Abbot Group Wins Acquisition of the Year Award
Abbot Group has won the Acquisition of the Year Award in the Scottish Business Insider's Deal & Dealmakers Awards. Abbot won the award for its acquisition of Songa Drilling in June 2006.
Abbot Group Director, Maurice White, received the award from Ken Barclay, Managing Director, UK Corporate Banking Scotland, The Royal Bank of Scotland at a ceremony at the Hilton Hotel Glasgow last week (5 September 2007). Speaking after the event, he said: "It is particularly gratifying to win recognition for the Songa Drilling acquisition as this was a key strategic decision which enabled us to enter the international mobile offshore drilling unit market."
The two other contenders in the Acquisition of the Year category were Venture Production and Melrose Resources.
According to the award organizers, 'Abbot Group's £323m acquisition of Songa Drilling was seen as a strong strategic move which took the Aberdeen oil services firm into new markets.' One of the judges commented it was "A brave deal from a go-ahead management team which was also quite a transformational one for the business."
The deal, which saw Abbot acquire three mobile jack-up rigs, was part of its long-term strategy of building a global oil drilling group.
The Deal & Dealmakers Awards recognize exceptional achievement by the Scottish companies and the companies and people leading Scotland's corporate finance market place, based on deals completed in the previous year.
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