Abbot launches hunt in Russia

OIL services specialist Abbot is targeting more lucrative business in Russia after bagging its first contract there with Sibneft - Chelsea football club owner Roman Abramovich's company - earlier this year.

Chairman Alasdair Locke believes the drilling contract in western Siberia will pave the way to yet more work in the country with the likes of Lukoil, Yukos and eventually BP.

He said: 'The oil industry in Russia has historically suffered from under-funding and there are huge opportunities there.'

Underlying pre-tax profits in the six months to June jumped 37% to £13.4m on turnover of £186m, up £3m on the year-earlier period.