AGR Group Releases Annual Report 2010 (Norway)
AGR Group, the Norwegian supplier of services and technology to the oil and gas sector, released its annual report on 29 April. At the end of 2010 the Group reports EBITDA of 304 million NOK. This is up from 35 million NOK in 2009.
Group CFO Svein Sollund said: “During the economic downturn we made some major structural changes to AGR Group, dividing it into three units – Petroleum Services, Drilling Services and Field Operations.
“Today we can confirm that these decisions have paid off. We have emerged strengthened from the financial storm and entered a period of growth,” he said.
“I am now confident growth across the group will escalate. The market is becoming strong and we have the best people, the latest technology and a wealth of experience.”
Despite consolidation across the group, AGR focused its investment in R&D. In 2010 this strategy paid off with the launch of Neptun, which takes away the need for divers to do pipe inspection. This has revolutionised its area to critical acclaim.
AGR Group has drilled 400 wells in ten years, including the worlds’ s deepest well. It has conducted 1,000 reservoir studies and 140 Riserless Mud Recovery (RMR) operations in seven years. Last year the company acquired a historic contract with Statoil for inspection services on 24 installations for at least four years.
Source: agr,May 03 , 2011;