As well as providing product commercialization services to clients, AGR and Horton plan to design and develop a drilling and production unit suitable for deployment in the technically challenging deepwater, high-pressure/ high-temperature (HPHT) fields.
Horton Technologies Inc is based in Houston, USA, and has a highly regarded and vastly experienced team. Chairman and CEO, Edward Horton, in particular is the original developer of the Tension Leg Platform, Classic Spar, Truss Spar and Cell Spar.
AGR has paid $1 million for the equity interest and has the option to provide further funding of up to $3 million in July 2007, to take the platform design project forward.
Erling Storaune, Chief Executive Officer of AGR Group in the Americas, commented: "This investment in Horton Technologies brings together the complementary skills and strengths of AGR Group and Horton to develop a new drilling and production platform for deepwater HPHT fields and, in addition, gives AGR Group further market penetration in the key Gulf of Mexico market."
Ed Horton, the Chairman and CEO of Horton Technologies, Inc. commented: "The new company, AGR Deepwater Development Systems, will provide the operators with the means for evaluating reservoir performance through long term production testing prior to making major capital decisions."
Advisers to the transaction were CIBC (financial) and Cochran & Baker (legal) for AGR and Webb & Lauterbach (legal) for Horton Technologies Inc.
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