AGR Group Acquires TRACS International Consultancy
Thursday, June 26, 2008
AGR Group ASA, through its wholly owned subsidiary AGR PEAK GROUP (HOLDINGS) LIMITED, has agreed to acquire 100% of the outstanding share capital of TRACS International Consultancy Ltd, a leading worldwide provider of integrated services and training within geology and petroleum engineering with offices in Aberdeen, London and Moscow.
AGR expects to complete the acquisition by early July 2008.
Just in the last 12 months TRACS has provided services to more than 70 oil companies world wide including national oil companies, majors and new generation oil companies. Projects include integrated field evaluations, asset evaluations and valuations, training, and strategic consulting.
TRACS represents a significant addition to AGR Petroleum Services. Today AGR Petroleum Services is both the world's leading independent provider of offshore drilling services to emerging oil companies, and also has the largest subsurface consultancy group in Norway. TRACS fits extremely well into AGR's strategy of building on its ability to offer integrated services across the entire petroleum exploration and development value chain by adding additional global presence to AGR's existing geological and petroleum engineering capabilities.
The Aberdeen office of TRACS will co-locate with AGR Petroleum Services' office in the second half of 2008, allowing AGR Petroleum Services to offer integrated drilling and management services from bases in Aberdeen, London, Oslo, Stavanger, Moscow, Kazakhstan, Perth and Houston.
"The TRACS acquisition represents another important step as AGR Petroleum Services builds its capability to offer integrated services, and adds significant depth to our ability to provide current and future clients a skill set capable of delivering expertise and value at all stages of investment decision making in the upstream oil and gas industry, from gaining entry to a region, through exploration, appraisal, development planning, production and reservoir management," said Richard Erskine, Executive Vice President of AGR Petroleum Services.