AGR to Divest Consulting Unit

AGR Group has reached an agreement to sell 100% of the shares of the outstanding share capital of AGR Consultants AS, with subsidiaries, for an enterprise value of NOK 220 million.

AGR Consultants AS is the leading provider of engineering consultancy services to the oil and gas industry on the Norwegian Continental Shelf. The consideration will be paid in cash. The signing of a sales and purchase agreement is expected to happen by May 11 and is pending final approval from the buyer's bank.

AGR Consultants AS will revert to its former name of RC Consultants AS (RCC).

RCC, employing 500 specialist technical and administrative personnel, is being acquired by an international provider of engineering consultancy services with global coverage, with offices in 68 locations in over 30 countries, serving 300 major clients and employing 1,600 permanent staff and nearly 25,000 contract staff. The name of the buyer was not disclosed.

Sverre Skogen, Chief Executive of AGR Group, said:

"We are pleased to have reached this agreement. With increased emphasis on a focused business model with emphasis on high-end technology offerings, innovative business models and international growth, the RC Consultants business did not really fit with the long-term business strategy of the AGR Group. However, we have always recognized the strengths and achievements of the operation. We are sure that the buyer will allow AGR Consultants to capitalize on its strong market position and high-quality people."

Services provided by AGR Consultants are largely centered on engineering and consultancy support, drilling rig support and operations support. Employees are typically assigned to exploration and field development projects. Clients employing the services of the company include Aker Kvaerner, BP, ConocoPhillips, ExxonMobil, Halliburton, Statoil, and Total.

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