First Reserves acquiring services company

Private equity energy firm First Reserve Corp. plans a $1.8-billion acquisition of Abbot Group PLC, a European oil and gas services company having operations in more than 20 countries.

Dec 20th, 2007

By OGJ editors
HOUSTON, Dec. 20 -- Private equity energy firm First Reserve Corp. plans a $1.8-billion acquisition of Abbot Group PLC, a European oil and gas services company having operations in more than 20 countries.

Abbot is the largest offshore platform drilling contractor in the North Sea and one of the largest international land drilling contractors. It provides services and rigs primarily to Europe, Africa, the Middle East, the Caspian region, and Russia.

First Reserve said the transaction represents the largest private equity buyout in the drilling services industry.

The acquisition will be made through Turbo Alpha Ltd., a new company formed for the purpose of implementing the transaction. It is controlled by a fund advised by First Reserve.


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