Acteon Group Ltd (“Acteon”) today announces the acquisition of a majority interest in the company by an affiliate of Kohlberg Kravis Roberts & Co. L.P (together with its affiliates, “KKR”) from First Reserve, with management retaining a significant holding in the company. The executive management team will remain in place. Further terms of the transaction were not disclosed. Acteon has built a significant subsea services business in the oil and gas sector. This latest investment will support the continued delivery of its ambitions and of its goal to define the market in this relatively new and expanding part of the upstream industry. As part of the transaction, the Houston-based private equity firm White Deer Energy will be investing alongside KKR and management. Will Honeybourne and Jeff Quake, First Reserve Managing Directors, said “We have enjoyed working with the company’s talented management in their relentless goal to build an industry leader and we are delighted with the impressive success the company has achieved. Since our initial investment in 2006, Acteon has completed eight acquisitions, quadrupled its operating profits and significantly expanded its geographic footprint. We thank the entire Acteon team and wish them every success for continued growth in the future.” Dominic Murphy, a Member of KKR, and Josselin de Roquemaurel, a Director of KKR, said: “This is a growth investment, in partnership with a highly entrepreneurial management team. We are excited to support Acteon and work with the team to develop it as a leading global franchise for offshore and subsea energy services.” Originally founded in 1989, Acteon is a leading service provider to the worldwide offshore oil and gas and renewable markets. With a strong global presence, the company provides specialist subsea services for life-of-field operations from exploration through to decommissioning and generates substantial revenues from deep-water applications. Headquartered in Norwich, UK, with facilities in Brazil, Singapore, UAE, Malaysia, China, UK, the US and Germany, Acteon has completed projects in most of the world's prolific offshore oil and gas basins.