AGR Subsea Inc., a subsidiary of AGR Group ASA, has been issued a letter of agreement (LOA) by Chevron to Project Manage, Engineer, Build and Deploy a Dual Gradient Drilling System which has the potential to be an enabling technology for certain deepwater assets globally. It is estimated that the system will be deployed by 1Q 2011.
On successful negotiation of the contracts, AGR will be awarded a 2-1/2 year Engineering and Project Management contract and a further 5 year Operational Services Contract.
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