3i Seeks to Grow North Sea Oil and Gas Business
Following the announcement of a strategic partnership between 3i, ArcLight Capital Partners LLC and Venture Production Plc, on 19 July 2007, the company has confirmed completion of the deal with the appointment of two new Non-Executive Directors to its board along with shareholder approval of the £151 million convertible bond financing.
This brings 3i’s investment in Venture Production plc, a leading North Sea focused oil and gas provider, to over £100m. 3i’s specialist Oil, Gas and Power team has invested through a combination of a convertible bond and shares to support Venture Production’s growth strategy within the North Sea.
Graeme Sword, partner with 3i’s Oil, Gas and Power business unit based in Aberdeen joins the board, effective from 24 October 2007. Robb Turner, co-founder of ArcLight also joins the board, effective from 12 September 2007.
Commenting on the appointment, Mike Wagstaff, Chief Executive of Venture said:
"I am delighted that we have now completed the formation of our strategic partnership with 3i and ArcLight, and I am pleased to welcome Graeme and Robb to Venture’s Board. They both bring many years of energy industry experience which will be invaluable as we continue to build Venture. Completion of this substantial investment by two of Venture’s long term financial partners represents a huge vote of confidence in Venture’s business model and strategy, its team and our competitive position within the North Sea."
Graeme Sword, Partner in 3i's Oil, Gas and Power team added: "I am delighted to be joining the Venture Production board as part of our further investment in the company. We look forward to working closely with Venture Production to capitalise on the considerable opportunity for investment and consolidation in the North Sea."
- Venture Production Shuffles Board (Sep 10)
- Venture Announces Board Changes (Aug 27)
- Venture Advises Shareholders to Accept Centrica's Offer (Aug 25)
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