AGR Group secures Transocean Prospect for 7 more months
Posted by Aquila Financial on Tuesday, January 15, 2008
Location
UK
Full Details
Oil services company AGR Group (OSE:AGR) announced today that its contract for the Transocean Prospect has been extended through to September 2008. With the semi-submersible AGR will manage at least 5 additional wells for clients Antrim, Bow Valley, Granby and Nautical in 2008. The combined project value of the extension to the rig contract is over £70 million.
AGR is now managing 8 rigs across the globe.
Head of well management Ian Burdis commented, “This is a sign of AGR’s strong presence in the rig campaign market, and the depth of its well management client base. Where there was excess capacity for a rig in the North Sea, AGR was in a position to put together a group of clients in a campaign and secure for them that rig, which in this case was the Transocean Prospect”.
“With eight rigs now being simultaneously managed globally, AGR has established its credentials as a major independent well management group with significant capability”
At the conclusion of the new contract in September 2008, the Transocean Prospect will have been contracted to AGR Group for 16 months.
When the Transocean Prospect was offered to the market by AGR at a competitive day rate, it was heavily oversubscribed, reflecting the unmet demand amongst small to medium operators for a rig and well management package.
Hugh Mackay, Business Development Director commented, “We will be seeking to add to our roster of rig campaigns throughout 2008 to satisfy our clients clear, ongoing requirement for our well management skills”.
For further information please contact:
AGR Group
Michael Ives +47 90 80 55 18
Vice President Corporate Affairs
Company Key Facts
AGR Group ASA is a leading provider of essential services and technologies to the international petroleum industry, with a worldwide reputation for its innovative, safe and environmentally-friendly solutions to key exploration and production challenges. It has established a prime position in a number of key sectors.
AGR Group has over 40 Patents in commercial use and prides itself on bring cutting edge oil and gas technologies to market.
AGR Group was founded in 1987 and listed on the Oslo stock exchange in July 2006. It has 1650 employees and offices around the world, including Mongstad, Kristiansund, Sandnes, Skøyen, Stavanger, Straume, Trondheim in Norway and in Aberdeen, London, Widnes, Houston, Brisbane, Darwin, Melbourne, Perth, Dubai, Kuala Lumpur, Baku and Almaty.
It is structured around three business units:
- AGR Petroleum Services
- AGR Drilling Services
- AGR Field Operations
- AGR Petroleum Services
Richard Erskine heads up AGR Petroleum Services, the division that provides Reservoir Management, Well Management, Field Development and HSE&Q Services.
AGR Petroleum Services, leveraging the strength of its relationships with rig owners and major oil companies, brought innovative multi-well multi-client drilling rig campaigns to the independent E&P’s at a time when individually, independents could not secure drilling rigs for single well slots.
Rigs under management during 2007 included Stena Clyde, Wilcraft, Sedco 704, Bredford Dolphin, Byford Dolphin, Transocean Prospect, Maersk Giant, Ensco 80, Ensco 85, Ensco 92, Ocean Spur and Noble George Sauvagneau. Currently, in January 2008 AGR Petroleum services is managing the Bredford Dolphin in Norway, the Ensco 100, Ensco 80, Byford Dolphin, Sedco 704, and Transocean Prospect in the United Kingdom, the Wilcraft in Australia and the Ensco 85 in Tunisia.
AGR Petroleum Services is making a difference for not only the independent E&P’s but also rig owners and the major oil companies who have taken the rigs on long charters without enough wells to keep them occupied.
AGR Petroleum Services’ well management specialists manage and plan the whole drilling process; from the preparation of permits, environmental statements and risk assessments to the contracting of rigs and the management of the drilling process.
For further information about AGR Group, please see www.agr.com
Category
Company News Release