Press Release - 16 July 2007
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Noble Denton acquires Poseidon Maritime (UK) Ltd

Noble Denton Group, the global offshore and marine consulting firm, today announces the acquisition of Poseidon Maritime (UK) Ltd for £2.4 million.

This acquisition will retain all staff and will create a major marine services alliance, enhancing Noble Denton's position as one of the world's leading independent marine and engineering consultants to the shipping, insurance and offshore energy industry.

Poseidon was established in 1994 in Aberdeen to provide marine and marine safety consultancy services, primarily to the offshore oil and gas exploration and production industry. Its primary focus is to maximise business continuity and operational safety for its clients, particularly in regard to dynamically positioned vessels. The company has a strong reputation and network with ship owners and is also very active in all areas of marine security.

Noble Denton can trace its origins back to 1904 and today the Group has more than 300 employees in all key oil and gas industry centres in Europe, North and South America, the Middle and Far East. Noble Denton has had spectacular growth in the last few years, capitalising on the increasing demand for consulting services in the marine and energy markets. The company is backed by two investment groups, Ferncliff TIH and HitecVision, which are committed to the further growth of Noble Denton.

David Sutton, CEO of Noble Denton Group, said: "This acquisition will greatly strengthen, and complement, our capabilities and we are delighted to welcome Poseidon into our Group during this dynamic time for the industry. Our vision is to provide a client-focussed and fully integrated marine and engineering consultancy service to the oil and gas industry on a global scale. Poseidon has a long standing, well proven, track record of delivery and together we are absolutely committed to a performance-driven service based on the highest technical standards."

Peter Napier, managing director of Poseidon, said: "This is a great opportunity for us to join a committed, high quality service provider which is a like-minded, growing organisation, which will enable us to provide an even wider portfolio of services to our clients, from a broader international platform, as well as providing greater development prospects for our staff. Joining forces with Noble Denton enables us to enhance our presence in Houston, New Orleans and Singapore where we have already secured many high profile, long-term clients."

This transaction was initiated and arranged for Poseidon by Aberdeen-based Mergers & Acquisitions specialists, Chate & Co.

Notes to editors

Noble Denton Group (www.nobledenton.com)

• Noble Denton is an international privately owned organisation, which traces its history back to 1904. The company specialises in consultancy in high-risk marine operations and was founded on the basis of combining practical seafaring expertise with advanced engineering analytical skills.
• The client base for Noble Denton comprises oil companies and marine contractors from the energy sector together with insurers within the marine and energy sectors. In recent years there has been an emphasis on shipping related services.
• The company has been and continues to be involved in the development of marine operations guidelines, which are recognised across the industry. In recent years, it has been involved in the development of International Standards through ISO and SNAME on mooring systems, mobile offshore units and marine operations.
• Innovation remains at the core of the Group - Noble Denton has been involved as marine advisors and/or warranty surveyors on most of the major milestones of the offshore industry.
• Recent acquisitions have provided entry into the offshore wind energy markets and have helped to strengthen its activities in tanker vetting.
• Noble Denton has been expanding its position within the market and following an active growth programme. This has resulted in significant inward investment by two private equity firms - HitecVision and Ferncliff TIH - in Norway.
• The regional centres for the group are located in Abu Dhabi, Houston, London and Singapore with each region having further associated companies that cover the region, as required.

Poseidon Maritime (UK) Ltd (www.poseidonuk.com)

• Established in 1994, Poseidon Maritime (UK) Ltd is a global consultancy offering a full range of integrated support services to the marine, construction, drilling and floating production industries.
• Poseidon offers a comprehensive range of support services to the marine, construction, drilling and floating production industries, both onshore and offshore worldwide, providing clients with significant risk control to safeguard reputation at operational, project, management and corporate levels. It employs more than 40 staff and contractors and revenue is £3.5 million.
• It has a growing customer base that includes multi-national oil companies, major offshore marine contractors and ship owners. Its security division is now well established and has built up a strong client base and excellent reputation.

Ends

Media contact: Rachel Camm/Alison McKenzie at Fifth Ring on 01224 626288.