Petrofac

In October 2005 3i realised over £115 million through the IPO on the London Stock Exchange of Petrofac, the international oil and gas facilities service provider, at a market capitalisation of £742 million.

3i originally invested £22 million for a 16% stake in May 2002. The realisation delivered a money multiple of 5.2 times and an IRR of 64%.

3i's funding supported the company during a period of rapid growth, helping Petrofac transform itself from an engineering procurement construction contractor into a total integrated facilities management solutions provider.

In addition, 3i introduced Michael Press as an independent non-executive director and Keith Roberts, the Chief Financial Officer.

3i funded 36% of all European oil and gas private equity deals from 2003 to 2005 and manages an investment portfolio of 18 companies in the exploration and production and service sectors. Actively utilising this sector knowledge, 3i was able to introduce another 3i-backed company, training business RGIT Montrose, to Petrofac, which it subsequently acquired in February 2004.