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Aabar Agrees Sale of Drilling Services Unit to Focus On Exploration & Production

Source: 7/30/2007, Location: Middle East

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Aabar Petroleum Investments Company PJSC has reached agreement with GulfCap Group Limited for the sale of its wholly owned drilling services subsidiary, Dalma Energy LLC (“Dalma”), for a debt free cash adjusted enterprise value of approximately US$446 million (subject to working capital adjustments) following a strategic review of Aabar’s activities.

Under the terms of the transaction, 100% of Aabar’s interest in Dalma will be transferred to GulfCap, a subsidiary of GulfCap FZC. The sale price for Dalma was established following a bid process in which a number of offers were received.

The sale is conditional on, inter alia, the approval and consent of the shareholders of Aabar at an Extraordinary General Meeting. On 29 July 2007, the Board of Aabar published a notice to all shareholders convening an Extraordinary General Meeting on 19 August 2007 to seek shareholder approval for the divestment.

Oman-headquartered Dalma operates 22 land drilling rigs in Algeria, India, Oman, Qatar and Saudi Arabia. The company’s fleet comprises seven light rigs of less than 1000 horsepower (“hp”), four medium rigs of 1500 hp and 11 heavy rigs of 2000 hp. The company offers a variety of services from shallow depth drilling and workover operations to drilling and completing deep gas wells in excess of 5,000 metres.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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