ABERDEEN, UK -- Abbot Group Plc. subsidiary KCA Deutag has entered a management and marketing agreement with Ferncliff TIH AS to operate three tender barge rigs. Abbot also has signed an option to acquire a 9.99% interest in the barges from Ferncliff.
Ferncliff will acquire the three barges from Pride International. The acquisition is expected to be complete 4Q 2007.
Abbot Group also has signed an option agreement to take a 9.99% share of Ferncliff's interest in the three tender barges.
The addition ofAlligator, Al Baraka, and Barracuda barges will expand Abbot's tender barge fleet to seven barges, all operating in West Africa and the Far East.
"The award of these contracts for KCAD and our option to invest in the rigs extends our tender barge portfolio by almost 50%, without the need for further significant capital expenditure. As operator and part owner of the tender barges, both our long-term income visibility and position as a leading tender barge operator will be enhanced," says Alasdair Locke, chairman of Abbot.