Mon, 21/07/2014 - 16:00
European private equity firm Silverfleet Capital has agreed to acquire AGR Holdings, the petroleum services division of Oslo-listed AGR Group, in a NOK1,640 million (EUR195m) transaction.
Completion will be on or around end of August.
AGR is the largest independent well management group operating globally. AGR delivers well, reservoir, HSEQ, and facilities management services to the upstream oil and gas industry. The company also offers rig access management, consultancy manpower, software solutions and tailored industry training. AGR’s client base comprises some of the largest international and national oil companies as well as a wide range of small and medium sized operators.
Employing more than 650 people, the company operates in all regional main oil hubs around the world including UK, Norway, US, Australia, CIS and the United Arab Emirates.
Since 2000, AGR has completed over 500 well projects in 25 countries on six continents. Additionally, its teams have delivered over 1,000 reservoir studies in only five years in major basins and reservoir types globally.
Silverfleet partner Adrian Yurkwich says: “This investment offers an opportunity to back an excellent team that is providing the highest quality integrated solutions for the entire field life cycle of upstream oil and gas. We look forward to working with AGR’s management team to further expand its operations internationally.”
Åge Landro, chief executive of AGR, says: “As the world’s leading well management and subsurface consultancy group, AGR has enjoyed a strong market position and strong growth over the last few years. Moving forward, we are excited to be partnering with our new investor Silverfleet Capital. We are committed to providing the highest quality of service to our clients and with Silverfleet’s support, AGR will be able to pursue its continuing international expansion strategy and to deepen its range of upstream services.”
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