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.
- Kvaerner Sees Rising Revenues, Better Margins in 4Q (Feb 14)
- Reliance Fires Up Gas Production from India's KG-D6 Block (Apr 02)
- Sonardyne Snags Life-of-Field Contract for Petrobras' Cascade, Chinook (Feb 18)
Company: BP plc more info
Operates 32 Offshore Rigs
- BP Returns To Solar With Investment In Lightsource (Dec 15)
- BP: 2017 'Massive' Year for Global Upstream Projects (Dec 07)
- BP Seeks Stake In Cairn Energy Senegal Assets (Nov 20)
Company: Exxon Mobil Corporation more info
Operates 16 Offshore Rigs
- Exxon, Petrobras Form Alliance To Develop Oil, Gas Projects (Dec 14)
- ExxonMobil to Lead Construction, Ops of Mozambique LNG Facilities (Dec 13)
- ExxonMobil Jumping in to Mexico Fuel Market With First US Cargo (Dec 06)
Company: Halliburton Company more info
- Halliburton Posts International Revenue Growth, Unlike Schlumberger (Oct 23)
- Halliburton CEO Defends Fracking Business as Margins Disappoint (Oct 23)
- Venezuela's IOUs Pile Up, Keeping US Oil Servicers in Tow (Aug 23)
Company: Statoil more info
Operates 1 Offshore Rigs
- Sharp Fall In Applications For Norway's Arctic Oil Permits (Dec 05)
- Statoil Greenlights $6B Flagship Arctic Oil Project (Dec 05)
- Partners to Invest in New Gas Module at Troll C Platform (Nov 07)
Company: Total S.A. more info
- Total Starts Up Antwerp Refinery And Petrochem Complex After Upgrade (Nov 30)
- Hoegh LNG: Pakistan LNG Import Project Consortium Folds (Nov 16)
- France's Total Buys Engie's LNG Business For $1.5B (Nov 08)
Company: ConocoPhillips more info
Operates 12 Offshore Rigs
- ConocoPhillips Vows Financial Discipline As Aims To Boost Output (Nov 08)
- ConocoPhillips' Profit Beats Estimates, But Budget Cut 10% (Oct 26)
- Most US Gulf Oil Output Offline Ahead of Tropical Storm Nate (Oct 06)
Company: AGR Group more info
- AGR Signs MOU with SP Offshore for Work Offshore Comoros Islands (May 07)
- BP Norge Awards AGR New Frame Agreement (Jun 10)
- Ghanaian Parliament Ratifies South Deepwater Tano Deal (Jan 27)
Company: RC Consultants AS (RCC) more info
- V.People UK to Acquire AGR's RC Consultants (May 14)
- AGR to Divest Consulting Unit (May 07)