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Preussag sells DEUTAG Group to Abbot Group plc in Aberdeen

The Scottish Abbot Group plc acquires Deutsche Tiefbohr-ktiengesellschaft (DEUTAG), Bad Bentheim, from Preussag Energie GmbH, Lingen…

The Scottish Abbot Group plc acquires Deutsche Tiefbohr-ktiengesellschaft (DEUTAG), Bad Bentheim, from Preussag Energie GmbH, Lingen. The takeover is planned to come into effect on 1 November 2001. Preussag<.> Energie GmbH is a 100 per cent subsidiary of Preussag AG, Hanover. The sale is still subject to competition authority approval and the consent of the Abbot Group shareholders.



With Abbot Group, we have found a partner for Deutag which will enable it to continue its successful development, said Preussag executive board chairman Dr. Michael Frenzel. The sale therefore fulfils our desire to find a satisfactory solution which benefits all of those involved.



The international drilling contractor DEUTAG with its over 20 subsidiaries and affiliated companies is a major player in the global drilling industry. The group`s onshore and offshore activities are carried out around the world at all strategically important locations and include deep drilling, project and production management, and the planning, construction and maintenance of drilling rigs and oil and gas equipment. With a workforce of over 2,400 employees, Deutag Group generated a turnover of Euro 394 million in the 1999/2000 financial year.



Abbot Group is a publicly-quoted British company with headquarters in Aberdeen, Scotland. The company has over 2,300 employees and its international onshore and offshore activities include deep drilling plus the associated services. In addition, the company is also involved in a renewable energy joint venture with Powergen. The acquisition of DEUTAG Group makes Abbot Group a global player in the drilling contracting sector.



The divestiture programme involving the Energy Division has now been successfully completed, following the sale in recent months of all the main Building Technology companies.

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