-in fluids around the globe. The combination of these two businesses enables us to provide customers with a unique, integrated solution."

 



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