ROS .. the gamblers anonymous thread !!!

Wake up Rossers.....news!



Disposal

RNS Number:9163V
Ramco Energy PLC
20 December 2005


Press Information

20th December 2005

RAMCO SELLS ITS OIL SERVICES DIVISION

Ramco Energy plc (Ramco), the Aberdeen based independent exploration and
production company, announces that it has concluded the sale of its Oil Services
division for #14.1 million to a management buy-out team led by the Managing
Director of that business, Stewart Cumming.

The sale process for the division commenced earlier in the year and was
led by Ernst & Young as part of a waiver agreement with Ramco's
lenders. The management buy-out team supported by Edinburgh based Teasses
Capital Limited, was the successful bidder in a competitive tender process. The
proceeds of the sale after costs has enabled Ramco to repay the entire #12
million recourse loan it had secured against this business as a part of the
finance package for the development of the Seven Heads Gas Field.

A similar sales process for the disposal of Ramco's interest in the Seven Heads
Gas Field continues and it is now expected that this transaction will not close
until next year.

Stephen Remp, Ramco's Executive Chairman said "We wish Stewart and his team
every success in the future and thank all of the employees at Oil Services for
their loyalty and hard work over the 28 years they have been a part of the
Group. I am pleased that Stewart has agreed to remain on the Ramco board as a
Non-Executive Director"

Ramco Energy plc - Aberdeen
Steven Bertram - Managing Director 01224 352200

College Hill - London
Nick Elwes 020 7457 2020


Notes

Ramco Oil Services which is headquartered at Badentoy Park in Aberdeen was
founded in 1977. The company, has an annual turnover of #14 million, also has
operations in Norway and Japan and a joint venture with Corus (BSR) in
Hartlepool. Its customer base includes Shell Expro, BP, Chevron Texaco, Exxon
Mobil, Tenaris, Itochu, Conoco Phillips and Statoil.

Employing around 180 staff worldwide, the company operates in two business.

Tubular Services
This highly successful division of the business retains 80% of the North Sea
market share for corrosion engineering and tubular maintenance. Its patented
mobile pipe care units are located in Stavanger and Floro in Norway and Handa
City, Japan.

Ramco Oil Services is a partner in the world class "One Stop Shop" facility at
Badentoy in alliance with Tuboscope Vetco and Hunting Oilfield Services. This
comprises adjacent cleaning, coating, inspection, threading and storage
facilities, which are unique to the North Sea.

Ramco Oil Services manages Shell Expro's Offshore Tubular Services activities
and, as lead contractor, is responsible for the handling, storage, cleaning,
coating, inspection, repair and maintenance of all Shell's new and refurbished
tubulars.

Ramco Oil Services is also a partner in the joint venture company Badentoy
Tubular Services in association with Hunting Oilfield Services (UK) and Sumitomo
Corporation Europe plc. This company was created following the award of a five
year, multi-million pound tubular management service deal by BP in 1999, which
was recently extended until 2007.

Pipeline Services
BSR (British Steel Ramco) Pipeline Services (in which Ramco holds a 50%
interest) has been operating from within Corus's pipe manufacturing mill in
Hartlepool since 1988. BSR specialises in providing multi-layer pipe coatings,
including polyethylene and polypropylene, as well as FBE (Fusion Bonded Epoxy
Coatings), internal coatings and other pipeline services.




This information is provided by RNS
The company news service from the London Stock Exchange

END
DISILFLDFRLALIE