Summary
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]
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.
On 7 March 2008, Abbot Group was acquired by US private equity firm First Reserve Corporation.[3]
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.[4] The penalty, which was cited as civil recovery, was announced on November 23, 2012.[5] The amount was equivalent to "advantage received by the company" from the contract it won by bribing Scottish officials.[4][6] The series of payments was entered into by one of its overseas subsidiaries.[5]
See also edit
References edit
- ^ "Annual Report 2007" Abbot Group[permanent dead link] Accessed 12 June 2008.
- ^ a b 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.
- ^ Mahtani, Dino (19 December 2007). "First Reserve to acquire Abbot". Financial Times. ISSN 0307-1766. Retrieved 30 April 2015.
- ^ a b Binham, Caroline (24 November 2012). "Abbot first to strike bribery deal". www.ft.com. Retrieved 8 August 2022.
- ^ a b Talus, Kim (2014). Research Handbook on International Energy Law. Cheltenham: Edward Elgar Publishing. p. 505. ISBN 978-1-78100-219-3.
- ^ 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.
External links edit
- Official site