AGR Group Shuffles Executive Management Team

AGR Group announced today that Johan Warmedal will become the new Executive Vice President of the Drilling Services division effective February 15, 2010. Warmedal is currently heading up Field Operations activities in the Asia Pacific region based in Australia, and previously held the position of EVP Field Operations in Bergen. Prior to joining AGR in 2007, Warmedal was International Operations Manager with FMC Kongsberg Subsea AS, and worked for Schlumberger for 15 years in various oilfield services positions.

Sverre Skogen, AGR Group CEO, commented, "Johan brings exceptional experience and knowledge to the Drilling Services division which will be crucial in the global expansion of this area of our business. He has most recently spent a highly productive two years developing the Asia Pacific region of the Field Operations division most notably with the addition of the Alternative Energy product line to our other capabilities."

Skogen added, "I would like to thank the current head of Drilling Services Mr. Tom Hasler for the work he has done in strengthening and growing the Drilling Services division over the last three years. Contribution from the business has doubled during 2009 and a strong foundation has been built for the rapid further growth expected in this division." Hasler has decided to leave AGR Drilling Services to pursue opportunities outside the group.

Brett Smith, currently Vice President Subsea Services within the Field Operations division, has been appointed Senior Vice President for AGR Field Operations in Asia Pacific based in Melbourne, Australia. Smith has been with AGR since 1998 and has held various positions within the Subsea Services product line. Prior to working for AGR, Brett worked for a number of operators and service providers within the Subsea oil and gas sector.

"Brett has distinguished himself in his work through a number of different positions in the Subsea area. During his tenure as VP, he led the rapid growth of Subsea Services with his enthusiasm and strategic skills. His knowledge of our organization, our customers and the regional market segment will allow us to accelerate the growth of our business in the Asia Pacific region from its current position of strength. This is a very exciting appointment for Field Operations," said Åge Landro, Executive Vice President of AGR Field Operations.

Mark Badham will take the position of VP Subsea Services for AGR Field Operations based in Perth, Australia. Mark has been with AGR Field Operations since June 2008 as Subsea Manager tasked with the growth of his team in the West Australian market. Mark brings with him a wealth of experience and technical expertise from senior management roles over the past 30 years in the industry.

"The Subsea Services product line is poised for expansion into new areas with a focus on the North Sea, Brazil and the Gulf of Mexico. Mark's experience and knowledge of the global marketplace will provide the basis for this growth, said Landro.

These changes will be made effective on February 15, 2010.