Completion of acquisition of Prosafe Drilling £30 million BP North Sea contract extension US$ 100 million contract wins
Aug. 2, 2005
Abbot Group completed the acquisition of Prosafe Drilling Services AS and its subsidiaries.
Offshore staff
Abbot Group completed the acquisition of Prosafe Drilling Services AS and its subsidiaries.
Abbot announced the proposed acquisition of Prosafe Drilling for a consideration of £75.4 million. The proposed acquisition was subject to certain conditions including Abbot conducting a satisfactory inspection of the Rubicon rig.
Following the completion of the acquisition, Prosafe Drilling will be integrated into Abbot's principal subsidiary, KCA DEUTAG. Through KCA DEUTAG, Abbot's existing North Sea offshore platform drilling contract with BP has been extended for a further three years, to April 2008.
The contract will cover five platforms, Magnus, Miller, Bruce, Andrew and Harding, and is valued at £30 million, with KCA DEUTAG continuing to provide a range of drilling, maintenance and engineering services.
