Aban offshore - acquisition of Bulford Dolphin
Aban enters into MOA for acquisition of Bulford Dolphin.
Continuing its ferocious acquisition spree, and its intent to increase its deepwater drilling capability, Aban Offshore has entered into memorandum of agreement with Bulford Dolphin Pte Ltd for the purchase of its semi - submersible rig "Bulford Dolphin". Aban would pay a consideration of USD 211 million for the rig and the rig is expected to join the fleet in Q4CY2007.
What does the acquisition mean for Aban?
With acquisition of Bulford Aban has further strengthened its deepwater drilling capability. With the acquisition Aban has clearly shown its appetite for inorganic growth and its intent to be among the top drilling entities in the world.
Report from Emkay attached
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