AGR Group to Begin First NCS Well in April

AGR Group ASA, through its subsidiary AGR Subsea AS, has been awarded a contract providing RMR equipment and services to Statoil ASA. The contract covers the drilling of one well on Norwegian Continental Shelf with Borgland Dolphin. This is the first commercial well to be drilled with the RMR on the Norwegian Continental Shelf. Equipment and personnel is being mobilized. Estimated startup of operations is April 2007. Current estimate on contract value is MNOK 5.
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