ACTEON LAUNCHES TODAY REVEALING AMBITIOUS EXPANSION PLANS - Offshore oil and gas services company turnover hits $120m

09th November 2004

Acteon, a global group of specialist subsea engineering companies covering every life stage of the oilfield, launches today as a privately owned $120 million company, employing more than 400 people worldwide. Acteon, formerly known as UWG Group, is a specialist in seabed-to-surface equipment and technologies and is represented at every stage in the life of an oilfield. Acteon designs, builds and installs structural foundations, anchoring and mooring systems, well conductor and risers systems. In addition to developing and maintaining wells, Acteon also decommissions structures when production has ceased. Working in the seabed-to-surface sector, Acteon is a systems integrator and adds value across a broad front. To this end, Acteon provides practical and reliable engineering solutions that fit well within the wider project context. Richard Higham, Acteon’s Chief Executive, commented: “The launch of Acteon represents a regeneration of the working philosophy, culture and values displayed by the former UWG Group. We intend to develop and add to its capability portfolio and, over time, provide our customers with a more extensive range of specialist skills, services and products. The company has also been restructured in readiness for this new period of international expansion and continued profitability. Acteon gets involved in structural foundations, anchoring and mooring systems, conductor systems (which link the well to the surface) and marine risers (which carry fluids to and from the well). The group’s primary role is to ensure the structural integrity of these vital subsea systems throughout every life stage of the oilfield. Acteon is a unified group of specialist companies that work both individually or in collaboration. When working together they generate new products that in turn open up new areas of business and profitability. The Acteon companies operate under their own brand names and have high recognition within the industry, including 2H, Claxton, InterMoor (formerly Technip Offshore Moorings Inc), MENCK, Team, UWG and WellCut. Acteon companies operate from the Gulf of Mexico to Brazil and from the North Sea to West Africa. Acteon intends to expand further and with that will come greater opportunities for diversification and crossover work within the group. Part of this expansion plan will see the company’s portfolio diversify to offer a more extensive range of services across a wider range of locations. Acteon’s new structure comprises five connected business areas: Foundations, Conductor Systems, Risers, Decommissioning Services and Personnel Services. Acteon’s senior management team is: · Richard Higham, Chief Executive · John Hogan, non-executive Chairman · Kevin Ovenden, Group Finance Director · Paul Alcock, Vice President Marketing & Business Integration · Bernhard Bruggaier, Vice President Foundations · Kevin Burton, Vice President Conductor Systems · Lance Davis, Vice President Decommissioning · Steve Hatton, Vice President Risers