Petrofac News 1700X397
16 February 2004

Petrofac creates international training division through Acquisition

Petrofac Limited (“Petrofac”), the surface facilities solutions provider for the oil and gas  production, processing and refining industries, today announces the creation of a new training  division with the acquisition of RGIT Montrose Holdings Limited (“RGIT Montrose”), an  internationally renowned specialist in training and consultancy services headquartered in  Aberdeen.  The value of the acquisition is £17.4 million.

Petrofac Training will comprise RGIT Montrose and Chrysalis Learning, the competence &  production training business which was acquired by Petrofac in 2003, and offers an unmatched  total training solution for the international oil and gas industry.  Petrofac’s vision is to become  a global leader in total facilities solutions and the creation of Petrofac Training reinforces this  with its focus on operational excellence and an unrivalled depth of knowledge and ability in  safety and skills training and development worldwide.

Ayman Asfari, Chief Executive of Petrofac Limited, said: “Training is increasingly a key element of our service offering and the creation of Petrofac  Training is a logical extension for the group.  We aim to become a global leader in technical  and safety training, training management and consultancy services, and the acquisition of RGIT  Montrose brings a significant wealth of experience, an internationally recognised reputation  for delivering safety and skills training and a highly competent and skilled workforce to  Petrofac.  As part of the Petrofac group, we believe the business has considerable potential  for continued development, particularly in international markets."

The new Petrofac Training division will be led by three of the current executives of RGIT  Montrose.  Murray Strachan will be the division’s Managing Director with Martin Beard as  International & Development Director and Scott Martin as Finance Director.  Louise Ferguson  continues as Managing Director of Chrysalis Learning and will also be a Director of Petrofac  Training with additional responsibility for business integration.

Mel Keenan, who as chairman of RGIT Montrose steered the business through the successful  transition from public to private ownership in the buy-out backed by 3i and Bank of Scotland in  2003, is to retire.

Murray Strachan, Managing Director of Petrofac Training, said: “This is an exciting development for RGIT Montrose.  As part of Petrofac we look forward to  accelerating our existing growth plans as we develop into new geographical markets,  delivering services that reward investment in training and competence through the  enhancement of operational and safety performance.

“On behalf of the board, I would like to thank Mel for his contribution and wish him an enjoyable retirement. As we move into a new era, it is also important to recognise the outstanding efforts of the entire RGIT Montrose team, who I know will relish this new challenge.”

Robin Pinchbeck, Chief Executive of Petrofac Operations Services and Chairman of Petrofac  Training, said: “We are delighted to be bringing the RGIT Montrose team into the Petrofac environment.  We  believe this acquisition will assist us to anticipate and serve the important markets emerging  for technical training and competence management, as well as supporting our industry-leading  outsourced facilities management services.”

Graeme Sword, 3i  Director of Oil & Gas, said: “We are delighted with the sale of RGIT Montrose to Petrofac. 3i backed the RGIT Montrose  team in April 2003 and since that date has been impressed with the actions taken by the team  and the resulting improvements in performance. Petrofac, also backed by 3i, is an ideal  partner to take RGIT Montrose to the next development level. This deal clearly reflects both the benefits and opportunities of 3i’s network.”