Investcorp to Acquire Moody International

Investcorp, the asset management firm specializing in alternative investments, on Tuesday announced that it had agreed to acquire Moody International (Holdings) Limited from Close Brothers Private Equity for $311 million (including debt to be repaid at closing).

Moody, headquartered in the UK, is a leading global provider of inspection services and outsourced personnel supply to the oil and gas, mining and construction sectors, as well as a leading provider of certification services in certain high growth markets. Moody's blue chip client base includes, amongst others, BP, Royal Dutch Shell, Statoil, Exxon Mobil, Chevron, Dow Chemicals, Saudi Aramco, Lukoil and Rosneft. The Company's range of services includes on-site vendor inspection, expediting, fabrication inspection and maintenance inspection services to many of the world's leading oil and gas companies. Moody utilizes a global network of offices to co-ordinate the provision of these services for its clients primarily in support of their upstream oil and gas development projects.

Commenting on the transaction, Steven Puccinelli, head of Investcorp's European private equity team, said: "The acquisition of Moody represents an attractive investment opportunity for Investcorp given its leading niche positions, earnings generated worldwide from a very high quality client base, and the continuing strong growth in demand for services in the oil and gas sectors."

Brendan Connolly, CEO of Moody International commented: "With the backing of Investcorp we are ready to accelerate our expansion plans, strengthen our position in key countries and continue our development of new services to assist and serve our clients. We also expect to take advantage of Investcorp's knowledge to increase our footprint in the Gulf. We look forward to our new challenges, as we have the right team and the right partner to deliver our Global strategy."

Closing is expected to occur at the end of January 2007.

Related Companies
 Company: BP plcmore info


 - BP Restores Power At Thunder Horse Platform After Outage (Sep 20)
 - BP's Thunder Horse Platform Shut Temporarily On Power Issue (Sep 19)
 - Big Oil Becomes Greener With Progress in Cutting Pollution (Sep 18)
 Company: Exxon Mobil Corporationmore info


 - ExxonMobil Starts Fuels Production at Baytown, Beaumont (Sep 21)
 - Far From the Texas Coast, Hurricane Harvey Hits Oil Refiners (Sep 19)
 - Big Oil Becomes Greener With Progress in Cutting Pollution (Sep 18)
 Company: Lukoilmore info
 - Russia's Lukoil Eyes Decade Of Oil Output Growth (Sep 20)
 - Lukoil Finds Oil at Iraq Well (Feb 22)
 - Lukoil: CEO, VP Sell $34 Million Worth Of Shares (Dec 30)
 Company: Shellmore info


 - Canada Gas Set to Strike Back Against US Shale as Glut Eases (Sep 14)
 - Harvey's Wake Tempers Bullish Outlook for US Oil Output Growth (Sep 1)
 - Storm Harvey Opens Up Rare Jet Fuel Exports from Europe to US (Sep 1)
 Company: Statoilmore info


 - Statoil Sees Eagle Ford Operations Back At Normal This Weekend (Sep 7)
 - Poland's PGNiG To Receive LNG Spot Delivery From Statoil In September (Sep 5)
 - Harvey's Wake Tempers Bullish Outlook for US Oil Output Growth (Sep 1)
 Company: Saudi Aramcomore info


 - Aramco Plans to Buy Non-Saudi Crude in Global Trading Expansion (Sep 19)
 - Saudis Are Said to Prep for Possible Aramco IPO Delay to '19 (Sep 14)
 - Will Saudi Aramco Deliver World Record Profit For Next Year's IPO? (Sep 8)
 Company: Chevron Corporationmore info
 - Sources: Chevron Drills Oil Well In Iraqi Kurdish Area After Two-Year Gap (Sep 20)
 - Big Oil Becomes Greener With Progress in Cutting Pollution (Sep 18)
 - Chevron's Watson Said to Plan to Step Down, Journal Reports (Aug 22)
 Company: Rosneftmore info
 - Russia's Sistema Appeals Against Court Decision To Pay Rosneft (Sep 19)
 - Russia's Rosneft Clinches Gas Pipeline Deal With Iraq's Kurdistan (Sep 18)
 - New China Energy Star Still Hungry After $9 Billion Rosneft Deal (Sep 14)
 Company: Moody Internationalmore info
 - Moody's: Energy Sector Weakness Surges, Liquidity Stress Hits Record Level (Mar 2)
 - Investcorp to Acquire Moody International (Jan 3)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Division Order Analyst - DJ Land Administration
Expertise: Business Analyst|Commercial Management|Landman
Location: Denver, CO
 
Automation Engineering Manager
Expertise: Electrical Engineering|Engineering Manager
Location: Houston, TX
 
Staff Land Analyst Job
Expertise: Lease Analyst
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $56.86/BBL 0.76%
Light Crude Oil : $50.66/BBL 0.21%
Natural Gas : $2.959/MMBtu 0.30%
Updated in last 24 hours