Abbot Group

Last updated

Abbot Group
Company typeOil and gas services company
Headquarters,
Owner First Reserve Corporation

Abbot Group Limited is an oil and gas services company based in Aberdeen, Scotland. The Group employs more than 8,000 people in over 20 countries around the world. [1]

Contents

The group has two operating divisions, KCA DEUTAG and Bentec. DEUTAG was acquired in 2001 and was merged with KCA Drilling. [2] They constituted the division that provide offshore and onshore drilling services. [2] Bentec, on the other hand, provides related well and facilities engineering services to the energy industry. The company operates in the North Sea and in locations such as Russia, the Middle East, Caspian Region, North and West Africa, and Asia.

In 2007, Alasdair Locke was the executive chairman of Abbot Group. He had founded the company. Also in 2007, Abbot Group was the largest oil-rig contractor to companies operating in the North Sea. Its markets included the North Sea, Caspian Sea, Russia, North Africa, and the Middle East. [3]

On 7 March 2008, Abbot Group was acquired by US private equity firm First Reserve Corporation. [4]

In 2012, Abbot was involved in a bribery settlement with the British government, paying £5.6m as penalty for bribes made to win a contract. [5] The penalty, which was cited as civil recovery, was announced on November 23, 2012. [6] The amount was equivalent to "advantage received by the company" from the contract it won by bribing Scottish officials. [5] [7] The series of payments was entered into by one of its overseas subsidiaries. [6]

See also

Related Research Articles

<span class="mw-page-title-main">North Sea oil</span> Hydrocarbons from the North Sea

North Sea oil is a mixture of hydrocarbons, comprising liquid petroleum and natural gas, produced from petroleum reservoirs beneath the North Sea.

<span class="mw-page-title-main">Transocean</span> Offshore drilling contractor

Transocean Ltd. is an American drilling company. It is the world's largest offshore drilling contractor based on revenue and is based in Vernier, Switzerland. The company has offices in 20 countries, including Canada, the United States, Norway, United Kingdom, India, Brazil, Singapore, Indonesia, and Malaysia.

<span class="mw-page-title-main">Eni</span> Italian multinational energy company

Eni S.p.A. is an Italian multinational energy company headquartered in Rome. It is considered one of the "supermajor" oil companies in the world, with a market capitalization of €50 billion, as of 31 December 2023. The Italian government owns a 30.33% golden share in the company, 4.37% held through the Ministry of Economy and Finance and 25.96% through the Cassa Depositi e Prestiti. The company is a component of the Euro Stoxx 50 stock market index.

The State Oil Company of the Republic of Azerbaijan, largely known by its abbreviation SOCAR, is a fully state-owned national oil and gas company headquartered in Baku, Azerbaijan. The company produces oil and natural gas from onshore and offshore fields in the Azerbaijani segment of the Caspian Sea. It operates the country's only oil refinery, one gas processing plant and runs several oil and gas export pipelines throughout the country. It owns fuel filling station networks under the SOCAR brand in Azerbaijan, Turkey, Georgia, Ukraine, Romania, Switzerland, and Austria.

<span class="mw-page-title-main">APA Corporation</span> American energy company

APA Corporation is the holding company for Apache Corporation, an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston. The company is ranked 431st on the Fortune 500.

Kashagan Field is an offshore oil field in Kazakhstan's zone of the Caspian Sea. The field, discovered in 2000, is located in the northern part of the Caspian Sea close to Atyrau and is considered the world's largest discovery in the last 30 years, combined with the Tengiz Field. When discovered, it was the second largest oil field in the world.

<span class="mw-page-title-main">Petroleum industry in Azerbaijan</span> Aspect of Azerbaijani industry

The petroleum industry in Azerbaijan produces about 873,260 barrels (138,837 m3) of oil per day and 29 billion cubic meters of gas per year as of 2013. Azerbaijan is one of the birthplaces of the oil industry.

<span class="mw-page-title-main">Seadrill</span>

Seadrill is an offshore drilling contractor providing worldwide offshore drilling services to the oil and gas industry. Its primary business is the ownership and operation of drillships, semi-submersible rigs, and jack-up rigs for operations in shallow to ultra-deep water in both benign and harsh environments. It provides a contract-based service and primarily serves the oil super-majors, integrated oil and gas, state-owned national oil, and independent oil and gas companies.

<span class="mw-page-title-main">Offshore drilling</span> Mechanical process where a wellbore is drilled below the seabed

Offshore drilling is a mechanical process where a wellbore is drilled below the seabed. It is typically carried out in order to explore for and subsequently extract petroleum that lies in rock formations beneath the seabed. Most commonly, the term is used to describe drilling activities on the continental shelf, though the term can also be applied to drilling in lakes, inshore waters and inland seas.

Bristow Helicopters Limited is a British civil helicopter operator originally based at Aberdeen Airport, Scotland, which is currently a part of the U.S.-based Bristow Group which in turn has its corporate headquarters in Houston, Texas, U.S. In 2020, Bristow Group was merged with Era Helicopters, a large U.S.-based commercial helicopter operator that was previously a division of Era Aviation, with the two companies then continuing to use the Bristow name.

<span class="mw-page-title-main">Equinor</span> Norwegian energy company

Equinor ASA is a Norwegian state-owned multinational energy company headquartered in Stavanger, Norway. It is primarily a petroleum company operating in 36 countries with additional investments in renewable energy. In the 2020 Forbes Global 2000, Equinor was ranked as the 169th-largest public company in the world. In 2023, the company was ranked 52nd in the same list. As of 2021, the company has 21,126 employees.

Saipem S.p.A. is an Italian multinational oilfield services company and one of the largest in the world. Until 2016 it was a subsidiary of Italian oil and gas supermajor Eni, which retains approximately 30% of Saipem's shares.

KCA Deutag is an international oil and gas services company with headquarters in Aberdeen, United Kingdom. It has approximately 9,000 employees and operates in more than 20 countries worldwide.

Offshore Helicopter Services (OHS), previously known as Babcock MCS Offshore and Bond Offshore Helicopters, is a British helicopter operator, specialising in providing offshore helicopter transportation services to North Sea and Irish Sea oil and gas platforms.

<span class="mw-page-title-main">Oil and gas industry in the United Kingdom</span>

The oil and gas industry plays a central role in the economy of the United Kingdom. Oil and gas account for more than three-quarters of the UK's total primary energy needs. Oil provides 97 per cent of the fuel for transport, and gas is a key fuel for heating and electricity generation. Transport, heating and electricity each account for about one-third of the UK's primary energy needs. Oil and gas are also major feedstocks for the petrochemicals industries producing pharmaceuticals, plastics, cosmetics and domestic appliances.

The Yuri Korchagin field is an offshore oil field in the Russian sector of the North Caspian Sea. The field is located 180 kilometres (110 mi) from Astrakhan and 240 kilometres (150 mi) from Makhachkala at a sea depth of 11–13 metres (36–43 ft). The field is owned and operated by Lukoil–Nizhnevolzhskneft, a subsidiary of Lukoil. The contractor for drilling operations is a Moscow-based company BKE Shelf. The field is named after the former secretary of the company's board of directors.

Niko Resources is an India- and South East Asia-focused oil and gas exploration and production company that shares ownership of many exploration and development properties with Komodo Energy and Reliance Industries. Though it holds exploration rights to 37,000,000 acres (150,000 km2) of land in 7 countries production currently (2011) only takes place in India and Bangladesh. Major acquisitions include a $310 million November 18, 2009 purchase of Black Gold Energy followed by the 2010 $37.6 million acquisition of Voyager Energy which expanded its presence in Trinidad.

Umid gas field is the second largest natural gas field in Azerbaijan. It is situated in the South Caspian Sea, off the coast of Azerbaijan, approximately 75 kilometres (47 mi) southeast of Baku, at a depth of 170 metres (560 ft). In translation from Azerbaijani, Umid means Hope.

<span class="mw-page-title-main">Absheron gas field</span> Offshore Gas Field in Caspian Sea

The Absheron gas field is an offshore natural gas field in the Caspian Sea. The field is located 100 kilometres (62 mi) southeast of Baku and 25 kilometres (16 mi) northeast of the Shah Deniz gas field. It covers approximately 270 square kilometres (100 sq mi).

<span class="mw-page-title-main">Nobel Energy</span> UK based oil corporation

Nobel Energy is a group of companies concentrated in the energy industry providing integrated engineering, construction, procurement and supply chain management, and drilling services. Nobel Energy is a part of NEQSOL Holding, an international group of companies, acting in energy, telecommunications, high-technology, and construction industries in the UK, the USA, Turkey, Azerbaijan, Ukraine, Georgia, Kazakhstan, and the UAE.

References

  1. "Annual Report 2007" Abbot Group [ permanent dead link ] Accessed 12 June 2008.
  2. 1 2 Smith, Norman J. (2011). The Sea of Lost Opportunity: North Sea Oil and Gas, British Industry and the Offshore Supplies Office, Volume 7. Oxford: Elsevier. p. 225. ISBN   978-0-444-53645-7.
  3. https://www.independent.co.uk/news/business/news/first-reserve-buys-oilrig-operator-abbot-group-766210.html
  4. Mahtani, Dino (19 December 2007). "First Reserve to acquire Abbot". Financial Times. ISSN   0307-1766 . Retrieved 30 April 2015.
  5. 1 2 Binham, Caroline (24 November 2012). "Abbot first to strike bribery deal". www.ft.com. Retrieved 8 August 2022.
  6. 1 2 Talus, Kim (2014). Research Handbook on International Energy Law. Cheltenham: Edward Elgar Publishing. p. 505. ISBN   978-1-78100-219-3.
  7. King, Colin; Lord, Nicholas (2018). Negotiated Justice and Corporate Crime: The Legitimacy of Civil Recovery Orders and Deferred Prosecution Agreements. Cham: Springer. p. 66. ISBN   978-3-319-78562-2.