First Reserve explores $1.6 bln oil firm sale-report

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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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