The acquisition will be made through Turbo Alpha Limited, a newly incorporated company formed for the purpose of implementing the transaction and controlled by a fund advised by First Reserve Corporation. The transaction is expected to be completed in the first quarter of 2008 after receiving the necessary approval.
Will Honeybourne, managing director of First Reserve Corporation, said: First Reserve has a long history of assisting oilfield service companies achieve their international growth plans, and Abbot’s platform for growth is second to none. Long-term industry demand, based on global needs for increased oil production over the medium to long term, makes Abbot an attractive acquisition for First Reserve.
