AGR Receives Contract Extension from Statoil

- AGR Receives Contract Extension from Statoil

Thursday, July 14, 2011
AGR Group ASA

AGR Field Operations has been awarded an extension worth approximately NOK 60 million by Statoil for Inspection and Certification of non-complex lifting equipment. The services will cover Statoil's operations on the NCS, from Snøhvit in the North to Sleipner in the South.

The contract covers 30 offshore installations and 4 onshore facilities. The duration of this extension is 24 months with an option for a further 24 month period worth approximately NOK 60 million in revenue. Including the remaining option, AGR Field Operations estimates the total value to be around 120 MNOK.

Åge Landro, Executive Vice President commented, "We are very pleased with the continued trust shown in our technology and services from Statoil. We have had a successful long term partnership with Statoil across a range of products and services and view this extension as an affirmation of the value we bring to their operations. The geographical coverage and breadth of the workscope under this contract has been challenging and we feel we have managed to deliver both quality and a high standard of service to our customer."

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