NORWAY - Arcapita buys Roxar for around EUR 168m

The total transaction value is approximately EUR 168m and represents Arcapita’s largest corporate investment in Europe to date. Royal Bank of Scotland and Barclays Bank provided senior and mezzanine financing of $91m for the acquisition, together with a $25m working capital facility. The acquisition of Roxar forms part of Arcapita’s stated strategy of maintaining a diversified portfolio of assets that generate superior risk-adjusted returns.

Roxar is a technology solutions provider for the oil and gas industry. With its head offices in Stavanger, Norway, Roxar supplies products and services that enable oil and gas companies to develop fields more cost efficiently, maximize reservoir performance and improve recovery rates. The senior management team of Roxar which is headed by Sandy Esslemont, Chief Executive Officer, will retain a shareholding of 1.2% in the company.

Roxar’s customer base includes 200 of the largest national and international oil companies in the world including Saudi Aramco, ExxonMobil, BP, Norsk Hydro, PDVSA (Petróleos de Venezuela S.A.), Petronas, ConocoPhilips, Shell and Statoil. As proven reserves decline, these companies, in line with the industry overall, are turning to advanced solutions such as Roxar’s to improve their rates of recovery from existing and newly discovered oil and gas reserves.

Sandy Esslemont, chief executive officer of Roxar commented: 'I believe the partnership with Arcapita will enhance the growth prospects for Roxar. The firm has a strong track record in working with and encouraging entrepreneurial management teams and they have demonstrated considerable understanding of our business and the opportunities for growth and expansion.'

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