AGR Group – the new identity for international oil services

 

Press Release, December 12, 2006-Ability Group ASA (AGR), the Norway-based oil technology and services group, today announced that it has adopted the trading name of AGR Group as part of a broader repositioning of the company. Its Oslo Stock Exchange ticker remains “AGR”.

 

“This move will clarify and focus our identity while making it easier for us to brand our services and technologies at a time when we are entering a new phase of international expansion,” said Sverre Skogen, Chief Executive Officer. The rebranding, he said, would embrace a new logo (see above) and a redesigned web site.

 

“As a growing and acquisitive company in the oil and gas services sector we require a brand that is easily recognizable, adaptable to all our businesses and clearly distinguishable from other companies. AGR is very much our own brand. Discussions with our various stakeholders – notably clients and staff – indicated that AGR had both an established reputation and future durability. It was clearly the identity of choice.”

 

The Group currently operates within four main business areas.

 

In future each of the subsidiary companies operating within these business areas will be prefixed “AGR”.

The company was founded in 1987 as AGR Services, since when it has been known as AGR Ability Group and Ability Group (AGR).

During the past three years the group has been transformed through organic growth and acquisitions from a largely domestic Norwegian service company to one of the world’s leading specialist petroleum technology and services groups. Annual revenues have grown from about NOK 250 million in 2004 to an estimated NOK 1,700 million in 2006.  The number of employees has risen from about 170 early in 2004 to the current level of 1,300.  In the same time market capitalization of the group has grown from NOK 70 million to about NOK 3,500 million.

In the past two years AGR has successfully acquired and integrated into its business a significant number of Norwegian and British companies including The Peak Group, RC Consultants, Drilling Production Technology (DPT), Reservoir Evaluation Services (RES), Triangle, Technology Design and SeaVation.

For further information please contact:

AGR Group     www.agr.no

Sverre Skogen, Chief Executive Officer,                               +47 97 16 20 10

Haakon Berg, Chief Financial Officer,                                    +47 90 67 35 95

 

Ray Dafter, Director of Corporate Communications              +44 (0) 1892 723173 or

            +44 (0) 7770 747539

 

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