AGR Notes New Drilling Technology and Growth Strategy

- AGR Notes New Drilling Technology and Growth Strategy

Thursday, September 01, 2011
AGR Group ASA

AGR Group is embarking on a new growth strategy that will allow it to maximize opportunities presented by today's market conditions. The strategy, announced by Skogen at Pareto, focuses on new technology and closer working relationships across divisions and markets.

AGR Group is launching a new technology which enables safer, cost-effective drilling of wells where reservoir conditions require more precise bottom-hole-pressure management. The EC-Drill® technology, which can be used off both fixed and floating rigs, is expected to enable further growth across the businesses.

Skogen's Pareto address signaled the official launch of this technology, "As a leading provider of technologies for demanding drilling and well operations, we are focused on developing new solutions which can enhance our customers' operations. With some reservoirs located a further 5,000 to 10,000 meters below the seabed, it is imperative that our equipment can handle very high pressures and temperatures."

Skogen also plans to bring the company's drilling technology and petroleum services divisions together to form 'AGR'. He continued, "In addition to EC-Drill® we have developed a range of established and market-leading technologies, including the Riserless Mud Recovery (RMR®) system.

"Previously, our drilling services division operated independently from our petroleum services division. We are now bringing them together to offer customers more choice and flexibility and to allow us to grow the company."

As Skogen turns his attention to growing 'AGR' he is seeking new opportunities for AGR's highly successful Field Operations business.

"Field Operations has grown significantly over the past few years and is today a substantial business. Going forward, we will consider how we can best further develop Field Operations. This is an attractive business and we see a range of interesting opportunities."

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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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AGR Awarded Subsea Inspection Contract Offshore AU

- AGR Awarded Subsea Inspection Contract Offshore AU

Thursday, June 23, 2011
GR Group ASA

AGR Field Operations has been awarded a major contract to perform a subsea inspection of offshore facilities in the Bass Strait of Australia. This significant scope of work involves an ROV based general visual inspection and a cathodic protection survey as well as installation work.

The facilities to be inspected include two offshore platforms and their associated pipelines.

AGR Field Operations will be providing Project Management, HSEQ interfaces, Inspection engineers and coordination of the sub-contractors including vessels, ROV and positioning services.

The final report will become part of an inspection database being commissioned by AGR Field Operations which will integrate legacy inspection data, reports and drawings for the assets.

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AGR Selected for Eni's Barents Sea Project

- AGR Selected for Eni's Barents Sea Project

Wednesday, June 22, 2011
AGR Group ASA

ENI has chosen technology from AGR Drilling Services for multi-well projects in the Barents Sea and the Norwegian Sea.

The Cutting Transportation System (CTSTM) from AGR will be used on 24 wells drilled by the Norwegian arm of Italian energy company Eni.

The system will mainly be deployed on the Goliat field, the first oil field to be developed in the Barents Sea. Goliat lies some 85km
(51miles) northwest of Hammerfest in the far north of Norway.

CTSTM (example pictured) enables operators to take cuttings up to 2km (1.24miles) away from the wellhead. This means that the well area is kept debris free, helping ensure the operation proceeds as smoothly as possible – particularly when it comes to procedures such as laying cables and tying in umbilicals.

The CTSTM also makes it possible for operators to deposit cuttings away from environmentally sensitive areas.

Johan Møller Warmedal, Executive Vice President of AGR Drilling Services, said, "We are delighted to be working with Eni Norge for the first time and to add such an important new client to our roster of Norwegian Continental Shelf customers. The Barents is an area where we envisage that operators will benefit not only from the capabilities of CTSTM but also our other technologies such as Riserless Mud Recovery."

The use of Riserless Mud Recovery (RMR®) and CTSTM will soon surpass the 500-well milestone. RMR® enables top-hole sections to be drilled more safely, more quickly yet with less environmental impact.

With Eni Norge, 22 wells will be drilled on Goliat with the new semi-sub rig Scarabeo 8. The remaining two wells will be on the Marulk field in the Norwegian Sea and drilled by the Scarabeo 5.

The contract is for four years, with a one-year optional extension.

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Shell Extends Ormen Lange Contract with AGR

- Shell Extends Ormen Lange Contract with AGR

Tuesday, June 21, 2011
AGR Group ASA

Norske Shell AS is extending its use of AGR's deep-water excavation technology and expertise on the Ormen Lange field.

Originally, a £9m (NOK84m) deal announced in February between the Aberdeen-based Excavation & Trenching arm of AGR Drilling Services and Norske Shell was to last until June 2, 2011.

Now Norske Shell has called upon AGR to provide its excavation spread for a further 48 days. This extends the contract until July 20, with further options until August 20. The extension to July 20 increases the contract value to approximately £16m (NOK141m).

AGR's ClayCutter X™ route preparation tool is being used on the project to excavate seabed highs.

Its powerful seawater jetting system will enable Shell to install the Ormen Lange Northern template, plus associated pipelines and umbilicals.

Despite the short turnaround period between the awarding of the contract in February and arrival in the field in early May, vessel mobilisation was completed safely and on schedule.

AGR's VP of Excavation & Trenching, John Sands, said, "We are delighted to receive this substantial increase in scope from Shell. The ClayCutter X™ spread has again proven its ability to add value to subsea projects. Shell's fast-track approach to the project presented a number of challenges which were met to the client's complete satisfaction."

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Hyperdynamics, AGR Sign Contracts for Offshore Guinea Exploration Proj.

- Hyperdynamics, AGR Sign Contracts for Offshore Guinea Exploration Proj.

Wednesday, June 01, 2011
Hyperdynamics Corp.

Hyperdynamics announced that AGR Peak Well Management Ltd. has signed contracts on behalf of the Company for long-lead-time equipment, materials and professional services totaling approximately $12 million.

These purchases, which are included under several separate contracts, will cover Hyperdynamics' needs for the first two exploration wells that are planned offshore Guinea starting in the fourth quarter of this year.

The majority of the purchases include materials that will be used in the well itself, such as pipe and casing, a wellhead, drilling fluid and cement. Other contracts cover logistics and a variety of analytical services to evaluate underwater and sea floor conditions at the proposed well sites.

"These contracts are an important next step in our preparations for beginning Hyperdynamics' exploration drilling program later this year," said Ray Leonard, the Company's President and CEO.

"They cover the majority of the long-lead-time materials and services that we will need to drill wells one and two, and they represent the majority of equipment and services that will be used offshore. Between now and the initiation of drilling, working through AGR, we plan to engage additional contractors to move people and equipment between the drillship and shore and to secure shore-based facilities, materials and services."

AGR, based in Aberdeen, Scotland, is providing well management support services to Hyperdynamics.

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AGR Creates New Advisory Services Dept.

- AGR Creates New Advisory Services Dept.

Wednesday, May 25, 2011
AGR Group ASA

AGR Field Operations has established a new Advisory Services department. AGR Field Operations has previously provided early life asset and project services as part of the standard offering under different product lines.

The establishment of the Advisory Services department strengthens the company's focus on pre-operational and early life asset integrity support. The move will consolidate and provide a focal point for the delivery of these services to Oil and Gas companies, asset owners, fabricators, EPC and project management companies. The new department will have its Centre of excellence in Norway and will expand to all AGR hubs worldwide with immediate effect.

Åge Landro, EVP AGR Field operations commented, "The launch of our Advisory Services department complements our unique position in the industry. We have gained this position due to our experience and involvement across the entire lifecycle of oil and gas assets. We participate through all stages, from concept and engineering to O&M and decommissioning. Advisory Services will focus on the phases starting with planning, through feasibility, concept definition and execution. We wish to help our clients establish the foundations for optimal operational performance at an early stage of the asset lifecycle."

The department will be led by Thomas Aas Sæthre who previously held the position of Section Manager within Maintenance Engineering.

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AGR Announces Two-year Contract with Statoil

AGR Announces Two-year Contract with Statoil

Monday, May 09, 2011
AGR Drilling Services

International energy company Statoil has signed a two year, NOK66m contract for the Riserless Mud Recovery system (RMR) from AGR Drilling Services.

Statoil is one of AGR's top customers and technology partners. AGR, which has its head office in Straume, Norway, has performed 33 RMR well installations since 2004 for Statoil.

RMR has been an industry changer since it was introduced. It enables engineered mud to be used in the top-hole section of a well, with all mud and cuttings being returned to the rig with zero discharge. The top-hole section can be drilled more safely, quickly and with far less impact on the environment.

This latest contract with Statoil also includes the continuation of CTS (Cutting Transportation System) operations on two rigs, with provision for AGR to be optional CTS supplier on a number of others. Statoil has used CTS, which takes cuttings up to 2km away from the well area, on 209 wells since 1998.

Johan Moller Warmedal, Executive Vice President of AGR Drilling Services, said: "It gives particular pleasure to land this agreement with such an important customer. I am delighted that Statoil has once again seen fit to use our innovative technology. The reputation of RMR continues to grow ever stronger globally and this latest show of confidence from Statoil is a credit to our dedicated, highly experienced team."

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AGR Clinches North Sea Drilling Campaign

AGR Clinches North Sea Drilling Campaign

Tuesday, April 19, 2011
AGR Petroleum Services

AGR Petroleum Services is to undertake a multi-well, multi-client drilling campaign valued at £3 million on behalf of three international operators, utilizing the semi-submersible drilling rig WilPhoenix.

The largest independent well management firm will drill four wells across the UK Central North Sea and West of Shetland having first pioneered this ground breaking drilling model in the North Sea in 2005.

Well management and drilling services will be carried out for Faroe Petroleum, Hurricane Exploration and Antrim Energy Inc, building on AGR Petroleum Services' longstanding relationship with the rig owner to provide excellent client rates.

Ian Burdis, Vice President of Well Management AGR Petroleum Services, said, "This is a significant drilling campaign and we look forward to working closely with our returning clients and Awilco Drilling Ltd to deliver a successful outcome.

"The nature of these contract wins reinforces how we have positioned ourselves as a key player in the industry through an innovative approach to creating relationships with both clients and suppliers and use of a highly experienced workforce."

Antrim Inks Rig, Services Contract for Greater Fyne Area

Antrim Inks Rig, Services Contract for Greater Fyne Area

Tuesday, March 29, 2011

Antrim Energy Inc.

Antrim has signed a Letter of Award with AGR Peak Well Management Limited ("AGR") to provide well project management and drilling services, including the provision of the semi-submersible drilling rig, WilPhoenix, for the drilling of two wells within the Greater Fyne Area, in the UK Central North Sea. The estimated duration for the drilling of the two wells is 50 days, not including testing. A site survey of both locations will be initiated in the next three weeks. Both wells are scheduled to be drilled mid year 2011.

The first well will target the Jurassic Fulmar Formation at approximately 10,400 ft true vertical depth (TVD) on the West Teal Prospect, Block 21/24b (Antrim 100%). The West Teal Prospect has a light oil target (37 degrees API) delineated by 3-D seismic and a previous discovery well drilled in 1991. The original discovery well encountered a gross oil column up to 140 ft thick in the Fulmar Formation but was abandoned after mechanical problems while conducting a cased hole test. The West Teal Prospect is structurally up dip and approximately 4 km west of the Teal Field, which has produced approximately 55 million barrels of oil to date.

The second well is expected to target the Eocene Tay Formation at a depth of approximately 6,000 ft on the Carra Prospect, Block 21/28b (Antrim 100%). The Carra Prospect is a medium gravity target (25 degrees API) delineated by 3-D seismic, on trend and 4 km from the West Guillemot Field. If successful, a discovery on either of these prospects would add significant resources to the scheduled development of the Fyne Field, located 3 km to the northwest of Carra.

Antrim intends to use the proceeds from its recent equity issue to fund the drilling program but will also invite participation from industry partners.