Abbot Group Wins New Rigs Contract

Abbot Group plc has announced that its land rig design engineering and fabrication subsidiary, Bentec, has been awarded a US$65 million contract by Eurasia Drilling, formerly the drilling subsidiary of Lukoil, for four 250 tonne fast moving hybrid rigs, derived from Bentec's original HR5000 design. Work will commence immediately with the first rig being delivered in 12 months time and the other three by the end of 2007.

This contract brings the total order intake for Bentec to approximately US$200 million so far this year, and the number of rigs under construction to ten with the prospect of yet further contract awards.

Commenting, Alasdair Locke, Executive Chairman of Abbot said "During the last few years Bentec has been highly active in the Russian market where its rig designs have been recognised by a number of our clients as being ideal to cope with the prevailing harsh environmental conditions.

The world-wide shortage of suitable rigs for the international oil and gas industry will ensure that Bentec's order intake will continue to grow, and we look forward to announcing further contracts in the near future."

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Posted 14/09/06

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