Reuters: Private Equity: First Reserve explores $1.6 bln oil firm sale-report

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First Reserve explores $1.6 bln oil firm sale-report Apr 22nd 2012, 11:54 LONDON, April 22 | Sun Apr 22, 2012 7:54am EDT LONDON, April 22 (Reuters) - American private equity firm First Reserve has appointed JP Morgan to sell British oil services firm Acteon for about one billion pounds ($1.6 billion), The Sunday Times reported. The sale could net Acteon Chief Executive Richard Higham 250 million pounds, the newspaper said. Acteon made a pre-tax profit of 36 million pounds on sales of 311 million pounds in 2010. First Reserve, which could not immediately be reached for comment, bought a 52 percent stake in Acteon in 2006 for 70 million pounds, the newspaper reported. Acteon specialises in rig moorings and the decomissioning of wells.

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