AGR Extends Rig Contract for Transocean Prospect

Oil services company AGR Group announced that its contract for the Transocean Prospect has been extended through to September 2008. With the semi-submersible AGR will manage at least 5 additional wells for clients Antrim, Bow Valley, Granby and Nautical in 2008. The combined project value of the extension to the rig contract is more than 70 million.

AGR is now managing 8 rigs across the globe.

Head of well management Ian Burdis commented, "This is a sign of AGR's strong presence in the rig campaign market, and the depth of its well management client base. Where there was excess capacity for a rig in the North Sea, AGR was in a position to put together a group of clients in a campaign and secure for them that rig, which in this case was the Transocean Prospect.

At the conclusion of the new contract in September 2008, the Transocean Prospect will have been contracted to AGR Group for 16 months.

When the Transocean Prospect was offered to the market by AGR at a competitive day rate, it was heavily oversubscribed, reflecting the unmet demand among small to medium operators for a rig and well management package.

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