MANAGEMENT BUYOUT FOR ASHTEAD TECHNOLOGY RENTALS

MANAGEMENT BUYOUT FOR ASHTEAD TECHNOLOGY RENTALS June 2008 ABERDEEN , SCOTLAND - JUNE 2008 - Ashtead Technology Rentals Ltd, a leading high-technology rental equipment supplier, is delighted to announce that its management team, with backing from Phoenix Equity Partners, have successfully acquired the business in a £95.6 million ($183.7 million) management buy-out from Ashtead Group plc. The buyout was led by Andy Doggett, Managing Director and Andy Holroyd, President of North America. As an independent business and with additional financial backing, Ashtead Technology is focused on growing the services offered to the offshore oil and gas, environmental monitoring and inspection sectors. Ashtead Technology’s highly experienced and motivated workforce look forward to continuing to meet its customers’ needs on a global basis and to providing high-technology rental equipment that can be relied upon to operate in the most demanding environments. Rental locations in Aberdeen, Houston and Singapore offer, and provide technical support for, a vast range of offshore equipment including subsea positioning and sea bed mapping – allowing the operator to find, place or retrieve almost anything on or under the sea. Operating from 14 rental locations across the US, Canada, UK and Singapore, Ashtead Technology provides and supports a wide range of sophisticated equipment for environmental monitoring, non-destructive testing and remote visual inspection. As part of the agreement, Brian Long has joined Ashtead Technology Rentals in the position of Chairman. Brian has a long and successful track record of chairing private equity backed businesses, including Moody International and the Alex Stewart Group. Andy Doggett, Managing Director of Ashtead Technology Rentals commented: "The management buy out of Ashtead Technology Rentals represents an exciting opportunity for the team. This gives our business a tremendous platform from which to deliver the next phase of development and growth. We are very excited to be working alongside Phoenix as they have a proven pedigree in growing, supporting and developing UK headquartered businesses with ambitious international growth plans." Chris Hanna, Partner at Phoenix, said: "We are delighted to have the opportunity to acquire Ashtead Technology Rentals, a clear leader in its markets with a strong customer base and a number of exciting opportunities for growth. The management team have done an outstanding job in building a truly impressive business and we are delighted to have the opportunity to work in partnership with them over the coming years to develop the business further.“ -ends- Further Information: Angela Sakapaji , Tel: +44 (0) 1224 771888 Email: angela.sakapaji@ashtead-technology.com

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