TSMarine (Contracting) Ltd (United Kingdom) - Jan 2008

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01 January 2008

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3i and ABN AMRO Merchant Banking have together invested £53m in oil and gas services business TSMarine (Contracting) Ltd. In 2007, ABN AMRO provided TSMarine with a £130m debt facility to finance its vessel building programme in Spain. The investors were attracted to the opportunity due to the excellent growth prospects in the expanding subsea oil and gas sector which was worth a reported $33bn in 2007 and is expected to grow to more than $41bn in the next four years. The new capital will enable TSMarine to finance additional new-build vessels and specific rigless intervention and decommissioning operating systems.

Company

TSMarine operates in the subsea rigless intervention and decommissioning market on a global basis offering construction support solutions to the oil and gas industry. It was founded in 2004 and is headquartered in Aberdeen. 2007 revenue is estimated to stand at £55m and the company employs 120 staff.

People

Colin Burnett led the deal for 3i and Bruce Roe led for ABN AMRO. Both join the board of the company. Alasdair Cowie is the CEO of TSMarine.

Advisers

Management - Ernst & Young - Transaction Advisory Services , (Financial Due Diligence)Management - Maclay Murray & Spens, (Legal)Management - Simmons & Co International, (Corporate Finance)

Sourced from: UK & Ireland unquote" 362 (Feb 2008)