The one-year contract period, agreed with its UK-based AGR Peak operation, is due to commence in July 2007. There is an option for AGR Peak to extend this period for a further 365 days at the end of the primary term.
AGR will provide full well project management, including rig and support services, for the operation. The value of the contract is in excess of £85 million.
With this new rig, AGR will confirm its position as a leading providers of outsourced drilling and production services. During 2007 AGR will operate a minimum of seven rigs under full well project management contracts: three rigs in the UK, two rigs in Australia and two rigs in Norway/Denmark.
So far the AGR Group has drilled 133 wells for 45 clients in 15 countries. During 2006 the Group drilled 26 wells.
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