A private equity syndicate of Candover, 3i and JPMorgan Partners has sold offshore services outfit Aibel to an investor group led by Ferd Private Equity Fund II of Norway. Ferd will pay $900 million for Aibel, which, almost exactly three years ago, was sold to the syndicate by ABB Oil & Gas along with Vetco International for $925 million.
The sale of Aibel, coming after the sale earlier this year of Vetco Gray to GE Oil and Gas for $1.9 billion, completes the exit from Vetco International for the syndicate.
Aibel's provision of production facilities, process systems, technology and services generated $1.5 billion in turnover last year.
