AGR Group Contracts North Sea Rig for Multi-Client Campaign

AGR Group has contracted a semisubmersible drilling rig, for twelve months from July 2007. Worldwide, AGR Group is now contracted to manage seven multi-client rig campaigns in 2007, four in the UK, one in Norway and two in Australia. In excess of forty wells will be drilled under the seven campaigns. In 2006 and 2007 to date AGR Group is the only company to have delivered multi-client rig campaigns in North West Europe in what is acknowledged as a very tight marketplace.

The rig will work on AGR's fourth multi-client, multi-well campaign in the UK sector of the North Sea in 2007. The Ensco 100, Byford Dolphin and Transocean Prospect have already been contracted by AGR for UKCS drilling campaigns on behalf of clients.

AGR will provide full well project management, including rig and support services, for the expected eight well program. The value of the project is in excess of 100 million.

Sverre Skogen AGR Group's Chief Executive Officer, said:
"This latest rig contract once again demonstrates our commitment to making a real difference within the offshore exploration industry. By creating these multi-client, multi-well programs, we are proactively smoothing the way not only for clients but also the rig owning companies."

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