Songa Chief Sells 28M-plus Shares in Abbot Group

Abbot Group PLC has confirmed that more than 28 million shares in the company were sold by Arne Blystad, chairman of Songa Drilling, the Norwegian oil rig operator it bought last year.

The shares, which account for 12 percent of Abbot, were issued by Abbot to Blystad as part of the acquisition, a spokesman for Abbot said.

"It's a very straightforward sale," the spokesman added. "Blystad sold the shares because he wanted to invest in other businesses."

Blystad's shares in Abbot were held by Spencer Energy AS, in which he holds a controlling stake. The shares were placed in the market Wednesday morning by Goldman Sachs.

At 9:15 a.m. Wednesday in London, Abbot shares were down 8-1/4 at 287-1/2 pence.

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