The barges were acquired by Ferncliff TIH for $213m after it signed a memorandum of understanding with Pride International, a Houston, Texas-based drilling contractor. The management contract will include coverage of KCAD’s costs, a fixed management fee and performance- related bonuses.
In addition to this contract, Abbot Group has signed an option agreement to take a 9.99 per cent share of Ferncliff’s interest in the barges at an estimated cost of $10m.
Two of the barges, known as Barracuda and Alligator, operate in depths of up to 137m. The third, known as Al Baraka, operates in depths of up to 198m. The addition of these barges brings Abbot’s tender barge rig portfolio to seven, all based in West Africa and the Far East.