AGR's Executive VP of Drilling Services Steps Down

Executive Vice President of Drilling Services Sveinung Olsen has decided to step down from his position due to family reasons. Sveinung will continue his relationship with AGR Group, providing consulting services. This change in role will enable Sveinung to spend more time with his family.

Stig Andersen, currently Director Business Development, Drilling Services, will assume the position of Interim Executive Vice President Drilling Services, with immediate effect, while AGR Group undertakes the process of appointing the permanent position. Stig came to AGR in April 2007 from KCA Deutag Drilling Norge AS where he was Managing Director / Country Manager. He has 12 years experience in the oil and gas industry. Prior to this experience Stig was Vice President Human Resources with Rolls Royce in Bergen and worked in the Norwegian Army in several leadership positions.

John Dale will assume the role of Director Business Development, Drilling Services. John has over 20 years experience in the oil and gas industry, including Eastern Hemisphere Sales Manager for Dril-Quip, District Manager Norway for Cameron Iron Works (now Cameron Norge AS) and President South America Kvaerner Oilfield Products. More recently John has worked as a consultant through his own business, including with AGR Group's Drilling Services in 2006 through to early 2007, developing the Asia-Pacific business.