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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: BigBull who wrote (43241)	4/26/1999 10:20:00 AM
From: BigBull	Respond to of 95453

Well at least these guys aren't waiting around to "see if it sticks" Energy News Mon, 26 Apr 1999, 10:17am EDT Shell UK Awards Abbot 200 Mln-Pound North Sea Drilling Contract London, April 26 (Bloomberg) -- Shell UK Exploration & Production, a unit of Royal Dutch/Shell Group, has awarded Abbot Group Plc a five-year North Sea drilling contract. The contract is worth more than 200 million pounds ($322.9 million) and allows Abbot's KCA Drilling Ltd. subsidiary to drill on Shell UK's nine fixed production platforms in the region, Abbot said. ''The effect of this new contract on the gross revenues and net profits of the group will depend on the overall levels of activity,'' said Abbot Chairman Alasdair Locke in a statement. The announcement comes as oil prices are rebounding. Brent crude futures have jumped 43 percent this year, helping companies recover from prices that fell to 12-year lows in 1998. The drop ravaged profits and prompted many companies to cut exploration and production budgets. Royal Dutch/Shell, the world's biggest publicly traded oil company, said in February profit during the fourth quarter of 1998 fell to $818 million from $1.7 billion a year earlier, partly due to lower oil prices. Shares in Abbot fell 1 pence to 138p. Shell shares in London fell 4p to 432.5p, while Royal Dutch shares fell 0.45 euro to 51.65 euros. -------------------------------------------------------------------------------- © Copyright 1999, Bloomberg L.P. All Rights Reserved.