AGR Acquires Safe Control

AGR EmiTeam AS, part of the Norway-based AGR oil technology and services group, has acquired Safe Control NDT AB of Sweden in a deal worth SEK 5.5 million.

Safe Control is an accredited provider of inspection services to operators of Swedish oil refineries, power stations and other energy facilities. Based in Varberg, Sweden, the company has secured a number of long-term agreements for the provision of its services. Revenues in 2006 are estimated to have been about SEK 10 million.

Aage Landro, chief executive of AGR EmiTeam, said that the acquisition of Safe Control in Sweden, and the recent opening of new offices in the UK, would considerably strengthen the group's operations in Northern Europe. AGR EmiTeam was already one of the leading suppliers of inspection and maintenance management services to the Norwegian offshore market, he said. "This acquisition, together with our new offices in the UK, is of strategic importance to us. This will give both new and existing customers a supplier who can provide both traditional and newly-developed 'state-of-the-art' technology and services."

There is also the prospect of the Swedish workforce being doubled over the next 12 months. One of the benefits of the acquisition was a larger and more flexible workforce that would work across country borders, said Aage Landro.

Safe Control was 100-percent owned by Lars Carlsson, chief executive. He will remain with the enlarged group, responsible for managing the Swedish operation, which will be renamed AGR EmiTeam AB. The 10 employees in Safe Control have been given assurances that their positions are being retained.

"We are delighted with this move," said Lars Carlsson. "Through this link we will all be able to provide larger projects and a wider range of services in the specialized inspection market. At the same time, being part of a financially strong group will open up opportunities for growth and investment in the Swedish part of the business.

PriceWaterhouseCoopers acted as AGR EmiTeam's financial advisers, while Advokatfirmaet Selmer DA were the legal advisers. Varbergs Revisjonsbyra AB and Amber Advokater were Safe Control's financial advisers and legal advisers, respectively.

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