The Zagreb-based Crosco Integrated Drilling and Well Services Company Ltd. has purchased the international assets of Rotary Rt., a subsidiary of MOL Oil and Gas Company of Hungary. This purchase provides Crosco three drilling rigs, experienced personnel, as well as related service and supply contracts in Syria and Tunisia.
In Syria, newly obtained Crosco 2000 HP drilling rig Emsco 602 (Emsco C-2II) and Crosco 1500 HP drilling rig Mitco 501 (Mid-Cont. U-914-EC) are under long-term contract for Al-Furat Petroleum Company (Shell). In Tunisia, newly obtained Crosco 450 HP drilling rig Ideco 301 (Ideco H 44 ED) is immediately available.
"The purchase of Rotary's international assets is part of Crosco's strategy to increase the company's presence in the Middle East and Northern Africa. The new drilling rigs and projects are in markets where Crosco is active and well established,” Crosco's President Marin Koceic stated.
Crosco is an integrated onshore and offshore drilling and well services contractor. The company has a fleet of 51 modern drilling, workover, and geoservice rigs as well as one semisubmersible and one jackup.
Crosco is also 50 percent owner of Noble Crosco Drilling Ltd., which is the operator and owner of a jackup rig. In addition, Crosco provides well testing services, coil tubing, nitrogen, cementing, stimulation, logging, mud (drilling fluid), coring, fishing and directional drilling services.
Crosco has provided services in 25 countries and has average annual revenue surpassing $100 million. Crosco's head office is located in Zagreb, Croatia. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
