Re Portfolio Company

RNS Number : 9512C

Frontier IP Group plc

23 April 2013

RNS REACH

AIM: FIPP

Frontier IP Group Plc

("Frontier IP" or "the Group")

DeepOcean Acquires 50% Interest in Portfolio Company, ADUS

Frontier IP, which specialises in the commercialisation of university intellectual property, is pleased to note the following announcement in relation to one of its portfolio companies, Advanced Underwater Surveys Limited ("ADUS").

"DeepOcean acquires a 50% interest in ADUS

Darlington, UK - April 22, 2013 - DeepOcean UK, a subsidiary of DeepOcean Group Holding BV, today announced that it has acquired a 50% interest in the leading 3D sonar visualisation company ADUS to form ADUS DeepOcean Ltd.

ADUS, originally a spin out from the University of St Andrews and Dundee University, has rapidly acquired a global reputation in the marine salvage market for its stunning subsea 3D visualisations.

The company is known for such high profile work as the survey of the wreck of the oil rig Deepwater Horizon in the Gulf of Mexico, and more recently, the stricken cruise ship Costa Concordia in Italy and the cargo ship Rena which sunk off the coast of New Zealand.

Building on its success, ADUS has recently begun to successfully deploy its know-how and technologies in the offshore wind and oil & gas markets, where it can be used to provide high quality 3D images of subsea structures such as offshore facilities, wind turbine foundations and seabed architecture.

Bart Heijermans, DeepOcean Group Holding BV Chief Executive Officer stated "This acquisition enhances the quality of the services we offer to our customers in the oil & gas and renewables industries. As part of this acquisition ADUS will commit to a R&D programme to further develop the visualisation software used by ADUS."

The major R & D investment programme is with Dundee University, led by ADUS co-founder Dr. Chris Rowland who remains Director of the University's 3D Visualisation Research Lab.

ADUS Co-founder, Mark Lawrence said "The acquisition of ADUS by DeepOcean is an excellent opportunity for all concerned; ADUS' data acquisition and visualisation technologies will add value to DeepOcean's core services, whilst providing ADUS with global access and resources it needs to grow in the energy market."

ADUS Chairman Aubrey Thompson will remain on the Board as a non-executive director while ADUS co-founder Martin Dean will become Special Projects Director and continue to oversee the company's marine salvage and archaeological business."

Frontier IP acquired its interest in ADUS through its long-established partnership with the University of Dundee, in which, in return for commercialisation support, the Group is entitled to receive equity in each spin-out at the point of incorporation. In its last financial year, Frontier IP received equity in three new spin-out companies during the year.

DeepOcean Group is an integrated provider of safe, high quality, innovative services and technologies for the subsea industry, with a global team of over 1000 employees.

Neil Crabb, Chief Executive, said,

"ADUS was originally a spin-out company from the University of Dundee and the University of St Andrews and its technology is unrivalled the marine market. ADUS has successfully moved from the research lab through to commercial sales and this agreement with DeepOcean marks further progress in its development."

Enquiries

Company website: www.frontierip.co.uk

Frontier IP Group Plc		T: 0131 220 9491
Neil Crabb, Chief Executive

Seymour Pierce (Nominated Adviser and Joint Broker)		T: 020 7894 7000
Mark Percy / Julian Erleigh, Corporate Finance
David Banks / Paul Jewell, Corporate Broking

Peterhouse Corporate Finance Limited (Joint Broker)		T: 020 7469 0935
Jon Levinson / Lucy Williams

Biddicks		T: 020 3178 6378
Katie Tzouliadis