NORWAY - Epcon sold to M-I Swaco

3i invested in Epcon in November 2004 and has seen the value of the company rise by more than 3.5 times over this period. 3i¹s investment rationale was to fund international expansion, further develop the technology, and build the organisation. During the investment, Epcon has strengthened its management team with the appointment of Arne Aune as CEO and Mike Fleming as non-executive director, retained its dominance on the Norwegian Continental Shelf, firmly established itself on the UK Continental Shelf and has successfully expanded overseas. 2005 saw the company win some £19m worth of contracts and enter new geographies such as Canada and the Middle East. New client wins include Exxon, Chevron, Maersk and Marathon.

Hans Middelthon, investment executive 3i Oil, Gas & Power, commented: 'We invested in Epcon to support the company in fulfilling its ambitions of maintaining its leading position on the NCS, gaining a foothold in other markets, as well as developing the technology further. That work is now completed and it is time for management and a new owner to lead the company through the next phase.'

MI Swaco represents a wide array of businesses involved in drilling, reservoir drill-in and completion fluids, Drilling Waste Management and associated services for the petroleum industry. The acquisition of Epcon enables M-I Swaco to enter the water treatment market which it feels is complementary to its established businesses and uses its international strengths to globalise the market for the Epcon Compact Flotation Unit (Epcon CFU).

3i was advised on the deal by Selmer DA and Maclay Murray & Spens (legal advisors), and CIBC World Markets (exclusive financial advisors).

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