Norway: AGR Acquires 80 Pct Shareholding in Steinsvik

AGR has acquired an 80% shareholding in Steinsvik & Co AS. Headquartered in Stavanger, Steinsvik & Co supplies safety professionals, including safety coaches and internal control officers (ICO), to drilling rigs in the Norwegian market. The firm also provides HSE training for oil companies and performs safety inspections on rigs operating both on the Norwegian sector and internationally.

Sjur Talstad, EVP of AGR, said: “The acquisition is part of AGR’s strategy to strengthen our HSE product offering. We have worked closely with Steinsvik for many years, with Steinsvik now part of the AGR product offering, will enhance our well management operations and help deliver safe and efficient drilling operations for our clients.”

Dagfinn Steinsvik, CEO of Steinsvik & Co, said: “We are delighted to have the support of AGR and see this as a positive step forward. We can now grow this business with a strengthened offering both nationally and internationally.

Tove Magnussen, SVP of HSEQ within AGR, said: “Closer cooperation with Steinsvik will strengthen AGR’s HSE Services and allow us to further developing these services for our customers.”

Steinsvik has a turnover of MNOK 50 in 2011 with a corresponding EBITDA of MNOK 8,9.

The acquisition remains subject to approval from the Norwegian competition authorities.

AGR is a company in AGR Group. AGR supplies innovative technical solutions and services to the global offshore industry. It has offices in Norway, Australia, Azerbaijan, Brazil, Canada, CIS, Israel, Malaysia, UAE, UK and the USA.

Steinsvik is based in Stavanger, supplies HSE services to operators and rig owners in Norway and internationally.

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Subsea World News Staff, May 9, 2012; Image: Steinsvik & Co