Updates from BG Group and Interserve

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The FTSE 100 climbed just one point on Friday, taking the index to 6,544. Resolution Ltd was the biggest riser, up +3.41% while Reckitt Benckiser was the biggest loser, down -5.11% on fears US healthcare provider, CVS CareMark, may drop Reckitt's Suboxone from its insurance cover.

Overnight, Asian stocks have lifted with the Hang Seng up 0.17% at 21,312.
First off this morning, Interserve and news that the support services and construction group has entered into an agreement to buy Topaz Oil and Gas Ltd and its subsidiaries, providing oil field maintenance and construction services in the Middle East.

The cost will likely be around £30m; Interserve claims the purchase will expand Interserve's footprint in the Middle East oil and gas services market and will be "EPS accretive in its first full year".

"Interserve sees the Middle East oil and gas services sector as a key growth market and this acquisition establishes our presence in the UAE," says boss Adrian Ringrose. "It also complements other acquisitions we have made, such as TOCO of Oman and Madina in Qatar, enabling us to serve clients over a wider footprint."

Next, Cobham plc says it has completed the buy-up of the 50% shareholding it didn't previously own in FB Heliservices Ltd, FB Leasing Limited and FBS Limited, from long standing joint venture partner, Bristow Helicopters Limited.

The transaction comprises cash of £74 million, together with the assumption of Bristow's share of FBH's net debt the company says. It's claimed the move is complementary to Cobham's existing Aviation Services business and should strengthen Cobham's exposure to non US defence/security markets.

"FBH," says Cobham chief exec Bob Murphy, "is a business we know extremely well through our long established joint venture arrangement and it has capabilities that are highly complementary to our existing Aviation Services business. It also brings a long track record of operating in attractive, specialist outsourcing markets with demonstrable success in winning contracts."

Finally, BG Group has announced that Simon Lowth has been appointed as Chief Financial Officer (CFO), and also as an exec director, effective November. Lowth is currently the CFO of AstraZeneca PLC and an exec director on its Board.

Lowth joined the biopharmaceutical operator in November 2007 and is responsible for Finance, Investor Relations, and AstraZeneca's business in Japan. Lowth has also been a non-executive director of Standard Chartered PLC since 2010.

"He brings with him," says BG chief exec Chris Finlayson, "a great combination of finance, capital allocation, value-based planning, portfolio management and strategy skills - critical skills as we execute our strategy to deliver long-term value to shareholders and focus on excellence in execution."