Ascot Offshore buys Wilbros' Nigerian interests

Ascot Offshore Nigeria has acquired Wilbros Group Inc.'s Nigerian operations for $155.25 million.

Feb 9th, 2007

Uchenna Izundu
International Editor

LONDON, Feb. 9 -- Ascot Offshore Nigeria has acquired Wilbros Group Inc.'s Nigerian operations for $155.25 million.

Ascot paid $150 million in cash and gave a $5.25 million note for the shares of WG Nigeria Holdings Ltd., which owns the operating and equipment companies supporting activities in Nigeria.

Wilbros pulled out of Nigeria because of difficulties with the political climate and instability in the Niger Delta which affected its operations, the company said.

Contact Uchenna Izundu at uchennai@pennwell.com.

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