Abbot Group Awarded Contract for the Songa Jupiter

Abbot Group confirms the recent announcement made by Songa Drilling A.S. that Pemex, the National Oil Company of Mexico, has awarded the jackup, Songa Jupiter, a drilling contract which will commence during the summer of 2006 with an initial duration of two years.

The contract provides for a day rate of US $145,000 together with a fee of US $2 million for the mobilization of the rig from Texas to the location in Mexican waters. In addition, Pemex will provide a substantial number of the required crews, which will substantially reduce Songa's operating costs.

Abbot Group Executive Chairman, Alasdair Locke, said:
"We are very pleased with this award which Songa has been pursuing during our recent negotiations to acquire the company. The terms of the contract are well within our day rate expectations and will bring early cash flows to the acquisition."

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